Facebook Coin Bad news for Bitcoin per Peter Schiff

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In a recent survey consisting of 10 questions from BitBay respondents, it was revealed that a majority of the respondents had more than one cryptocurrency. The popularly owned cryptocurrency was BTC. Of which, 70% hold their crypto. And more than half of them owned more than four different coins. About 9 in 10 users considered that cryptocurrency was a safe means of executing the transactions.

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When the use factor was surveyed, 25% of them have used the cryptocurrency at least once. It was found that 15% of them used the cryptocurrency to purchase electronics using cryptocurrency; 3% of them purchased food; 2% used it for traveling purposes. When considering the future prospective use of cryptocurrency, it was seen that the majority of the next cryptocurrency would be used to purchase electronics and food.

About 50% of the users stated that they would like to pay for automotive services using cryptocurrency. This is a survey about real events around cryptocurrency. Therefore, the results are attention-grabbing. The results of this survey are significant than what most of us realize.

Binance CEO Changpeng Zhao, recently stated, “Some short term pains may be necessary for long term gains. And we always work hard to turn every short term pain into a long term gain.”

Binance decided to stop providing services to US-based traders. This led to the price of BNB declining by 6.5%, thereby extending the losses to 22%.

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Josh Roger, an independent market analyst, stated, “Pay attention as increased Bitcoin dominance, specifically over 60%, is bullish for BTC holders but isn’t good for most Altcoins.”

He further stated, “With US Binance ban & other exchange delistings, people could be moving into BTC & major market cap coins.”

Several others are of sure-fire believe that the coin from Facebook will be behind the price uptrend of Facebook. It is expected that the coming of the Facebook coin will bring in transformative experiences.

Peter Schiff, a well-known US stockbroker stated, Facebook coin is “bad news for Bitcoin.” This he said in response to Barry Silbert, CEO of Digital Currency Group who reported that Facebook coin would work as a “Catalyst” which will allow people to learn and adopt digital assets en masse.

Peter Schiff opines that Facebook will target the very market of Bitcoin. It has also been seen that the price of Bitcoin has been reactive to the depressive performance of Chinese Yuan versus the USD.

Chris Burniske, states there is a strong correlation between the appreciation of Bitcoin and the devaluation of Yuan.

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