Facebook is expected to release information on its own cryptocurrency, perhaps as soon as this week, and many believe this is behind the recent surge of bitcoin to over $9,000 this weekend. The reason for this is the credibility that Facebook adds, reports Bloomberg News.
Since late Friday night, bitcoin has risen by over nine percent, and Facebook’s entry has also led to increases for competitors to the world’s largest cryptocurrency. Both litecoin and etherum have risen more than four percent over the weekend.
Can rise even more
Experts believe that the money that is expected to enter the sector when Facebook enters the game has contributed to the increase.
“If institutional money starts to touch bitcoin that’s when you go much higher” says Brett McGonegal, CEO of Capital Link International to Bloomberg.
Now we just have to wait and see if Facebook’s launch will lead to even higher gains.
