CNBC's Jim Cramer says Facebook should scrap Libra and buy Square instead

19 Jul, 2019 | Updated: 20 Jul, 2019
by Richard Allen
Opinion
CNBC's Jim Cramer says Facebook should scrap Libra and buy Square instead

Jim Cramer, the host of CNBC's Mad Money, said Facebook should forget about developing Libra and instead buy Square, the San Francisco-based payments company founded by Twitter CEO, Jack Dorsey.

Cramer states that, initially, he was a fan of the social media giant’s debut into the cryptocurrency market, but changed his mind after seeing how Big Tech came under scrutiny from Capitol Hill. Now, he advises Facebook to drop the Libra idea entirely.

“It’s clearly doing more harm than good,” the host said, talking to Facebook’s leadership. “Instead, just take some of your money, you want to get into payments, just go buy Square [for] $70 billion … [and] blow out Square’s payments network worldwide. Square Cash is going to be Facebook Cash.”

Ever since Facebook officially unveiled Libra, it has come under intense scrutiny from regulators and politicians, including US President Donald Trump who stated he’s “not a fan.” Additionally, the project took more fire from the House Financial Services Committee. Recently, US Democratic congressman Brad Sherman likened Libra to sending a friend request to terrorists.

“They [Facebook] need more heavy hitters out there: if they simply bring in some unassailable outside counsel with real credibility – a distinguished retired federal judge from somewhere – then maybe the government would allow them to self-regulate again,” Cramer stated. He said he isn’t worried about Facebook, however, “because their Instagram business is on fire.”

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Read more about: Libra Square Cash

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