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President Trump Unleashes: Not a Fan of Bitcoin, Crypto, Facebook Coin Needs Banking Charter

TL;DR: President Trump unleashed a three-part tweet, insisting he is no fan of Bitcoin by name, cryptocurrency in general, and that both facilitate unlawful behavior. He also took the opportunity to suggest Facebook Coin Libra is going to face stiff opposition if it comes close to a banking operation. 

President Trump is No Fan of Bitcoin

“I am not a fan of Bitcoin and other Cryptocurrencies,” Trump tweeted in the evening of Thursday, 11 July 2019, “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….”

It was actually a thread of a kind, with Trump continuing, “….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…,” which follows his Federal Reserve Chair’s remarks the day prior, where he insisted Facebook would indeed be up against large regulatory hurdles before launching.

President Trump

Trump doubled down, “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!”

He’s not the first US President to comment, as cryptocurrency was born during the Obama administration. The then president made similar remarks about the supposed dangers of cryptocurrency but in much less stark terms. In fact, the Obama administration was rather coy by comparison. This marks the first unfiltered attack on cryptocurrency by a sitting president.

DISCLOSURE: The author holds cryptocurrency as part of his financial portfolio, including BCH. 

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