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Trump: 'I Am Not A Fan Of Bitcoin And Other Cryptocurrencies'

Trump: 'I Am Not A Fan Of Bitcoin And Other Cryptocurrencies'

U.S. President Donald Trump wrote in a series of Tweets Thursday evening cryptocurrencies are not real money and an unregulated crypto marketplace will "facilitate unlawful behavior."

What Happened

Trump said he's "not a fan of Bitcoin and other Cryptocurrencies." The new digital currency is highlighted by a volatile currency which is "based on thin air."

Shifting focus to Facebook, Inc. (NASDAQ: FB), Trump said its Libra digital currency will have "little standing or dependability." If the social media company wants to act as a bank then it will need to gain regulatory authority to do so and follow all bank regulations -- "just like other banks."

Why It's Important

This is actually a positive development, according to Brian Armstrong. The co-founder and CEO of Coinbase wrote in a Tweet the long-awaited day when a U.S. president feels the need to publicly respond to cryptocurrencies has finally come.

"First they ignore you, then they laugh at you, then they fight you, then you win," Armstrong said. "We just made it to step 3 y'all."

Trump said the U.S. dollar is "by far the most dominant" currency in the world and "it will always stay that way."

The price of bitcoin traded around $11,653 at time of publication.

Related Links:

Why Bitcoin Tends To Make Bigger Moves On The Weekend

As Facebook Prepares To Launch Libra, Regulators Are Watching


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