How Facebook's Cryptocurrency Will Help Consumers

Credit: The Street
Published on June 17, 2019 - Duration: 01:27s

How Facebook's Cryptocurrency Will Help Consumers

Curious about Real Money Stock of the Day Facebook's new push into crypto?

Jim Cramer broke down what he expects from Facebook's white paper on its cryptocurrency, which is expected to be released Tuesday.

"It's not really a crypto.

It is not a source of value, which I was hoping it would be, but it can't be.

It's really, like Venmo.

It is a way for the unbanked...to skip over the card and go right to the digital.

It will be very separate from Facebook, you won't think of it as a Facebook product because Facebook knows that Facebook itself is tainted and it'll be called Libra.

And it's really good for the 48%--thank you, Lisa Ellis, from MoffettNathanson on this--It's very good for the people who literally do not have a viable currency.

Remember, there are many countries where the currency is not really viable.

It is just an infection and these people can avoid their own currency and do some buying in a sterilized fashion.

So it's brilliant of Facebook and Facebook's going to go much higher," said Cramer.

Related.

Facebook Is Likely to Fail to Break Out on the Upside Above $200

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