The US President Donald Trump has finally publicly voiced his stance on cryptocurrencies. In his recent tweet, he claims that cryptocurrencies are not money given that they are highly volatile and based “on thin air.” Moreover, according to Trump, they tend to facilitate criminal behavior.
The only real currency
The Donald continued his tweetstorm by taking a shot at Facebook’s Libra currency, which probably prompted him to weigh in on crypto in the first place.
Jerome Powell, the chair of the Federal Reserve, raised serious concerns about Libra during his testimony before Congress that took place on July 11.
Trump states that Facebook has to obtain a bank charter in order to commence its business as a bank and follow all regulations that are applied to this sector.
As reported by U.Today, many experts have observed that Libra poses a direct threat to fiat currencies, which explains why it appeared in the crosshairs of many politicians and regulators around the globe.
While criticizing crypto, Trump had a lot of praise for the US Dollar, which he calls “dependable and reliable.”
The “Crypto Defence” squad
Trump’s tweets have the power to blow up the internet or tank the US stock market. It’s not surprising that the biggest crypto influencers were all lined up to educate the President on positive aspects of crypto.
Max Keiser, one of the most vocal dollar critics, has turned his Twitter feed into an anti-Trump tirade, claiming that he might have just lost 2020.
Notably, Trump’s critique of Bitcoin had very little effect on the Bitcoin price, which is currently sitting at $11,349.92.