Facebook’s Libra a Big Mistake Says Billionaire Mark Cuban

Facebook’s Libra a Big Mistake Says Billionaire Mark Cuban

Opinion
July 15, 2019 Editor's Desk
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The owner of NBA team Dallas Mavericks, Shark Tank Angel Investor and billionaire entrepreneur Mark Cuban recently made a statement that Facebook’s Libra stablecoin a big mistake in an interview with CNBC. During this interview with CNBC, Cuban expressed his thoughts on the social media giant, Facebook’s cryptocurrency endeavours. He said that he’s not a
Mark Cuban Facebooks Libra

The owner of NBA team Dallas Mavericks, Shark Tank Angel Investor and billionaire entrepreneur Mark Cuban recently made a statement that Facebook’s Libra stablecoin a big mistake in an interview with CNBC.

During this interview with CNBC, Cuban expressed his thoughts on the social media giant, Facebook’s cryptocurrency endeavours. He said that he’s not a big fan of what they’re doing there and he thinks that they have made a big mistake.

Cuban in his recent interview explained that he is more concerned about the social-media giant’s crypto initiative’s global impact than the impact it will have in the United States.

According to the report, he said that around the world and in countries where there isn’t a lot of rule of law, or a lot of government stability, or currency stability, in such a case this project could be dangerous.

He also said that there’s going to be problems in some African countries as they get really upset when they can’t control their currency anymore and that’s where the real problems start occurring.

A couple of years ago, Mark Cuban made an announced about his plans to invest in a digital currency and before that he called Bitcoin (BTC) a bubble.

He thinks it’s in a bubble. He also said that we live a time where everyone is bragging about how easy they are making money.

Some reports also have suggested that the US President Donald Trump voiced his opinion about cryptocurrencies as a whole which was against it, citing Bitcoin and Libra specifically.

Coinbase CEO Brian Armstrong made a statement that the fact that he felt the need to bash Bitcoin publicly is the reason that leads to the narrative that it is both are independent of global powers and unable to be crushed by them.

But there is also a flip side to the coin, Bank of England governor Mark Carney said yesterday that people need to acknowledge the issues Facebook is attempting to address with Libra, regardless of the project’s potential downsides.

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