The price of Bitcoin will surpass $10,000 by 21st June, marking the beginning of a “crypto summer”, according to Circle CEO Jeremy Allaire.
Crypto market rallying (again) ahead of Libra launch, marking a massive inflection point in global adoption of cryptocurrency. BTC > $10k by June 21st, marking start of Crypto Summer.
— Jeremy Allaire (@jerallaire) June 15, 2019
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.