United States President Donald Trump has shared his view for the first time on cryptocurrencies in series of tweets published around 8:15 p.m. EST on July 11.
The tweets opposed the idea and existence of cryptocurrencies in the sense that, being unregulated, it can facilitate unlawful behavior and illegal activities. He made it clear that he is "not a fan to bitcoin," neither Facebook's Libra. Noting that if Facebook and other companies which to run a bank, they must first comply with new "Banking Charter and become subject to all Banking Regulations, just like other Banks, both National and International".
Additionally, Trump posted that the United States Dollar is the only currency they have, claiming that "it is stronger than ever, both dependable and reliable". Being the most dominant currency all over the world, it will always remain so.
The full text of the tweets reads:
“I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity....
“...Similarly, Facebook Libra’s ‘virtual currency’ will have little standing or dependability. If Facebook and other companies want to become a bank, they must seek a new Banking Charter and become subject to all Banking Regulations, just like other Banks, both National…
“...and International. We have only one real currency in the USA, and it is stronger than ever, both dependable and reliable. It is by far the most dominant currency anywhere in the World, and it will always stay that way. It is called the United States Dollar!”
It is unclear what prompted Trump to make the posts. But the tweets came the night of his “Social Media Summit,” an in-door conference that brought many social media notables together. This speculates that Facebook and Bitcoin may have been one of the subjects of discussion.
In reply to the tweets, a tweeter user who go by the name 'Caitlin Long' made various posts in opposition, accusing the president of misleading staff that surrounds him. One of the tweets reads; "
With these tweets ahead of the congressional hearings on Facebook’s Libra Project scheduled next Tuesday and Wednesday, July 16 and 17, we may presume a hard one for Facebook.