Mark Cuban on Libra: "I think it’s a big mistake."

12 Jul, 2019
by David Borman
Opinion
Mark Cuban on Libra: I think it’s a big mistake.

Well known entrepreneur Mark Cuban recently commented in an interview with CNBC that he felt that Facebook's upcoming Libra currency is a "mistake" for the company. This comes less than a day after US President Donald Trump openly attacked both Bitcoin and the Libra.

Cuban, who owns the Dallas Mavericks and appears regularly on Shark Tank, doesn't mince words about his feelings on the Libra, stating emphatically, "I’m not a big fan of what they’re doing there... I think it’s a big mistake." He goes on to elaborate on what the problem is, from a global perspective:

"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..."

Cuban's comments come on the heels of a condemnation of Libra, as well as Bitcoin, from US President Donald Trump, who yesterday tweeted that he is "not a fan" of cryptocurrency.

While Cuban does make a valid point about the Libra effecting global economics, Trump seems to be bashing the entire sector. Will the opinions of these public figures sway national opinions? Stick with Chepicap for all updates!

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