Cryptocurrency Is "Not Money", Says Donald Trump

Calibra Libra

The U.S. President claimed the value of cryptocurrencies is "highly volatile and based on thin air".

"Facebook Libra's "virtual currency" will have little standing or dependability".

According to the POTUS, Facebook has to seek a new Banking Charter, becoming subject to all national and worldwide banking regulations in order to provide financial services.

In the wake of Donald Trump's recent disparaging comments about crypto, enthusiasts have been taking the opportunity to defend Bitcoin and express their disdain for the former host of The Apprentice.

The U.S. president described cryptocurrencies as "volatile" and "unregulated" in a series of tweets published late Thursday. He warned that "unregulated crypto assets can facilitate unlawful behavior, including drug trade and other illegal activity".

The American billionaire leader has slammed the growing popularity of cryptocurrencies, stressing that digital assets only facilitate illegal activity and are made out of "thin air" - unlike, of course, the "reliable" U.S. dollar.

Follow our model for 'happy' Xinjiang, China tells West
It pointedly cites China's obligations as a member of the 47-member state forum to maintain the highest standards. While China restricts access and reporting in Xinjiang, Geng said it would welcome a visit by Michelle Bachelet.

Bitcoin did not react to Trump's anti-crypto comments, last trading almost up 1% on the day at $11,447, according to Kitco's aggregated charts.

Federal Reserve Chairman Jerome Powell spoke about Bitcoin during a Senate testimony earlier this week, where he noted that the advent of cryptocurrencies could put the USA into a new era of banking.

Ironically, Trump has also grabbed the chance to shill the Dollars, claiming that it is "stronger than ever" as well as calling it the "most dominant currency" of the world.

His American counterpart at the Federal Reserve also broached the topic Wednesday and Thursday when testifying before Congress. It is by far the most dominant currency anywhere in the World, and it will always stay that way. There are major concerns by House Democrats, and now President Trump, that officially asked Facebook to hold its Libra layout plans as it should be investigated for its possible risks to the entire global financial system.

Just under 24 hours ago, the 45th president of the United States of America shared his thoughts on Bitcoin and cryptocurrencies via his favourite social media platform.

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