Donald Trump dislikes Cryptocurrency – he voiced his opinion over Bitcoin and Cryptocurrencies over Twitter. Donald Trump dislikes cryptocurrency because he considers it as “not money”, citing price volatility relative to the stability of the US Dollar.
Donald Trump’s comments were the first since his presidency. Coincidentally, he name-dropped Facebook’s Cryptocurrency, Libra, saying it will have little standing or dependability – he even suggested that US regulators would subject the social media giant to regulation.
Trump has criticized Facebook before – admonishing them over past action of right-wing individuals, along with other social media outlets. He has not commented publically regarding Facebook’s cryptocurrency plans, however.
Donald Trump isn’t the only government official to have taken notice of Facebook’s Libra program – Both the US Senate and House Financial Services Committee scheduled hearings next week with David Marcus, Facebook’s Blockchain lead.
Among the primary concerns for Facebook’s Libra is the regulation that all other financial institutions must follow – anti-money laundering concerns, terrorist funding, and know-your-customer (KYC) concerns. Financial stability is also a big concern.
Donald Trump cited unlawful behavior as another reason why he dislikes cryptocurrency. In his tweets, he said:
“Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity.”
He tweeted one final time regarding the topic, saying:
“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!”
It had been rumored that a Trump presidency would see a more favorable landscape for Cryptocurrencies, especially since his acting Chief of Staff, Mick Mulvaney, has made comments favoring less regulatory frameworks for cryptocurrency in the past.
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