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Bitcoin Gains More Than $1,000 as Facebook CEO Studies Its Possible Usage

January 5, 2018 at 14:45 by Yahia Barakah

The price of a single Bitcoin token gained more than $1,000 on Friday following a statement from Facebook Executive Officer Mark Zuckerberg. Zuckerberg said that the technology powering the digital currency may be used to help improve Facebook in the future.

The statement was a part of an ambitious post that Zuckerberg placed on his website. In the post, Zuckerberg said that he recognizes the internet’s centralization problem, which is placing more and more control in the hands of a few companies that include Facebook itself. This centralized power goes against his vision of a decentralized web that allows for a perfect distribution of power, he said.

As part of his commitment to fix Facebook, Zuckerberg plans to make use of encryption and cryptocurrency technology to counter the trend of centralization in the technology sector. He stated that he will study the positive and negative aspects of these technologies to explore the best way to use them in Facebook.

Analysts believe that Zuckerberg’s statement is at least partly referring to blockchain, the technology behind Bitcoin and multiple other digital currencies. Tech experts have suggested that the blockchain network can be applied in other forms than cryptocurrencies, for example to store and distribute information in a manner where no specific company has full control.

The Bitcoin price remained below its highest level in history, which it reached in December, despite Zuckerberg’s comments. Concerns of an inflated value that grew due to racing speculations between investors have been limiting Bitcoin’s upward momentum this week.

BTC/USD traded at 16,090 on the Bitstamp exchange as of 14:25 GMT on Friday, after touching 16,188.0 at 10:50 GMT, the pair’s highest level since December 27. BTC/USD began trading today at 15,030.0.

If you have any questions and comments on Bitcoin today, use the form below to reply.

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