The US President Donald Trump has finally publicly voiced his stance on cryptocurrencies. In his recent tweet, he claims that cryptocurrencies are not money given that they are highly volatile and based “on thin air.” Moreover, according to Trump, they tend to facilitate criminal behavior.
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....— Donald J. Trump (@realDonaldTrump) July 12, 2019
The only real currency
The Donald continued his tweetstorm by taking a shot at Facebook’s Libra currency, which probably prompted him to weigh in on crypto in the first place.
Jerome Powell, the chair of the Federal Reserve, raised serious concerns about Libra during his testimony before Congress that took place on July 11.
....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
Trump states that Facebook has to obtain a bank charter in order to commence its business as a bank and follow all regulations that are applied to this sector.
As reported by U.Today, many experts have observed that Libra poses a direct threat to fiat currencies, which explains why it appeared in the crosshairs of many politicians and regulators around the globe.
While criticizing crypto, Trump had a lot of praise for the US Dollar, which he calls “dependable and reliable.”
...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
The “Crypto Defence” squad
Trump’s tweets have the power to blow up the internet or tank the US stock market. It’s not surprising that the biggest crypto influencers were all lined up to educate the President on positive aspects of crypto.
If you study crypto, you will find much to agree with. Crypto is about personal responsibility and choice. It is about free markets and competition. It is about mathematical, verifiable, perfectly enforceable regulation. Crypto is to commerce what Twitter is to speech: democracy.— Jesse Powell (@jespow) July 12, 2019
1/ Mr President— #wyoming, the state that gave you the highest margin of victory in 2016 (even bigger than Reagan), welcomes law-abiding #crypto companies & created a new type of bank charter to allow them to comply w/ the law. You are just wrong on this—ur staff is misleading you— Caitlin Long 🔑 (@CaitlinLong_) July 12, 2019
If your argument is that Bitcoin is based on thin air, while Bitcoin’s argument is that it is based on math, who should we believe?— Pomp 🌪 (@APompliano) July 12, 2019
Asking for a friend :)
“We have elected to put our money and faith in a mathematical framework that is free of politics and human error.” - @tylerwinklevoss— Gemini (@Gemini) July 12, 2019
Max Keiser, one of the most vocal dollar critics, has turned his Twitter feed into an anti-Trump tirade, claiming that he might have just lost 2020.
#bitcoin is code.— Max Keiser, tweet poet. (@maxkeiser) July 12, 2019
Code is text.
Text is speech.
And speech is protected in America, Mr. President.
You may have just lost 2020.
$100,000 is now in play.
Not for riches, but to protect the Constitution of the United States of America.
Notably, Trump’s critique of Bitcoin had very little effect on the Bitcoin price, which is currently sitting at $11,349.92.
Today is the most bullish day in the history of Bitcoin.— Paranoid Bull (@paranoidbull) July 12, 2019
The Chair of the Federal Reserve called it a store of value and the President of the United States tweeted about it. $BTC