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Is Facebook About To Adopt Litecoin (LTC)? Here’s What’s Behind The Rumors.

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Back in December, Charlie Lee announced on Reddit that he had offloaded his Litecoin (LTC) holdings, citing a potential conflict of interest between his continued behind-the-scenes and public activity in the space and the future of LTC from a price perspective.

Here’s what he said:

“So in a sense, it is conflict of interest for me to hold LTC and tweet about it because I have so much influence… or this reason, in the past days, I have sold and donated all my LTC. Litecoin has been very good for me financially, so I am well off enough that I no longer need to tie my financial success to Litecoin’s success. For the first time in 6+ years, I no longer own a single LTC that’s not stored in a physical Litecoin.”

The market response was somewhat mixed to the development. Some suggested that his selling out of his position was a signal of a lack of faith in Litcoin’s long-term ability to stand up to some of the emerging coins. Others thought the opposite, suggesting his move was a sensible one and one that would allow Litecoin to develop organically, without the claims that manipulation is rife, as we’ve seen with many other (much talked about) coins over the last few months.

LTC Daily Chart

LTC Daily Chart

This author falls into the latter camp – Lee’s involvement in Litecoin’s growth was a conflict of interest in the purest sense of the phrase, so he had two choices: continue to push for the coin’s growth and sell his stake or back away from Litecoin and hold his stake.

The former, this author believes, is much better for the Litecoin community long term.

Anyway, that’s not the point of this discussion.

Around the same time that Lee sold his LTC stake, Coinbase announced the appointment of a Facebook executive to its board of directors. The executive is David Marcus, vice president of messaging products at Facebook, and his remit is to bring years of experience in building large-scale mobile products.

This spurred a rumor:

Is the conflict of interest that Lee refers to rooted in Facebook’s intentions to take on LTC as an integrated cryptocoin within its platform and if so, did Facebook request that Lee sells his stake so as to remove this CoI ahead of said integration?

Zerohedge put forward this suggestion here.

Since this all happened, Litecoin has had a pretty rough few weeks. Right now, the coin trades for $170 a piece, down nearly 70% on December highs.

The rumors remain in place, however, and, not only are the above factors playing into the suggestion that Facebook is interested in crypto, we actually got word from Zuckerberg himself in his 2018 Facebook mission statement, suggesting that the company will be looking into cryptocurrency and its potential integration with the Facebook ecosystem going forward.

So, is Facebook looking to integrate Litecoin with its platform, and specifically, its mobile messenger platform, near term?

Of course, it’s still all rumors at this point and no one can say for sure. With that said, we’ve seen a conflict of interest sellout from Lee, a Facebook exec (a messenger exec, no less) joining Coinbase (which lists LTC as one of a very select few cryptocurrencies) and Zuckerberg announcing he’s interested in crypto as a key focal point of the social network CEO’s annual address.

And all of this within the space of a few weeks.

We think that there’s more than enough justification for a speculative punt on this development playing out in line with the rumors, given the upside potential for Litecoin if Facebook makes the announcement the LTC community is looking for.

We will be updating our subscribers as soon as we know more. For the latest on LTC, sign up below!

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency.


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SonicX and Dash Could Challenge Facebook’s Libra for Global Payments Market Share

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When Satoshi Nakamoto unveiled Bitcoin to the world, the dream was always for Bitcoin to serve as a new universal currency.  It would be free from the bureaucracy of governments.  And free from the tyranny of the old-world financial cartels.  Although the dream hasn’t yet materialized, it comes closer and closer with each passing day.

One of the biggest roadblocks for Bitcoin has been scalability.  At a speed of approximately 7 transactions per second, Bitcoin lags behind other cryptocurrencies like Ripple and global payment processors like Visa.  Many expect the lightning network to have a positive impact on Bitcoin’s TPS but until that comes to fruition, mass adoption will likely need another significant development.

Libra Currency Announcement

One development that could help pave the way toward mass adoption is the launch of the Libra currency.  Libra is expected to go live during the first half of 2020 according to Facebook’s June announcement.  According to Facebook, Libra will make sending money online cheaper and faster.  It will also have a hand in improving access to financial services, especially for the unbanked.  Given Facebook’s global reach, including many third world countries, providing financial access to the unbanked could provide a huge spark to global economies.  Additionally, it could provide the growth spark that cryptocurrency needs.

Facebook’s most popular messenger, WhatsApp, has approximately 1.5 billion monthly users.  This application is…

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The rise of the crypto casinos

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In the hyper-competitive world of online casinos, operators are always looking for ways to stand out from the crowd. The most usual methods include using distinctive branding, offering generous bonuses and making sure that they are on all of the major so-called affiliate sites where players can compare and contrast casinos’ different offerings.

But now a whole new generation of casinos are starting to emerge – ones whose key difference isn’t what and how you play, but more in how you pay.

The rise and rise of the cryptocurrency casino is seen by many as the next logical step in a world that is slowly but surely starting to accept that Bitcoin, Ethereum, Ripple, et al. are certainly here to stay.

Of course, it’s the first of these cryptocurrencies that has really grabbed the headlines and led the way with its meteoric performance in 2017 when it seemed like its $20,000 value was just the start of the story. Admittedly, this was short-lived and the value quickly fell back to a more sustainable level but, if it achieved one thing, it was to cement this exciting new kind of currency in the consciousness of the general public.

Why Bitcoin and online casinos are the perfect partners

In many ways, it’s the perfect partnership between Bitcoin and online casinos with multiple benefits for both.

The first of…

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Investors Beware: Another Large Bitcoin Crash Might Be Coming

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The crypto prices have surged quite high in the last few months. Of course, their progress is nowhere near the one seen in 2017, but they appear to be getting there, one day at the time. However, things might not be as simple as that, and according to recent performance — it is more than possible that a major Bitcoin crash is incoming.

The fact is that cryptos saw a massive amount of growth in a very short period. Bitcoin itself more than doubled its price in only two months. Now, the rally is starting to crash in on itself, and the coin is already about $1,000 lower than last week. If such development does come to pass, a lot of people will experience quite large losses, although experienced investors might find some opportunities, and leverage in order to enhance their holdings’ long-term value.

For example, Bitcoin dominance is expected to crash very quickly, which will work in favor of quite a lot of altcoins. While this does not seem to be the best time to invest in BTC, altcoins are another story, and diversifying a portfolio now might end up being very profitable in days to come.

Bitcoin behavior mirrors the pre-bear market situation

The crash that analysts are predicting right now comes as a direct consequence of all the hype that has been building up in…

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