It’s official. The President of the United States, Donald Trump does not like cryptocurrencies. In a series of tweets, President Trump has announced that he’s “not a fan of Bitcoin and other Cryptocurrencies” as they are “highly volatile and based on thin air”. Trump also touched on Facebook’s new Libra cryptocurrency, stating that the tech company will need a banking charter if it wants the digital currency to be recognized and dependable.
Instead of putting trust in cryptocurrencies, President Trump suggested that only the US dollar should be the currency of choice as it is stronger, dependable and stable- unlike cryptocurrencies. With the escalating scramble for global dominance with China, it makes sense that officials in the U.S. government would want to maintain the dollar’s grip as the world’s global currency.
President Trump didn’t go as far as to express how he will deal with these cryptocurrencies. It is uncertain whether his administration will enact regulatory restrictions or other hurdles to adoption in the United States.
Trump’s comments don’t seem to have had an immediate impact on the price of Bitcoin. In the last 24 hours, the price of the cryptocurrency has been falling but since Trump made his comments, there’s been a slight increase in the price.
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Of course Trump would say this, it’s what any POTUS will say. The US economy has benefited immensely under the current economic regime. It has allowed them to for example sanction other countries as they control SWIFT, spy on banks etc. Any system that threatens that is bound to attract their ire. Of course the value of the US is basically also thin air