President Donald Trump just tweeted about bitcoin, Libra, and cryptocurrency for the first time ever. It’s the most high-profile mention cryptocurrency has ever received.
He’s not a fan:
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….
— Donald J. Trump (@realDonaldTrump) July 12, 2019
Trump rattled off the typical objections to bitcoin and cryptos:
1) Not money
3) Not based on anything
4) Used to commit crimes
All objections that the crypto industry has readily pointed out are equally, if not more true of fiat (government-issued) currencies like the U.S. dollar.
You mean like how the $USD$ is backed by absolutely nothing except the threat of government force?
— Mitchell Mankiewicz (@TheMitchellnMan) July 12, 2019
This is a major mistake on your part and shows a lack of vision!
— Mike Cernovich (@Cernovich) July 12, 2019
Well, that’s how you lose the libertarians.
— Kassy Dillon (@KassyDillon) July 12, 2019
Trump Bashes Libra on Twitter Too
In all likelihood, Trump’s statement about bitcoin and cryptocurrency was prompted by Facebook’s announcement less than a month ago that the social media company is going to deploy its own cryptocurrency, Libra, with a number of corporate partners.
Trump tweeted that he doesn’t like Libra either:
….Similarly, Facebook Libra’s “virtual currency” will have little standing or dependability.