On Friday, US President Donald Trump, in a couple of tweets, acknowledged the existence of cryptocurrencies. However, he reveals his lack of interest in it.
According to Trump, the
“Unregulated crypto assets can facilitate unlawful behavior and cannot be trusted.”
He stated that these virtual currencies are simply assets that cannot replace fiat currency.
“I am not a fan of bitcoin and other cryptocurrencies”
The reason for the tweet was a meeting which took place on Thursday with Trump present. From reports, popular issues like Facebook’s Libra was discussed with the impact of such a digital currency on the financial system deemed negative.
The Libra project has come under heavy criticism in the past week and US lawmakers have ordered that the project be suspended. This reflects the views of many financial regulators around the world.
President Trump has never been a supporter of Facebook. The social media giant had blacked out popular republicans from the site and the president promised he would be “monitoring and watching” the platform closely.
In one of his tweets, Trump mentioned that
“Facebook’s ‘virtual currency’ will have little standing or dependability,”
and that if the company desires to become a financial institution,
“it must seek a new Banking Charter and become subject to all Banking Regulations, just like other Bank”
President Trump stated that the only trusted currency was the US Dollar. He tweeted that the USD is
“by far the most dominant currency anywhere in the World, and it will always stay that way!”
Nevertheless, reactions have continued to trail the remarks made by Mr trump. Many Pro crypto pundits were glad that he had acknowledged the presence of cryptocurrency which is a form of advert. Others believe that the president needs to know more about cryptocurrencies.
In spite of this, the price of Bitcoin has seen some positive movement over the weekend, which is a pointer that the Trump tweet was good for the publicity of Bitcoin.