Technology
Trump dunks on Facebook’s Libra in cryptocurrency tweetstorm
It’s official: Donald Trump is not a fan of Bitcoin.
Or, for that matter, any cryptocurrency — including Facebook’s proposed Libra. He made that much clear in a Thursday evening tweetstorm dunking on the latest proposed entrant in the digital currency world.
“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,” tweeted the President. “Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity….”
He continued that “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 […]”
….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
Facebook’s Libra has faced pushback since it was officially announced in June, but this is the first time Trump has weighed in on the matter.
…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!
— Donald J. Trump (@realDonaldTrump) July 12, 2019
Unsurprisingly, crypto Twitter is freaking out.
Some, perhaps not thinking highly of the President’s intelligence, are taking the tweets as a bullish sign.
Either way, Trump has now weighed in on the great cryptocurrency debate. It’s just an added bonus that he managed to dunk on Facebook while doing so.
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