Technology

New Collection – Facebook’s blockchain bet

By June 22, 2019 No Comments

Every week we take a deeper look at issues and stories changing your world. In our Collections, Mogul News gives you the tools you need to make up your own mind. Covering topics ranging from business and tech to global affairs and politics, they bring together handpicked articles offering insight and analysis in one place.

This week we take a look at Facebook’s new Libra coin. Here’s a quick note from our editor about the content of this week’s Collection.

Bubble’s burst. And none burst so spectacularly as the crypto craze that took bitcoin up to nearly $20,000 at the end of 2017. From there it fell. And fell. And fell. It bottomed out near $3,200, losing nearly 85% of its value.

But the dream of Satoshi lives on. A slow recovery has seen bitcoin creep back up to nearly $10,000.

The technology behind bitcoin has drawn a lot of interest from the boardrooms of the largest finance companies. Santander, IBM, JPMorgan and now Facebook have all started using the blockchain tech. Facebook’s Libra is aimed at consumers allowing users of Facebook’s apps to make and receive payments. But has the initial antiauthoritarianism of bitcoin been lost as these established firms look to capitalise on it?

In this week’s Collection explore the history of bitcoin, its boom, bust and road to recovery. See how big corporations are taking up the technology. Finally, dive into Facebook’s Libra and see why the social media giant is betting on crypto as well as the challenges it might face.

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