Bitcoin seen to sustain rally as Facebook unveils own cryptocurrency

ABS-CBN News

Posted at Jun 26 2019 04:00 PM

MANILA - Bitcoin is set for a big rally after Facebook's announcement that it would launch its own cryptocurrency, a Philippine fintech startup said on Wednesday. 

Satoshi Citadel said the entry of institutional investors like Fidelity and the rollout of Facebook's own digital currency are legitimizing the cryptocurrencies. 

Last week, Facebook said it was looking to launch its Libra coin in partnership with several financial giants like Paypal, Visa and Mastercard. 

Miguel Antonio Cuneta, cofounder of Satoshi Citadel, said a highly anticipated event next year which will alter the supply of bitcoins will help propel the currency to new highs. 

"If you look at targets, we're just at $200 billion market cap. Interest needs to hit 1-2 trillion [dollars] to be mainstream, and that would mean bitcoin at $100,000. That's the expectation," Cuneta said in an interview with ANC's Early Edition. 

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Bitcoin reached $11,251.21 on Monday, surpassing $10,000 for the first time since March last year, as the cryptocurrency sector got a huge boost from Facebook's announcement on Libra. 

Meanwhile, Satoshi Citadel said it recently got fresh capital from Cebuana Lhuillier, which could allow customers of the pawnshop access to buying or selling cryptocurrencies.

Cuneta said, while the details are still being ironed out, customers of Cebuana Lhuillier could soon see lower remittance costs, as blockchain technology can help boost efficiencies.