The 45th President of the United States, Donald Trump has finally expressed his thoughts on Bitcoin and cryptocurrency and it seems that he isn’t a fan.
Ever since Trump’s inauguration in 2016, a lot of crypto enthusiasts have been wondering what his opinions are on the leading cryptocurrency and the space in general. Well now, we finally have our answer as the president, who is known for speaking his mind on Twitter, posted this earlier today (July 12th):
“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....”
Trump made his points clear on why he doesn’t like Bitcoin as he has brought up many of the concerns that are rife throughout the industry. Technically, Trump’s words on the volatility are partly true as the leading cryptocurrency is known for being volatile however, whether it is ‘based on thin air’ or not remains to be seen.
In terms of the unlawful behaviour, Trump has a point as Bitcoin's use with criminal activities like Silk Road on the dark web or money laundering are valid factors to keep in mind.
Later in the same Twitter thread, Trump took a few digs at Facebook’s upcoming Libra stablecoin saying that it won’t have a lot of standing and people won’t be able to rely on it as a digital asset.
....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...— Donald J. Trump (@realDonaldTrump) July 12, 2019
The President went onto talk about the growing trade war with China and global economic uncertainty. Trump said that there is only one real currency in the United States and that it is stronger now than it ever has been and that it is the most dominant currency anywhere in the world.
Taking note of the president's words, the 22-year Wall St Veteran, Caitlin Long responded back with harsh facts. Read what she said here.