CNBC Host ‘Bitcoin Joe’ Trashes Facebook’s Libra Cryptocurrency for a Few Key Reasons
CNBC host Joe Kernen commonly known as ‘Bitcoin Joe’ is not hiding the fact that he is not a fan of Facebook’s Libra, CCN reports. In a reaction to reports that the Libra founding members are rethinking about the project due to the criticism from different quarters, the Bitcoin convert elaborated that he has never been a fan of the Facebook coin ‘one bit’.
Kernen stated that he dislikes Libra since its centralized. Well, there have been skepticism on whether Libra crypto is decentralized with Kernen stating that it would be very easy for one’s data to be stolen in Libra.
— Squawk Box (@SquawkCNBC) August 23, 2019
The other reason why Kernen does not like Libra is because its from Facebook. According to the host, the social media giant has tarnished its name after numerous data scandals. One of the major reasons behind the recent hostile reception of Libra is because of its parent company’s previous scandals as was cited during the Congress hearing about the project.
Kernen also cited that the monetary policy issues were a major concern. He said that everyone will be required to keep float. There have been concerns about how liquidity and inflation will be controlled within Libra as everyone with an account will have a chance to adopt Libra.
According to the CNBC host, the crypto will not be adding any value to already what is available in the financial market. According to him it is just like another card. Well, he has a point if the list of partners in the project is anything to go by…..Mastercard, Visa and Paypal.
The last attack on Libra was that it lacks inherent value in that it is pegged on Fiat currency. Kernen explained that he doesn't like it since it doesn’t have no inherent value like antiques, gold or Bitcoin which he said had unforgettable value.
Libra has been facing a harsh reception since Facebook announced its plans to release the cryptocurrency. There are doubts whether it will wither the storm and finally get into the market.