Trump says cryptocurrencies are too volatile, based on 'thin air'

Federal Reserve Throws Water On Facebook’s Crypto Dreams

It's by far, probably the most dominant currency wherever in the World, and it'll always stay that way.

Donald Trump recently came out swinging against cryptocurrencies in general, and Bitcoin and Facebook's Libra in particular.

On Thursday the US President Mr. Donald Trump said, "I am not a fan of cryptocurrency, and that Facebook might want to seek a banking charter if they want to launch their own currency". Regulators and lawmakers across the U.S. have taken notice of Libra, with both the U.S. Senate Banking Committee and the House Financial Services Committee scheduling hearings next week with Facebook's blockchain lead David MARCUS.

The Internet Association, a trade group representing major tech firms like Facebook, Twitter and Google, said: "Internet companies are not biased against any political ideology, and conservative voices in particular have used social media to great effect".

"Can I just ask you to raise your hand if you would not be willing to use Libra?" asked the moderator at an event at London's recent "FinTech Week".

The US Department of Treasury has been pursuing tighter control of crypto too with its advocacy of stringent AML/KYC rules.

President Trump would like Facebook to get a banking license if they want to get involved in the FinTech space.

"The blistering pace of the digitalisation of economies and our lives underscores that there will be a growing demand for digital, global, borderless money".

"Indeed, it is now nearly universally regarded as the future of money".

The President's remarks are aimed towards throttling Facebook's development, but this has also sparked a flurry of replies from cryptocurrency advocates.

After tumbling past year, Bitcoin, the world's most-traded cryptocurrency, has surged more than 200 percent in 2019. Many argue that those attributes count against the wider adoption of digital currencies.

The tweet was the first in a series of three, which went on to drop some hints as to why Trump chose today to add his voice to the governmental "bitcoin is not real money" choir. U.S. lawmakers want to know what kind of impact Libra will have on United States currency, among other things.

"The truth is that Bitcoin isn't going anywhere".

Cryptocurrencies "are not money, and whose value is highly volatile and based on thin air", said Trump.

Facebook found itself facing a congress investigation shortly after it announced that it will be launching Libra, its very own digital currency. It's just an added bonus that he made a decision to dunk on Facebook while doing so.

"[This] makes the case for Bitcoin even stronger".

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