Skip to main content

Are Cryptos Finally Overtaking Fiat Currencies?

Publish date:
Video Duration:

(Kitco News) - Facebook's Libra and bitcoin are fundamentally different, and with the launching of its new cryptocurrency, the social media giant could position itself as a "bank" to billions of its users around the world, said Kiana Danial, CEO of Invest Diva and author of Cryptocurrency Investing For Dummies.

"Facebook's Libra has the reach, has all the data in the world, but what it is trying to create is something that, to me, is actually scary because it is trying to create a monopoly," Danial told Kitco News. "Facebook is going to become a central bank with a third of the population of the world."

Bitcoin vs. Gold

Danial said that bitcoin has been traded as a hedge instrument, even more so than gold.

"I'm talking about the institutions and the funds that are actively investing in cryptocurrencies, and if you just take a look at the charts you'll see that [bitcoin] has become an even stronger hedge than gold is right now," she said.

Watch the full interview and more from Kitco News

Despite Disdain for Bitcoin, Peter Schiff Is Open to Embracing Libra

Inflation and Monetary Policy Mistakes Will Push Gold to $5,000

Ron Paul: Fed Is Not a 'Workable' System, Things About to Get Ugly

Premium Pick:3 Tariff Questions That Must Wait for Answers

Ready to Retire: The Biggest Threat to Your Retirement? Check Your Basement

TheStreet Feature:Retail Companies That Have Gone Bankrupt in 2019

Dog Days of Summer: How Consumers Will be Impacted by the September Tariffs

Catch Up: Today's Top News Videos Below

This article is commentary by an independent contributor. At the time of publication, the author held TK positions in the stocks mentioned.

Related Videos