Shark Tank's Kevin O'Leary is still bullish on Libra

18 Jul, 2019 | Updated: 18 Jul, 2019
by Richard Allen
Opinion
Shark Tank's Kevin O'Leary is still bullish on Libra

While Facebook may be facing harsh backlash from congress, Shark Tank’s Kevin O’Leary has taken a decidedly different approach. The CEO of O’Shares believes Libra has the potential to become widely accepted and thus useful with proper regulation, CNBC reports.

O’Leary revealed he’s hugely bullish on Libra’s chances, predicting that once regulated digital assets like Libra make their way onto the market, Bitcoin’s days are numbered. He says:

It’s [Bitcoin] going to zero one day when somebody brings a regulated product, which is why I'm excited about Facebook. I like their chances.”

Despite many in the US government harboring serious reservations about Libra, the Shark Tank host remains bullish about its prospects. He argues that because Facebook has managed to weather storms in the past brought about by privacy abuses and election interference.

Additionally, he states that Libra will solve a big problem he faces now as an investor: the lack of smooth international connectivity. He says, “I want to go long on Canada… I want to buy a Canadian index… I had to move millions out of dollars and convert it into Canadian [dollars]. What a pain in the hiney that was, as every FX trader tried to clip me for 20 bps” in commission.

But “if I had something like [Libra] that was working and regulated, I could take $5 million, stick it in this payment system, and buy equities in there because it’s a regulated payment system.”

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