Wall Street is in love with financial technology plays and Facebook is the newest entrant in the space to keep an eye on, CNBC’s Jim Cramer said Tuesday.
“Ever since Facebook rolled out the concept of Libra in a really boring white paper, it’s become the big cap stock to beat in this market. On good days it soars. On bad days it’s unchanged,” the “Mad Money” host said. “Welcome to the world of fin-tech Facebook. You don’t have to like it, but you shouldn’t let hating Facebook get in the way of owning its stock.”
The social media giant, however, faces regulatory and data scrutiny in Washington, D.C. in its plan to launch its own cryptocurrency. Facebook’s reputation has taken blows, Cramer noted, for its privacy practices along with its inability to eradicate misinformation spread on its platform.
“Fortunately, this made-up currency is cordoned off from the rest of Facebook and backed by a consortium of 27 partners including Facebook, but I think it’s helping to change the entire…