Is Crypto Succeeding Where Facebook Is Failing?

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Last Updated on 9 October 2021 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / jeroen@cryptotips.eu
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It’s been a bad week for Facebook. The Social Media giant got slammed on Sunday when a whistleblower revealed (on the popular television program 60 Minutes) that Mark Zuckerberg’s site knew full well its product Instagram was detrimental for the psychological health of young girls. A day after that, the site went offline for 6 hours, together with WhatsApp and Instagram. Yesterday, the same thing happened again, albeit only for 2 hours.

To make matters worse, analysts are not sure whether Facebook still has what it takes. You see, whereas they are growing in areas like Asia and Africa, growth rates have stalled in Europe and North America, the two most important markets for global revenue streams.

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Vietnam, India and Pakistan

Crypto is a tad different in fact. The digital currencies have known their best and most rapid growth in Asia, where they were notorious before anyone in Europe or the US heard of them.

The new industry is now still seeing major growth in Asia and is spreading its wings in places like Vietnam, India and Pakistan (which ranked first, second and third in Chainalysis’ 2021 Global Crypto Adoption Index). In both China, Japan and South Korea, Bitcoin is well known and has seen major adoption.

Libra stablecoin

However, Europe has now taken over Asia’s spot and dominates in terms of crypto transactions, leaving Bitcoin with major growth left in the 27 state member bloc that is the European Union. In the US, some 15% of the population now owns crypto and most of them are younger than 35. Unlike Mark Zuckerberg’s product, the world of Bitcoin seems to have major growth ahead of it sill in the markets that matter.

Perhaps it is finally time for Facebook to bring that long promised stablecoin (originally meant to be called Libra). I mean, with Bitcoin now having a larger market capitalization than Facebook, it’s not like things could be getting worse for the social media giant at this point.