Trump: Bitcoin and other cryptocurrencies ‘are not money’

In one of his notorious Twitter lectures, US President Donald Trump has made clear his opinions on the topic of cryptocurrencies and Facebook’s upcoming Libra.

Trump claimed that cryptocurrencies are “based on thin air” but also highlighted the issue of the controversial new tech being used for illegal activities.

Furthermore Trump said that in order for Facebook to launch its currency it must “seek a new banking charter” and must follow all banking regulations. 

Trump’s first social media comments on cryptocurrency follows the US Congress demand for Facebook to halt all work on its Libra/Calibra project.

Regulators in the US have already begun investigating Libra with both the US Senate Banking Committee and the House Financial Services Committee scheduling hearings next week with Facebook’s head of Calibra David Marcus, who recently posted his own response to questions raised about the virtual currency.

The US president believes that Libra “will have little standing or dependability” and warned “other companies” who might produce a similar product in the future will also have to follow banking regulations.

These tweets come on the same day that The White House hosted its own “social media summit” – Facebook was not invited. 

He concluded by praising the “dependable and reliable” US dollar describing it as “by far the most dominant currency anywhere in the World, and it will always stay that way.” 

Many were quick to respond to the President’s tweets, pointing out the correlation of value between the US dollar and Bitcoin since the commencing of his presidency…