Nobel prize-winning economist, Joseph Eugene Stiglitz, claims that “every currency is based on trust, but only a fool would trust Facebook’s Libra” in an article published on July 2.
Stiglitz also notes that “in just a few short years, Facebook (NASDAQ:FB) has earned a level of distrust that took the banking sector much longer to achieve.” He appears to fear that Facebook’s cryptocurrency could be hospitable to a shadow economy: