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Facebook’s Libra is for corporations & Bitcoin stands for the people, claims Squawk Box’s Joe Kernen

Akash Anand



Libra comes under fire again as claims are made that only "Bitcoin is the cryptocurrency for the people"
Source: Pixabay

Facebook’s entry into the cryptocurrency industry has certainly ruffled a few feathers, with many in the industry calling it a method by the Mark Zuckerberg-led company to establish dominance in fields other than social media.

This sentiment was recently expressed by Squawk Box’s Joe Kernen, who expressed his dissent for the idea of Libra, calling it a powerplay. He stated that the main currency has always been fiat, with other assets having come in later. Kernen was quite blunt in attacking Facebook, adding,

“Fiat currency is the currency for government, Libra is for corporations and only Bitcoin was the asset for the people. I feel like a Bitcoin evangelist right now and stand by it. First of all, who made Facebook in charge to give out currency as and when they please. Who even anointed them, especially with their history?”

Kerner was in the news previously after he claimed that Bitcoin did not live up to its potential. His sudden 180 was caught by major cryptocurrency proponents, with Barry Silbert being one of them. Post the interview, Silbert tweeted,

“Fun watching @JoeSquawk going through the five phases of bitcoin acceptance. Seems Joe has just moved from Phase 3 to Phase 4
Phase 1:  Dismissive Phase 2:  Skeptical
Phase 3:  Intellectually curious
Phase 4:  Believer
Phase 5:  Evangelist”

This switch by former critics was seen as a boost to the world’s largest cryptocurrency, with some even claiming that it was the lack of education that was curbing BTC’s chances of hitting $1 million. Silbert and Kernen were not the only ones waging a verbal war against Facebook’s Libra, as their comments came on the back of statements made by the Bank of International Settlements [BIS]. The report from BIS said,

“On the other hand, a big tech could be small in financial services and yet rapidly establish a dominant position by leveraging its vast network of users and associated network effects. In this way, the rule of thumb that encouraging new entry is conducive to greater competition can be turned on its head.”

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