Crypto skeptic Mark Cuban declares Facebook Libra a ‘big mistake’

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Crypto skeptic Mark Cuban declares Facebook Libra a ‘big mistake’

Mark Cuban.Gage Skidmore/Flickr

Sat, 13 Jul 2019, 05:24 am UTC

Mark Cuban is the billionaire mogul who has made it abundantly clear that he sees cryptocurrency as nothing more than a scam. In a recent round of tirade against the industry, he directed his ire at Facebook Libra. He called it a “big mistake,” although, he is not exactly alone in expressing such a sentiment. This time, he might actually be sharing the viewpoints of major regulators and lawmakers all over the world.

By now, all of the crypto world will already be familiar with the fear that Facebook stoked with its announcement of Libra. As the single biggest social network in the world, the tech giant does wield immense power and a crypto offering could potentially impact the world economy in a big way. In a recent interview with CNBC, this is the danger that Cuban is trying to warn the world about.

“I’m not a big fan of what they’re doing there. I think it’s a big mistake,” the billionaire said. “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.

“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.”

This sentiment was actually recently expressed by President Donald Trump on Twitter, as well. He went on a tirade against cryptocurrency, which many financial experts considered was archaic fearmongering.

“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,” Trump tweeted.

....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

On that note, while Libra is indeed causing alarm bells to go off all over the globe, the attitude towards cryptocurrency has actually warmed quite a bit. There are now even reports of countries coming up with their own crypto or stable coins.