Trump critcizes bitcoin, cryptocurrencies; questions Facebook Libra

President Donald Trump talks to reporters earlier than boarding Air Force One to return to Washington from Morristown Municipal Airport in Morristown, New Jersey, July 7, 2019.

Jonathan Ernst | Reuters

U.S. President Donald Trump on Thursday stated he is “not a fan” of cryptocurrencies, and prompt that Facebook may have a banking constitution if the corporate desires to launch the digital token Libra.

In a collection of Twitter posts, Trump stated cryptocurrencies usually are not cash and “Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity.”

“If Facebook and other companies want to become a bank, they must seek a new Banking Charter and become subject to all Banking Regulations,” stated the president.

Trump just isn’t the one one who has criticized Facebook’s plan to introduce Libra. Federal Reserve Chair Jerome Powell, French Finance Minister Bruno Le Maire and Bank of England Governor Mark Carney are amongst authorities leaders and central financial institution chiefs who’ve spoken up in opposition to Libra.

Facebook declined to touch upon Trump’s twitter posts.

Trump echoed many critics of cryptocurrencies, questioning how bitcoin is valued and highlighting its value volatility. Many argue that these attributes depend in opposition to the broader adoption of digital currencies.

Cryptocurrencies “are not money, and whose value is highly volatile and based on thin air,” stated Trump.

In the final 24 hours alone, the value of bitcoin in opposition to the greenback noticed actions that may spark worries in the event that they have been seen in any main nationwide forex: It touched a excessive of $12,033.74 and a low of $11,142.79, based on business knowledge website CoinDesk.

The president stated the “dependable and reliable” U.S. greenback ought to be the “only one real currency in the USA.”

“It is by far the most dominant currency anywhere in the World, and it will always stay that way. It is called the United States Dollar!” stated Trump.

Despite Trump’s criticisms, the value of bitcoin didn’t seem to maneuver a lot instantly following his posts, based on CoinDesk knowledge.

Have a comment? Type it below!