Every year, Facebook CEO Mark Zuckerberg takes on a personal challenge. This year’s challenge, according to a recent post on the social network, may potentially lead to cryptocurrency integration on Facebook, so as to stop it from being so centralized.
The post, which suggests Mark Zuckerberg is taking o heart claims Facebook is broken, reveals that the well-known Silicon Valley personality believes centralization is becoming a problem on the internet, as there are several large tech companies dominating the industry. This is in contrast with people’s initial vision of the web, which could be a vehicle for power decentralization.
The post reads:
“A lot of us got into technology because we believe it can be a decentralizing force that puts more power in people’s hands. (The first four words of Facebook’s mission have always been “give people the power”.)
Nowadays, it’s known governments monitor their citizens through data some of these large tech companies obtain. To Zuckerberg, many people now believe technology only centralizes power because of this, and cryptocurrencies – or their underlying technology – may be a solution.
Showing how important privacy is, privacy-centric cryptocurrencies like Monero, Zcash and Verge – which has recently been embroiled in controversy – have recently surged in value. These allow people to transact in a completely anonymous way, meaning they’re perfect for those who want to keep the government at bay while holding large amounts.
To counteract centralization, Facebook’s CEO plans to look at cryptocurrencies and other technologies. His post reads:
“There are important counter-trends to this – like encryption and cryptocurrency – that take power from centralized systems and put it back into people’s hands. But they come with the risk of being harder to control. I’m interested to go deeper and study the positive and negative aspects of these technologies, and how best to use them in our services.”
If Zuckerberg moves to integrate cryptocurrencies or blockchain technology in his platform, the subsequent legitimizing effect, mixed with a potential snowball effect, could help cryptocurrencies come one step closer to mainstream adoption.
Early Facebook investor bullish on bitcoin
As reported by Core Media, early Facebook investor and PayPal co-founder Peter Thiel recently revealed his Founders Fund holds massive amounts of bitcoin. Reportedly, Peter Thiel’s fund initially invested $15 to $20 million in 2017, and saw the investment net “hundreds of millions.”
News of Thiel’s bullishness helped the cryptocurrency’s price rise over 11%. If it were revealed Mark Zuckerberg is a bitcoiner, the cryptocurrency ecosystem’s market cap would certainly surge.