Trump weighs in on cryptocurrencies

Crypto Credit Lines Sponsored   Crypto Industry 2 mins Facebook Crypto Products Not Coming to World’s Biggest Markets Martin Young 1 min ago

Donald Trump is not a fan of Libra, Facebook's proposed cryptocurrency, the president made clear in a series of tweets on Thursday evening.

"I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air", Trump wrote. The President argued the unregulated nature of the cryptocurrency market could enable illegal activities such as drug trade.

According to the POTUS, Facebook has to seek a new Banking Charter, becoming subject to all national and worldwide banking regulations in order to provide financial services.

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Trump then tweeted about Facebook's Libra cryptocurrency, and claimed it'll have "little standing or dependability".

In his latest salvo, the US President has dismissed cryptocurrency as "based on thin air" and distinctly un-American when weighed against the stability of the US dollar.

Ironically, Trump has also grabbed the chance to shill the Dollars, claiming that it is "stronger than ever" as well as calling it the "most dominant currency" of the world.

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Trump's comments come a day after Federal Reserve Chairman Jerome Powell told U.S. lawmakers that Libra could not move forward unless it addressed concerns over privacy, money laundering, consumer protection and financial stability.

"Ten years after the launch of Bitcoin, the President of the United States and the Chair of the Federal Reserve are both discussing it on the same day".

Despite Trump's negative views on bitcoin and the cryptocurrency space in general, the cryptocurrency community applauded his tweet over the free publicity it gave BTC.

At press time, one bitcoin is trading at $11,600 after rising 1.3% in the last 24-hour period.

"I think we need to do a very careful, patient, thorough assessment of what the risks really are", Jerome Powell said Thursday, adding that the size of Facebook's social media network points to Libra's "systemic importance".

Crypto markets will most likely face more regulation and increased attention from policy makers by reflecting that in bitcoin's value.

Bitcoin was created in 2008 as an alternative to currencies controlled by governments and banks.

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