Donald Trump Is ‘Not a Fan of Bitcoin’… or Facebook’s Libra
July 12, 2019 by Jon Southurst
We might wonder “what took him so long?” but a few hours ago President Donald Trump set his Twitter sights on bitcoin. Echoing criticisms by fellow government representatives over the years, Trump described himself as “not a fan” of bitcoin and other cryptocurrencies due to their volatile values and facilitation of illegal activity.
Subscribe to the Bitsonline YouTube channel for great videos featuring industry insiders & experts
Trump: Bitcoin Is ‘Not Money’ and too Volatile
Here’s the Presidential tweet in all its glory:
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. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity….
— Donald J. Trump (@realDonaldTrump) July 12, 2019
The tweet was the first in a series of three, which went on to drop some hints as to why Trump chose today to add his voice to the governmental “bitcoin is not real money” choir.
“Similarly, Facebook Libra’s ‘virtual currency’ will have little standing or dependability. If Facebook and other companies want to become a bank, they must seek a new Banking Charter and become subject to all Banking Regulations, just like other Banks, both National and International. We have only one real currency in the USA, and it is stronger than ever, both dependable and reliable. 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!”
Facebook’s proposed Libra cryptocurrency is one that could pose an actual threat to the international financial order. The social media behemoth’s user base and influence over their lives — as well as its corporate partners — could force…