Mark Cuban Bashes Facebook’s Libra, Labels It As A Big Mistake
Mark Cuban in a recent interview bashed Facebook’s cryptocurrency – the Libra. In the interview with CNBC, the billionaire investor called Libra a big mistake. Mark Cuban is a billionaire entrepreneur, a “Shark Tank” investor, and the owner of the Dallas Mavericks basketball team.
In the interview which took place today 12th July, 2019, the billionaire owner of Dallas Maverick Mark expresses his opinion on the Facebook stablecoin, that, he is not a big fan of what Facebook is doing. He then stresses that it is a big mistake and could be dangerous.
In his own words, he says:
“I’m not a big fan of what they’re doing there. I think it’s a big mistake.”
Cuban explains in plain terms that he is not more concerned with the impact Facebook’s Libra will have on the US economy. He is rather more concerned with the impact of Libra on the global scale. While speaking to Deirdre Boston, he says;
“I think globally and in countries where there isn’t a lot of rule of law, or a lot of government stability, or currency stability, then it could be dangerous.”
Making emphasis on Africa, he said:
“There’s going to be some despot in some African country that gets really upset that they can’t control their currency anymore and that’s where the real problems start occurring,”
Mark joins a growing list of high profile individuals such as but not limited to: the Federal Reserve Chairman, Jerome Powell, the French Finance Minister, Bruno Le Maire, the Bank of England Governor, Mark Carney, who come out to express their contrary opinion about the global financial infrastructure Facebook is about to launch. 45th President of the United States, President Donald Trump also in a tweet expressed his opinion on the Libra.
Donald Trump’s recent tweet against bitcoin and other cryptocurrencies has stir the crypto community. Trump specifically outlines Bitcoin and Facebook Libra. In his tweet against Libra, he writes:
….Similarly, Facebook Libra’s “virtual currency” will have little standing or dependability. If Facebook and other companies want to become a bank, they must seek a new Banking Charter and become subject to all Banking Regulations, just like other Banks, both National…
— Donald J. Trump (@realDonaldTrump) July 12, 2019
As Facebook is set to meet the US Congress, the fate of the Facebook Globalcoin project remains hanging on the balance. It is after the Congressional hearings, onlookers would know whether Libra will launch or not and if it will, what compromise Facebook will make to see the launch of its step into cryptocurrency. With various nations expressing their stand such as India on the Libra, time will tell if Facebook will need Liberation.