According to him, crypto is not money, it's based on thin air, and is highly volatile with unregulated coins facilitating illegal activities, such as drug trade.
Trump talked about the price of Facebook's upcoming Libra virtual currency, with the President saying Libra "will have little standing or dependability" adding that Facebook should work with a banking charter and get regulated like traditional financial institutions. Bitcoin prices did not immediately react to Trump's comments.
Next week, officials for Facebook's Libra will testify in front of US legislators to address their concerns around the systematic risk and privacy concerns a crypto backed by the social media giant poses.
Committee Chairwoman Maxine Waters expressed concern about the social-networking giant's plans for the token and questioned Powell about the Fed's thinking on it. Waters and others Democrats have been critical of Facebook's strategy, and she said the company may ultimately want "to establish a parallel banking and monetary policy system to rival the dollar".
After criticizing cryptos, Trump praised the US dollar as the most "dominant" currency in the world.Читайте также: NARCO SUBMARINE: U.S. Coast Guard catches sub carrying 16000lbs of cocaine
"We only have one real currency in the U.S., and it is stronger than ever", he tweeted. It is by far the most dominant currency anywhere in the World, and it will always stay that way.
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.
With nearly 62 million followers on Twitter, Trump has made crypto famous by getting 12,300 retweets, 41,000 likes, and 12,600 comments (and still counting) just for his first tweet.
Trump's comments come a day after Federal Reserve Chairman Jerome Powell told United States lawmakers that Libra could not move forward unless it addressed concerns over privacy, money laundering, consumer protection and financial stability. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.При любом использовании материалов сайта и дочерних проектов, гиперссылка на обязательна.
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