Facebook’s foray into the digital currency space has attracted the ire of the authorities as well as leading figures in the industry. Some in the crypto space have been openly critical of the initiative, projecting it as a means of establishing corporate hegemony for Facebook.
This strong sentiment was recently echoed by Joe Kernen, an eminent political and business analyst from the American television program ‘Squawk Box’. Kernen recently pounced on the Libra initiative with unabashed contempt, claiming that the entire project was a ‘powerplay’. According to Kernen, the original major currency in the field has been established to be fiat, with all other coins having been brought in after this.
Kernen made the following comment on the issue:
“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 had attracted media attention some time back when he had had ripped into Bitcoin, levelling accusations against the currency which, he believed, had fallen short of its true potential. In this recent comment, he appears to have radically altered his opinions of the same cryptocurrency. Industry analysts were quick to underline this sharp change of mind that he had on the issue, with market analyst Barry Silbert releasing a tweet following the incident in which he held Kerner accountable for this.