The explosion of social networking commerce will lead to the unlikely candidate of Facebook becoming the world’s biggest bank by the middle of the decade, according to a technology observer and entrepreneur.
People who don’t have a Facebook account should get one or risk having a financial profile created for them says founder and president of Metal International, Ken Rutkowski.
“My Facebook rank is number 29 of all the users and I have raised $100 million in funding for a few different companies,” Rutkowski said.
“Old school media companies have a market capitalisation of $US241.7 billion but the new school media companies are worth $319.7 billion,” he said.
Of the “new school” media companies Google has the largest share with Facebook coming up behind it. Facebook, however, has more ambitions in its sights than just social networking.
“Facebook has 680 million users and that’s massive,” he said. “Who doesn’t have a Facebook profile? Let me tell you why it’s important why you do.”
“Facebook will be the largest bank by 2015. I hear you say ‘how can they be a bank’ what’s going on?”
Read more: TechWorld
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