Is Facebook "turning into Silk Road 3.0" with GlobalCoin launch?

09 Jun, 2019
by David Robb
Is Facebook turning into Silk Road 3.0 with GlobalCoin launch?

A recent Forbes article claimed that June could turn out to be a big month for Bitcoin's price rally. Alongside other technical factors, financial journalist Naeem Aslam pointed out that the launch of Facebook's GlobalCoin crypto will be an important development for the crypto space in general.

The article cites technical figures for monthly BTC gains over the years: "Speaking from a seasonality factor, May is supposed to be the best month for Bitcoin as the 5-year average trailing percentage gain sits at 21.03%".

However, June could also see some positive price development. For the current month, "the 5-year trailing high percentage number is 25.98% which means that during this month, the price of Bitcoin can rise up to $10,712". Although momentum may have slowed on the current BTC rally, the price dip will be an opportunity for even more investors to start accumulating, which should support another big rally sometime within the next few weeks.

Aslam also sees positive fundamentals for BTC in June, particularly with one of the world's largest tech companies about to get involved with crypto for the first time. He quotes a Cambridge computer science professor, Jon Crowcraft, describing the move as "Facebook is turning into Silk Road 3.0", and concludes by saying "I believe the Facebook event will be the catalyst for the Bitcoin price to move higher". 

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