Episode #56 - The Truth About Libra - Facebook's Cryptocurrency
Facebook’s recent congressional testimony before the House Financial Services Committee regarding their proposed cryptocurrency, Libra, caught my attention. It got me wondering: where in the Constitution does it grant the federal government the power to regulate a cryptocurrency or a social media platform?
The truth is that cryptocurrencies in general and the Libra specifically pose a threat to many entities - central banks, power hungry government officials, and too-big-to-fail banks.
In this episode I explain what Libra is and examine the threat posed by it and other cryptocurrencies. Along the way we discuss the benefits of cryptocurrencies, congressional overreach, sound money, central banks and the concept of private money.