Trump Blasts Cryptocurrencies Like Bitcoin And Libra


On Thursday, President Donald Trump tweeted that he was not a fan of cryptocurrencies, specifically calling out Libra and Bitcoin, according to Business Insider. The President thinks that all cryptocurrencies should be subject to all banking regulations.

"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 tweeted Thursday.

"Similarly, Facebook Libra's 'virtual currency' will have little standing or dependability," Trump added. "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."

Trump went on to say the the US dollar is the strongest and most reliable currency ever. Trump’s comments come amidst a slew of other comments and criticism by lawmakers on cryptocurrencies, especially Facebook’s Libra.

Libra will not be released for a year or so still, but Facebook's cryptocurrency has the potential to disrupt the finance world.

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Economics, Finance and Investing