Donald Trump “Not a Fan” of Bitcoin and Cryptocurrencies
By Tyler Smith – Crypto Investor
US President Donald Trump ranted last Thursday that he isn’t a fan of those buying Bitcoin or any of the other cryptocurrencies. He says that cryptos “aren’t money” and also spoke out about their price volatility relative to the dollar when he became president of the United States.
Trump even went on to discredit Facebook’s Libra project by saying that “will have little standing or dependability” and also suggested US regulators would have the social media powerhouse subjected to regulation:
“If Facebook and other companies want to become a bank, they must seek a new Banking Charter and become subject to all Banking Regulations”. Selling and Buying crypto does not constitute as a bank but it is new territory for Facebook.
Trump has also previously lamented Facebook and other social media platforms for banning right-wing figureheads. Trump has yet to discuss the social media king’s crypto plans, even after Facebook released its white paper and other supporting documents for Libra in June.
According to Trump’s Twitter tirade, he says, “Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity.”
In Trump’s final tweet he states that the USA has only one real currency and suggesting it is more reliable and dependable then cryptocurrencies. This may currently be true, but more are buying and selling Bitcoin and the industry is growing at a steady rate. Trump is strong on his belief that the US dollar is the most dominant currency in the world and will always be.
Even though Trump has yet to make a move on cryptocurrencies prior to his Thursday Twitter rant, his Treasury Secretary has strongly advocated for better cryptocurrency regulations to protect those seeking to buy and sell cryptocurrency.
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