The United States president, Donald Trump, is in the latest cryptocurrency news for stating his opposition to cryptocurrencies and the world of crypto as a whole. Trump voices his opposition to crypto and Libra specifically in a series of tweets published around 8:15 EST on July 11.
As we can see from the tweets published yesterday, Trump is “not a fan” of Bitcoin as well as other cryptocurrencies. He wrote:
“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,” is what Trump voices in his tweet.
“…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…”
“…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!”
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
What truly prompted Trump to issue these tweets is really a matter of speculation. The tweets cane the night of the president’s “Social Media Summit” which is a closed-door conference bringing together a lot of right wing social media notables, the altcoin news show. Now that Trump voices such negative beliefs towards crypto, it is expected that the market could decline and initiate another correction.
The event, however, may have put Facebook at the top of the president’s mind. As you probably know, Facebook Libra is a hot topic on many best cryptocurrency news sites – but also a major topic for Trump. The project is scheduled for next Tuesday and Wednesday. As Trump voices his opinions on crypto, he is also inspired to tweet on the subject on July 16 and July 17, accordingly.
The intended result of the tweets by Trump in terms of policies or regulation still remain uncertain. As it stands right now, the market is in a positive incline with less than 1% gains on most of the top 10 cryptocurrencies. Bitcoin is trading at $11,658 with a $207 billion market cap.
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