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Trump: ‘I’m Not A Fan Of Bitcoin And Other Cryptocurrencies’

Kitco News

Trump: ‘I’m Not A Fan Of Bitcoin And Other Cryptocurrencies’

(Kitco News) - U.S. President Donald Trump said on Thursday that he is not “a fan of bitcoin and other cryptocurrencies,” referring to the digital coins as “not money.” Bitcoin prices did not immediately react to Trump’s comments.

The U.S. president described cryptocurrencies as “volatile” and “unregulated” in a series of tweets published late 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. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity,” he wrote.

Trump also touched on Facebook’s new Libra cryptocurrency, stating that the tech company will need a banking charter if it wants the digital currency to be recognized and dependable.

“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.”

After criticizing cryptos, Trump praised the U.S. dollar as the most “dominant” currency in the world.

“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!” he tweeted.

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

Trump’s tweets came after Federal Reserve Chair Jerome Powell spoke extensively about Facebook’s Libra cryptocurrency during the semi-annual testimony on monetary policy before the U.S. House of Representatives Financial Services Committee on Wednesday.

Powell stressed that before proceeding, Facebook needs to address “serious concerns” in regards to “privacy, money laundering, consumer protection and financial stability.”

In response, bitcoin tumbled around 12% on Wednesday, falling from $13,000 to $11,000.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.