Published: Sat, July 13, 2019
Economy | By

Trump Hates Bitcoin but Nations May Hold Crypto Reserves in 10 Years

Trump Hates Bitcoin but Nations May Hold Crypto Reserves in 10 Years

But one person not convinced by the crypto resurgence is Donald Trump, who says he is "not a fan" because their "value is highly volatile and based on thin air." .

"Facebook Libra's "virtual currency" will have little standing or dependability".

He also warned Facebook and other companies that, should they launch their own cryptocurrency, they would have to abide by both American and worldwide banking regulations.

After criticizing cryptos, Trump praised the USA dollar as the most "dominant" currency in the world.

With nearly 62 million followers on Twitter, Trump has made crypto famous by getting 12,300 retweets, 41,000 likes, and 12,600 comments (and still counting) just for his first tweet.

He added that cryptocurrency, whose electronic nature makes it almost untraceable, could facilitate illegal activity.

In early July five Democrat lawmakers sent a letter to Facebook executives including Chief Executive Mark Zuckerberg, calling on the social media giant to halt production of Libra, which is slated to roll out in the first half of next year.

In his latest salvo, the US President has dismissed cryptocurrency as "based on thin air" and distinctly un-American when weighed against the stability of the US dollar. It is by far the most dominant currency anywhere in the World, and it will always stay that way.

Trump's tweets came after Federal Reserve Chair Jerome Powell spoke extensively about Facebook's Libra cryptocurrency during the semi-annual testimony on monetary policy before the U.S. House of Representatives Financial Services Committee on Wednesday.

At press time, one bitcoin is trading at $11,600 after rising 1.3% in the last 24-hour period.

His opposite number in the US, Federal Reserve chairman Jerome Powell, said Libra can not move forward unless it addresses concerns over privacy, money laundering, consumer protection and financial stability.

Furthermore, looking at Bitcoin's Google Trends chart, the searches for the phrase "bitcoin" have significantly increased - from 41 to 100 - after Trump's tweets in the United States. It'll be like Bitcoin, except its value will be pegged to a basket of assets, like government securities, to make it more stable.

(FB.O) over its plan to create a digital currency, the Libra.

Like this: