Mark Zuckerberg has started studying cryptocurrency with the aim of catching up on Asian rivals. Let us look at few of the other reasons why Mark is interested in cryptocurrencies as expressed by him in his mission statement for 2018 (on Thursday).
Mark Zuckerberg Studying Cryptocurrency
There are several reasons why Mark has showed interest in cryptocurrencies. Let us look at them here:
- In the last few years, Facebook payments have been lagging behind its Chinese competitors such as WeChat and Alibaba.
- In addition to it, WeChat together with Alibaba currently holding more than 92% of mobile wallet market share in China.
- Mark thinks cryptocurrencies can provide Facebook a path for catching up on payment tech.
The main focus of this mission statement was on giving everyone an insight into how Mark would be taking up new challenges in 2018 such as fixing Facebook. For 2017 Mark had set himself a challenge of visiting all the other states that he has never visited and meet people there.
Mark talked about cryptocurrencies as one form of technology that helps in decentralizing power. But, he also emphasized that concept of cryptocurrencies can assist Facebook in catching up on its messaging rivals in Asia who are into mobile payments.
Mobile Wallets Market Share
It is worth mentioning here that WeChat and Alibaba together hold almost 92% of the mobile wallets market share in China. The mobile wallets market is estimated to be about five hundred million users.