Facebook invests in Bitcoin?

Although Facebook (FB) has not officially announced its membership in Bitcoin, some rumors circulate on the social network that the tech giant will hold the cryptocurrency. This information will be clarified in today’s income call (April 28).

Atlanta Digital Currency Fund investor and CIO Alistair Milne tweeted about the buzz on Twitter.

“CONFIDENTIALITY: Facebook will reveal its #Bitcoin holdings on its balance sheet when they release quarterly results after closing tomorrow’s session,” Milne wrote on April 27.

Source: Twitter

Many are skeptical of this rumor, while others argue that it makes sense, as the social media giant is looking to step up the Libra project in the crypto space.

Libra is a new Facebook cryptocurrency project that started in 2019, which has already met with backlash from regulators.

The Libra project basically collapsed after some member companies decided to step out. Members to withdraw are PayPal (PYPL), Visa (V), Mastercard (MA), Stripe, Mercado Pago, eBay (EBAY), among others.

After that, Facebook changed the project’s name from Libra to a new name is Diem. The Diem project website says its mission is to Build a reliable and innovative financial network that empowers people and businesses around the world.

Facebook’s entry into the crypto market has led some to believe that the company will sooner or later put Bitcoin on its balance sheet.

In addition to the Diem project, the company also has two pro-Bitcoin board members Marc Andreesen and Peter Theil.

Andreesen, the co-founder of Netscape, is an individual level crypto investor and has also helped fund projects like MakerDAO, Compound, Celo, and even Coinbase.

In 2014, Andreesen wrote a column for the New York Times. In that article, he said: “Bitcoin offers a great opportunity to reimagine how the financial system can and should function in the Internet era, and is a catalyst for reshaping that system in ways. stronger for individuals and businesses. “

Meanwhile, Peter Thiel is a billionaire venture capitalist, co-founder of PayPal, Palantir (PLTR) and one of the early investors in Facebook. Thiel has made controversial comments about Bitcoin, calling it a “potential Chinese financial weapon” in an interview with the Richard Nixon Foundation.

“Even though I am a cryptocurrency advocate, I still wonder if at this point Bitcoin should be seen as a Chinese financial weapon against the US.”

Although Thiel has publicly expressed concern over Bitcoin, in a 2017 interview at the Future Investment Initiative in Riyadh, Saudi Arabia, Thiel said that people are underestimating.

“I suspect most of them (cryptocurrencies), I think people are a little underestimating bitcoin, especially because it’s like a form of reserve money, like gold and it’s just a store of value.”

Facdebook’s Diem project still has a few members to develop. These members include Lyft, Uber, Shopify, Coinbase, Spotify and many others.

Overall, the Diem project, along with the two board members mentioned above, still have a crypto sentiment, which leads many to believe that Facebook could be the next public company to invest in. Bitcoin. Information on whether Facebook is holding BTC is likely to be revealed during the company’s earnings report meeting on April 28.

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