September 28, 2020

Donald Trump Is ‘Not A Fan’ Of Cryptocurrencies

Facebook announced its plans to launch it’s own cryptocurrency named ‘Libra’ in June 2109. Since then, Facebook’s plan has been criticized by many.

Now, Donald Trump, on Thursday, July 11, said in a series of Twitter posts that he is ‘not a fan’ of cryptocurrency. He added that if Facebook wants to be a bank than it will be subject to all the laws and regulations of banking and they will have to launch a new banking charter as well, just like all other banks.

 

He said that “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.”

Trump along with other critics raised the same issue of,” how is one supposed to value a cryptocurrency?” Experts argue that these attributes of high volatility and intractability go against the adoption of cryptocurrencies at a broader level.

Trump further said that “there is only one currency in the world that is dependable and reliable, that currency is stronger than ever and that is the US dollar.”

Despite the criticism of Donald Trump, according to CoinDesk data, the value of cryptocurrencies did not depreciate after his tweets.

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