Trump calls cryptocurrency 'not money,' even though it is

Jeannie Matthews
July 14, 2019

"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", he said.

Trump said that Bitcoin and other cryptocurrencies only satisfy illegal activities in the market, while also claiming that Facebook's Libra will find it hard to stay on its feet without the characteristic of "dependability".

Facebook has said repeatedly that it plans to work with regulators to get Libra off the ground, and David Marcus, the Facebook executive who has spearheaded the Libra effort, will testify before multiple congressional committees next week.

Mark Cuban is not on board with Facebook's cryptocurrency Libra.

The price of Bitcoin fell nearly 8% on Thursday after Powell's comments. He further added that it is the most dominant currency in the world, and assured that it will remain this way.

With Cuban predicting that Libra "will have little standing or dependability", it's evident that both government and finance institutions are anxious about Facebook's foray into digital payments.

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Trump also reiterated that the only real currency in the United States is the US Dollar, which is dependable, reliable, and stronger than ever. Trump is right about the USA dollar and the benefit to the United States of being able to print the world's reserve currency gives the country a primary role in the world's financial markets, a position no US president would willingly surrender.

The post Donald Trump attacks Bitcoin appeared first on Coin Rivet. They decry most attempts by other projects to anonymize or mask transactions, saying this is the aspect of bitcoin that would facilitate most bad behavior. Interestingly, Facebook won't be the only company in control of Libra, as several other companies will take ownership in handling it.

"This is a reaction that anyone who believes in Bitcoin would expect - the highest government official on the planet in POTUS openly condemning cryptocurrencies as a vehicle for crime in order to protect the Dollars".

"In my mind, bitcoin should probably be reacting to the headline news that the Fed is cutting rates and supplying more liquidity to the market".

In a new letter sent to Facebook executives earlier this month, Waters and fellow House members suggested the company's latest effort "raises serious privacy, trading, national security and monetary policy concerns for not only Facebook's over 2 billion users, but also for investors, consumers and the broader global economy".

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