Trump Weighs In on Facebook Cryptocurrency: He Doesn’t Like It

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The President argued the unregulated nature of the cryptocurrency market could enable illegal activities such as drug trade.

He also warned Facebook and other companies that, should they launch their own cryptocurrency, they would have to abide by both American and worldwide banking regulations. "Its by far the most dominant currency anywhere in the World, and it will always stay that way".

US President Donald Trump has slammed Bitcoin and other cryptocurrencies, claiming their value is "based on thin air". If Trump, who has made a presidential career out of eliminating regulation, wants cryptocurrencies regulated, then he must really hate them.

The American billionaire leader has slammed the growing popularity of cryptocurrencies, stressing that digital assets only facilitate illegal activity and are made out of "thin air" - unlike, of course, the "reliable" United States dollar.

Aside from the negative reactions from the business world, governments across the globe, including the US, have expressed concerns over Libra's planned debut next year.

His comments came after a social media summit which took place in the White House so one may hypothesize that Facebook's crypto ambitions were part of the discussion. Several global government officials, including Bank of England governor Mark Carney, have raised their concerns regarding Facebook's cryptocurrency Libra.

Trump also had a go on Facebook's recently launched cryptocurrency, Libra, causing unrest among potential buyers.

Finally, the Founder of Morgan Creek Digital stated that it was a huge accomplishment for Bitcoin to receive validation from the Federal Reserves Chairman, Jerome Powell. "The irony is that in tweeting about Bitcoin, Trump has just given it the single best piece of publicity it has ever had", said Gregory.

Bitcoin did not react to Trump's anti-crypto comments, last trading almost up 1% on the day at $11,447, according to Kitco's aggregated charts. While some fear that Bitcoin and other altcoins could cause huge losses to novice investors as they did in 2018, others believe that they challenge the dominance of the United States dollars.

Lawmakers argue Facebook was scant in details when publishing its white paper on Libra and that if products like Facebook's cryptocurrency is left unchecked it poses risks to USA and global financial stability.

It was notable as the first time the president has spoken out on the subject of Libra, but he's far from alone in holding serious concerns about Facebook's cryptocurrency in Washington D.C.