Trump's economic insider Stephen Moore: 'Facebook’s Libra is a good thing'

24 Jun, 2019
by Joeri Cant
News
Trump's economic insider Stephen Moore: 'Facebook’s Libra is a good thing'

Stephen Moore, confidant to the United States President Donald Trump, and former economic adviser said that he thinks that on balance Facebook’s Libra cryptocurrency is a good thing.

In an interview with Yahoo Finance, conservative economist and Trump confidant, Stephen Moore, said that he thinks that 'on balance it is a good thing', referring to Facebook’s Libra cryptocurrency.

Trump’s fed nominee who withdrew this week over his history of racist, sexist, and insensitive comments, said that just in the last few months, he has been 'studying up on these cryptocurrencies', and its impact on governmental currencies like dollars and euros.

'This is coming', Moore said. 'Facebook has billions of dollars of financing behind it, to build a new private currency.'

'It is so interesting, because this represents a new challenge for central bankers that they now have competition from private currencies', he said, while adding that on balance, he thinks it will be a good thing.

Moore's comments follow the news that Bart Smith, head of digital assets at investment firm, Susquehanna, noted that Libra - Facebook’s foray into the cryptocurrency industry - may actually be a positive for Bitcoin.

'If 2 billion users in Facebook … start to look at Libra and try to understand how its different and similar from Bitcoin, I think that that’s a positive', he said.

Of course, Libra, elicited many heated reactions from the crypto verse and the political space as well.

One such reaction came from Michael Brendan Dougherty, the National Review Online senior writer, who jokingly said that the government’s only appropriate response to an enormous, unaccountable spy agency that’s launching a currency that wants to compete with the US dollar, is to nuke it from space.'

Lets hope Trump doesn't read this. You just never know.

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