A few hours after U.S President criticized cryptocurrencies, singling out Bitcoin and Libra, Mark Cuban has also come out to hit at Libra. The American Billionaire has stated that he is not a fan of the cryptocurrency and that he thinks its a big mistake. Cuban, who was speaking in an interview with CNBC’s Deirdre Bosa, further stated that he believed the coin had the potential to do more damage than good.
Project Under Constant Attack
Mark Cuban now becomes one of the many people who has called out Facebook’s Libra following attacks from top government officials. The latest official to hit at Libra was Federal Reserve, Jerome Powell who stated that the cryptocurrency would cause “serious concerns”.
Prior to the Federal Reserve chairman, the U.S Congress had requested that the development of Libra be stopped while a number of concerns were addressed. In Europe, Central banks were requested to look into Libra and ensure it fell into financial regulations.
“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.”
He went on to add:
“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.”
So far it’s clear that Facebook will face a mountain with Libra with opposition coming from every side. The cryptocurrency has the potential to disrupt the traditional financial system and possibly push for cryptocurrencies to go mainstream. Many traditional institutions are thrilled by this prospect.
Libra’s Setbacks Hitting The Crypto Market
According to some analysts, Libra’s recent problems have seen Bitcoin’s bullish momentum drop. This was evident mid-week when Bitcoin dropped below recent highs of $13K. The drop from Bitcoin further dragged altcoins below key support positions. Recent momentum has been credited to Libra’s hype. As the coin faces setbacks, this is affecting the entire market.
Despite this, many continue to be optimistic that Bitcoin will hit its all-time high soon and possibly climb above it before the end of the year.
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