CNBC's Jim Cramer said Monday that Facebook, Inc. FB's reported plans for a cryptocurrency are a reason for investors to back the social media stock.
If the coin launch goes ahead as expected in the near future, it could lead Facebook’s stock to “take out its high,” Cramer said on “Squawk on the Street.”
Last week, The Wall Street Journal reported that Uber Technologies Inc UBER, PayPal Holdings Inc PYPL, Visa Inc V, and Mastercard Inc MA have signed up to support Facebook’s crypto effort, known internally as Project Libra.
Facebook shares were up 3.75% at $188.13 at the time of publication Monday.
Related Links:
Report: Facebook's Planned Cryptocurrency Has Visa, PayPal, Others On Board
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