Bitcoin News Is Not For Sale

Please don’t skip this message — it only takes a few minutes to read. Sorry to bother you, but time is running out.

Bitcoin is freedom. If you think independent media that is bitcoin-only is important, if you believe information and education about bitcoin matters for adoption, and if you have gained something from our work, we would be grateful if you could chip in $21. 

Join the 2% of our readers who occasionally make a donation. If everyone reading this donated just $21, we would reach our target in a couple of hours. $21 won’t break you, we hope.

To cover the cost for our servers, editors, writers, and thumbnail artists we rely on our readers’ generous support. 

How You can chip in:

  • Send sats as a tip to a writer. Each and every one of our writers has an active tipping widget.
  • Join our campaign on Awesome perks are waiting for you such as the Bukele Blend Coffee.

Your support ensures that Bitcoin News stays independent with a laser focus on Bitcoin and only Bitcoin.

Funding Progress

Roubini: Nothing Crypto or Blockchain about Facebook’s GlobalCoin

written by

Support free journalists: > send a tip

In what seems like a crucial moment for the cryptocurrency industry as Facebook’s GlobalCoin project takes center stage in the media, speculation on the eventual product has spurred heated debate among spectators creating a distinctive divide.

Many, especially from the cryptocurrency niche are of the opinion that the GlobalCoin is no way anything like an actual cryptocurrency. Conveniently, another controversial element who shares a similar train of thought is a notable professor of economics at the New York University, permabear Nouriel Roubini, who is popularly known for predicting the last financial crisis.

In a sit-down with CoinDesk, the crypto-critic shared his opinion about Facebook’s latest foray, which he strongly asserted is going to be something unlike what many in the industry have speculated, suggesting “it has nothing to do with blockchain”. He also says that while it would be a “fully private, controlled, centralized” system, possibly a distributed ledger, it would resemble nothing like the blockchain or a cryptocurrency in design.

Moreover, Roubini reiterated that he had previously downplayed classing of enterprise distributed ledger technology as blockchain suggesting it is “name only”, to which he attests that some industry folks may agree. However, he strongly believes that “public decentralized trustless blockchain is a pipe dream”.

Facebook has reportedly been lobbying for backers for its forthcoming GlobalCoin, an action which has seen giant payment processors such as PayPal, Visa, and Mastercard, as well as a dozen others from across various industries looking to support the project with a minimum of USD 10 million, thereby creating a formidable consortium.

The uncertainties about the nature of Facebook’s GlobalCoin centers around how it might impact the industry, considering its past data scandals. While some have been of the opinion that the endeavor brings exposure to the crypto industry, which has been somewhat linked to the recent rise in Bitcoin’s price, others, however, have suggested it has a perverse structure to the ideals of decentralization.

Regardless, the white paper is expected to be released sometime today and hopefully, it will answer long-standing questions as to reveal the intentions of the social media giant, as well as unveil to the world the reason they secured partnerships from competing payment processor giants.


BitcoinNews is committed to unbiased news and upholding journalistic codes of ethics. For more information please read our Editorial Policy here.

Follow BitcoinNews on Twitter: @BitcoinNewsCom

Telegram Alerts from BitcoinNews:

Image Courtesy: Pixabay

Help spread this article :) is NOT INVESTMENT ADVICE

Opinions expressed are entirely their own and do not necessarily reflect those of

For informational purposes only. Individuals and entities should not construe any information on this site as investment, financial, legal, tax, accounting or other advice. Information provided does not constitute a recommendation or endorsement by to buy or sell bitcoin, cryptocurrencies or other financial instruments. Forecasts are inherently limited and cannot be relied upon. Do your own research and consult a professional advisor. The opinion of authors do not reflect those of 


Read More Bitcoin News


Join our Newsletter


Latest on Bitcoin News

Video of the Week

Join our Newsletter