this was a "brilliant" strategy for Facebook as it tries to stave off scrutiny from policymakers:
"I described this yesterday as being brilliant because I think that this is a way to be able to show Congress, government, we're really trusted. We're doing this nonprofit. There's 2.6 billion people that are underbanked. I thought at one point they were going to buy PayPal — of course, David Marcus is from PayPal — in order to be able to make this happen, but, instead, they're able to do it themselves. … If it weren't Marcus, I would question it.
Mark May, senior internet analyst at Citigroup, took it as a bullish sign in terms of Facebook's long-term prospects: "It's very different from what we've seen [with] other cryptocurrencies. It's meant to be quite stable, to reduce volatility. There are a lot of significant Fortune 100 companies that are part of the association that [is] going to be backing this. So, it does feel much less speculative and much more trying to build a real-life substitute asset here — currency — for remittance payments, for merchant transactions and the like.
Is this so the Russians won't have to pay for political ads on Rubles ?
Cramer is to financial news what Trump is to diplomacy
Cramer is not an expert on cryptocurrencies 😂
This is not a cryptocurrency. It is a digital asset at best.