Did Facebook buy Bitcoin?

Social Media hearsays speculate Facebook buys Bitcoin.

Did Facebook buy bitcoin?

There has been a lot of hearsay online that Facebook have added Bitcoin to its balance sheet.

Talks about Facebook buying Bitcoin

As of now, these hearsays are not proven yet, Facebook adding bitcoin to its sheet will be both surprising and expected at the same time. Many largest institutions have been purchasing Bitcoin in multitudes in the past several months. Both of them bought over $1 billion each. Although the former has set a criteria that many smaller family offices were attempting to imitate since 2020.

When MicroStrategy first entered the market, many companies have also bought bitcoin like it’s the end of the world. Each of these companies own over $100 million in BTC. With a lot of large scale firms buying bitcoin for themselves, it won’t be shocking if Facebook will join in.

Also, it will be a mystery in the sense that Facebook has been working to develop its own cryptocurrency. While the firm is not giving up on that dream, it seems that anyone will be intrigued with this anymore.

Formerly known as Libra, it was first announced in 2019, around two years ago. While the asset has been set to be ready by 2020, it has been held back because of many regulatory barricades that have prevented it from going anywhere. Aside from these obstacles, the coronavirus pandemic started and stopped a lot of business, including Facebook, from reaching goals and targets with the halting that they were forced to endure.

Is this Libra’s end?

Two years after its announcement, Libra’s name has been changed to “Diem” and it is not yet available for trading. If Facebook will really buy Bitcoin, it would mean two things:

The first is that the company still aims to fully establish its own cryptocurrency and is buying bitcoin as a means of researching the asset and giving Diem some of the properties of Bitcoin.

Another is that Facebook is packing its crypto bags, and just simply buying Bitcoin “in defeat.” To put it simply, Facebook realizes that it cannot compete with the asset and just hopes to get rich from it like other firms.

📣 Cryptonetwork.News is now on Telegram. Click here to join our channel and stay updated with the latest Cryptocurrency, Blockchain, and Cryptomining headlines