Mark Cuban thinks Facebook's cryptocurrency Libra is 'a big mistake'
- Mark Cuban, tech entrepreneur and billionaire investor on "Shark Tank," is wary of Facebook's upcoming cryptocurrency Libra.
- "I think it's a big mistake," Cuban said to CNBC. "It could be dangerous."
- Federal Reserve Chairman Jerome Powell and President Donald Trump also expressed concerns about Libra this week.
- Visit Business Insider's homepage for more stories.
Mark Cuban is not on board with Facebook's cryptocurrency Libra.
The billionaire "Shark Tank" investor and Dallas Mavericks owner expressed his concern with the upcoming cryptocurrency during an interview with CNBC that was broadcast on Friday."I'm not a big fan of what they're doing there," Cuban said. "I think it's a big mistake."
Cuban foresees Libra stirring up trouble in countries with unstable governments or currencies.
"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," Cuban said. "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,"
"Facebook Libra's 'virtual currency' will have little standing or dependability," Trump said. "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 and International."
Jerome Powell, chairman of the federal reserve, also put cryptocurrency on blast while speaking to the baking committee of the Senate on Thursday.
"It's a store of value, a speculative store of value, like gold," Powell said about Bitcoin.
I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity....- Donald J. Trump (@realDonaldTrump) July 12, 2019