Ever since Facebook released Libra’s whitepaper, governments across the world, including the U.S. government, have got their knickers in a knot. This could be due to Facebook’s history with user privacy, and its record of mistakes and mishaps over the years. To be more specific, the U.S. government might be feeling threatened since Libra could potentially overthrow the currency of one of the most powerful nations in the world.
However, capitalists and other business-minded people like Kevin O’Leary aka Mr. Wonderful, whose business incentives align with the launch of Libra, are in support of it. During a Halftime Report on CNBC, Mr. Wonderful, who is long on Facebook, said,
“I spend millions of dollars on Facebook each year, across 50 companies because we can geo-lock our message to specific markets at different prices. Nobody else can do that for me. It’s a fantastic business for entrepreneurs, that’s why you should own it.”
Although Mr. Wonderful has made it plenty clear that he hates Bitcoin and cryptocurrencies, he made his point on how Libra could help businesses like his and others across America, stating,
“This is not crypto. The reason I hate Bitcoin, to be serious, is it doesn’t solve any problem unless I’m a criminal, thief, or a drug dealer and I want to get around rules. I don’t want to support that.”
O’Leary explained how it cuts him back on investments in equities from other countries like Canada, Switzerland, China etc. However, with Libra, one could convert millions into this payment system, and buy the equities elsewhere.
Although not regulated as of now, the U.S. government is taking a look at Facebook’s Libra and will only regulate it after it confirms that Libra satisfies concerns around “money laundering,” “Privacy,” and “financial instability.”