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.
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Ford may leverage its access to VW's electric-car architecture to comply with stricter European emissions rules. Analysts at Citi said Ford licensing Volkswagen's MEB platform is a "transformational" step for both companies.
Galaxy Watch Active 2 leaked official renders confirm design changes
There will also supposedly be both LTE and Wi-Fi models, with the former having a 340mAh battery and the latter a 237mAh cell. However, we have got a new leak that reveals the first official-looking renders of the much leaked Galaxy Watch 2 active.
Court Dismisses Emoluments Lawsuit Against Trump
A federal appeals court has ordered the dismissal of a lawsuit accusing President Trump of illegally profiting off the presidency. The three judges who heard the appeal were nominated to the Fourth Circuit by Republican presidents: Niemeyer, by George H.W.
"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.