Mark Cuban thinks Facebook's cryptocurrency Libra is 'a big mistake'

Mark CubanMark Cuban.Drew Angerer/Getty Images

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,"

Read more: 6 things we're still wondering about Libra, Facebook's new cryptocurrency coming in 2020

Following the White House's summit on social media, President Donald Trump tweeted his disdain for cryptocurrencies and voiced skepticism about Libra on Thursday.

 

"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.

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