President Trump Not a Fan of Bitcoin

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Bitcoin and cryptocurrencies in general are making headlines around the world right now and have their own troops of supporters and haters. American president Donald J. Trump seems to be in the latter. Just a few days ago, Trump released a series of controversial tweets in which he voiced his concerns regarding Bitcoin and crypto assets. With a touch of his personal language, of course. In the series of tweets, the 45th President of the United States of America also took aim at Facebook’s new cryptocurrency Libra and praised the “one real currency” in the USA – the US Dollar.

Never Afraid to Voice His Opinion

This isn’t the first time Trump has used Twitter to voice his opinion, no matter how unpopular it is. The American president is constantly using the platform to voice his concerns or agree with something. Most of the times, he’s just explaining himself for all the hatred he spews around, but sometimes, it can be pretty hilarious. Remember covfefe?

In his latest tirade, Trump decided to voice his opinion on Bitcoin and cryptocurrencies in general. He said that he doesn’t consider cryptocurrencies real money due to their volatile value based on nothing more than “thin air”. He continued by saying that this kind of currency facilitates unlawful behavior and illegal activities such as drug trafficking. Bitcoin in the past may have been linked to the Mafia, but that’s not what it’s used for.

In his second tweet, President Trump took a shot at Libra, Facebook’s so-called cryptocurrency which made all the headlines a short time ago. He said that if Facebook plans on becoming a bank, they should seek a Banking Charter and subject to all banking regulations, just like every other bank in the USA. He may be right about that one, but when it comes to regulations, they don’t make banks spotless by default. We’ve all been witnesses of many money-laundering schemes and scams over the years in the USA and abroad. Plus, banking regulations in regards to cryptocurrencies go against the whole concept.

God Bless the Dollar!

In his final tweet, President Trump praised the “one real currency” in the USA, the dollar, as the only viable method of doing business. As he put it, it’s never been stronger and more reliable and called it the “most dominant currency” in the world. And, although his Bitcoin rant made more than a few supporters angry, experts are seeing it as a good thing. Many in the cryptocurrency industry believe that the President’s interest in Bitcoin is a positive thing that could drive the industry forward.

Of course, blockchain forensics companies are not buying it. They see Trump’s tweets as a signal for the dark future ahead of cryptocurrencies and believe that Trump has chosen to stand with national banks and regulations.

Although Trump’s remarks were negative, don’t expect cryptocurrencies to die right now. As a matter of fact, the USA government is working on virtual currency regulation right now and it might come sooner rather than later.

 

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July 18, 2019: • No Comments

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