Kevin O'Leary, chairman of O'Shares ETFs , has owned Facebook stock 'through all this political crapola and noise,' and thinks you should too. Here's why he's 'excited' about Libra, its proposed digital currency, despite being a bitcoin critic.
If Libra is rolled out effectively, it will solve a big problem O'Leary faces now as an investor: the lack of smooth international connectivity. To demonstrate Libra's usefulness, he proposed, "I want to go long on Canada... I want to buy a Canadian index, like[iShares S&P/TSX 60 Index ETF]. I had to move out millions of dollars and convert it into Canadian [dollars]. What a pain in the hiney that was, as every FX trader tried to clip me for 20 bps " in commissions.
But "if I had something like [Libra] that was working and regulated, I could take $5 million, stick it in this payment system, and buy equities in there because it is a regulated payment system." Without having to pay extra fees or work across different systems, O'Leary would be able to easily invest across borders. He says: "Let me do it in Europe, let me do it in China, let me do it in Switzerland.
O'Leary's biggest need: "Give me a common currency that's regulated by government and let me go to work as an investor." Unlike those who think bitcoin is the answer, O'Leary has higher hopes for Libra, and thus Facebook as well.
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