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Trading Analysis №11 “ Bitcoin (BTC/USD) Trying to Resume Rally Since December”

Industry Fundamentals

Walmart has applied for a patent for its own stablecoin, which will operate within its ecosystem (including that of partners) as a way to incentivize shoppers to pay for purchases through the stablecoins, earning discounts and collecting loyalty rewards. Like Facebook’s Libra, the Walmart stablecoin will also facilitate low or no fee remittances (helping bring banking to the unbanked), but will allow holders to earn interest (unlike Facebook’s where the interest goes to the Libra Association members). Slightly different from Libra, the Walmart coin will likely only be backed by the USD. It will also produce competition to credit cards as shopper credit will be determined through their shopping patterns (as captured by the use of the Walmart coin), and will restrict purchases of certain items normally restricted by age (e.g. cigarettes). Walmart’s stablecoin could gain greater traction than Libra in its first few years particularly with it getting less regulatory pushback so far and its massive network of 11500 stores across 27 countries, visited each week by 265M customers.

The Facebook Libra stablecoin whitepaper release (targeting a launch the first half of 2020) continued this week to fuel mainstream media coverage, and robust pushback from regulators, central banks and politicians. Crypto purists are critical of Libra’s centralized nature, which paves the way for censorship and potential abuse of user information. Problematic for Facebook is that much of the unbanked resides in countries where either Facebook or crypto is currently banned. Key investors like Visa, Mastercard, Paypal and Uber have injected USD 10M each to become members of the Libra Association and to manage their own node. The objective is to have 100 investors (from a variety of industries, including telecom, media and e-commerce) with 27 names already on the list. Banks have passed on the project so far.

Longer term industry bulls are also increasingly...

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