Trump ‘Not A Fan’ Of Bitcoin; Against Libra

President Donald Trump issued a series of statements, denouncing all cryptocurrencies, including Bitcoin. He also questioned the credibility of Facebook’s upcoming Libra cryptocurrency project.

Trump aired his concerns over cryptocurrencies on Twitter Thursday.

“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,” the President said.

Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activities, according to him.

Trump opined that Facebook’s crypto currency Libra will have “little standing or dependability.”

If Facebook and other companies want to become a bank, they must seek a new Banking Charter and be subject to all banking regulations, “just like other banks, both national and international,” he said.

Trump strongly advocated in support of the US Dollar, 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.”

However, Trump’s first public statement as president on cryptocurrency did not apparently have any negative influence on Bitcon’s price movement.

Facebook Inc. had announced plans to launch a cryptocurrency called Libra in 2020 earlier this month. The social media giant formed a subsidiary called Calibra to run the Libra network, powered by blockchain technology.

As a first step, Calibra will introduce a digital wallet for Libra, that can be used to buy goods and services online and send money.

Facebook has partnered with 28 companies, including Mastercard, PayPal Holdings and Uber Technologies for the digital wallet service.

Facebook claims that Calibra will have strong protections to keep the users’ money and information safe, and promises take steps to protect their privacy.

A group of Democrat lawmakers recently called on Facebook to freeze the Libra project as House Financial Services Committee and its Senate counterpart are scheduled to hold hearings later this month to determine how it would operate and what protections would be implemented to protect user privacy.

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