US President Donald Trump has slammed Bitcoin and other cryptocurrencies, claiming their value is “based on thin air”.
Armed with his favourite weapon of choice – Twitter – the 73-year-old hit out at the decade-old digital asset before switching his wrath to Facebook’s Libra crypto project.
“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,” he raged.
“Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity….”
Facebook, using its Calibra subsidiary, announced last month that it would be jumping into the world of cryptocurrency with its own coin – Libra. The project has been largely welcomed – particularly as a way to achieve wider adoption of crypto throughout the world. The 45th president of the USA, however, has clearly not warmed to it.
“….Similarly, Facebook’s Libra ‘virtual currency’ will have little standing or dependability,” he blasted.
“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.”
Sweeping aside everything other than America’s native currency, he finished his Twitter assault by ensuring – in no uncertain terms – that he backed the US dollar over any alternative.
“We have only one real currency in the USA, and it is stronger than ever, both dependable and reliable,” he said.
“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!”
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