There’s a war brewing among the tech giants over payments, and it has big implications for Bitcoin and other cryptocurrencies. The latest salvo came last week when Facebook’s CEO announced a new strategy focused on messaging and privacy.
The privacy pledge is likely nonsense and distracts from Facebook’s real pivot, which is all about money and shopping. As Fortune’s China correspondent, Clay Chandler, astutely noted this weekend, “Mark Zuckerberg Has WeChat Envy.” In the post, Clay pointed out how WeChat (a.k.a. “one app to rule them all“) has built-in payment features that make it more powerful than a simple ad-based social network like Facebook.