Circle’s Jeremy Allaire: ‘Crypto market rallying again, ahead of Libra launch’

The Facebook project will "mark a massive inflection point in global adoption of cryptocurrency"

The price of Bitcoin will surpass $10,000 by 21st June, marking the beginning of a “crypto summer”, according to Circle CEO Jeremy Allaire.

Allaire believes that the launch of Facebook’s Libra (aka GlobalCoin) initiative will play a major role here. And he isn’t alone in thinking that. It will be a milestone moment for the social media giant, according to RBC Capital Markets.

“We believe this may prove to be one of the most important initiatives in the history of the company to unlock new engagement and revenue streams,” RBC analysts Mark Mahaney and Zachary Schwartzman said in a note to investors this past week.

The FI expects a whitepaper from Facebook on 18th June, outlining the long-term strategy for Libra. It plans to give an analysis of said paper “to help investors analyse the underlying cryptoeconomics of the token.”

“We believe Facebook will use crypto to facilitate a platform for: 1) Payments; 2) Commerce; and 3) Applications & Gaming,” Mahaney and Schwartzman said.

Be afraid, Ripple, be very afraid

Facebook’s project could also be a milestone moment for Ripple, but not in a good way. It will do away with the need for hundreds of altcoins, including XRP, according to crypto analyst Max Keiser.

In a tweet dated 7th June, he said: “The altcoin apocalypse is nigh. This will drive Bitcoin higher as BTC competes with gold, not fiat”. Crypto payments ventures could also be wiped out, he added.

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