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Facebook to Launch a Cryptocurrency & Compete Against Banks?

• Martin Armstrong-Armstrong Economics

The term "cryptocurrency" is being thrown around very loosely. It is true that there is increasing hype and speculation regarding a theoretical Facebook Coin. However, this is not a "cryptocurrency" it is simply a digital entry and nothing more. The proposed Facebook Coin is the polar opposite of Bitcoin. Facebook is creating a pretend cryptocurrency for WhatsApp. This is not a real cryptocurrency. The cryptocurrency enthusiasts are only looking at the label. The Facebook Coin is nothing like Bitcoin (BTC). Thet Facebook Coin will be pegged to a fiat currency similar to that of Tether (USDT) and USD Coin (USDC) and it will use blockchain technology. The only real unique aspect about Facebook Coin versus a regular stablecoin is that it could be backed by a basket of fiat currencies, all held in Facebook bank accounts. This is more along the lines of the ultimate evolution of what I would expect to become the next reserve currency ?" a basket of currencies rather than a singl

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