Donald Trump the 45th President of the United States has just taken his aim at cryptocurrencies through a series of tweets following the social media summit this Thursday. In a move that some see as a blow to Bitcoin and altcoins, others see a very bullish series of comments, drawing crypto onto the world stage.
Donald Trump stated he is ‘not a fan’ of cryptocurrencies and referenced them as ‘not money’. The president also highlighted crypto’s price volatility relative to the dollar.
In contrast, several notorieties of the community hit back at the tweets. The well-known cryptocurrency entrepreneur Simon Dixon congratulated the crypto community on the president’s tweet and highlighted Bitcoins strength relative to the USD,
Bitcoin has outperformed USD by 23,440,508% since it started being priced in USD.
Brian Armstrong, CEO of Crypto Exchange Coinbase also picked up on the series of tweets with a solid and enthusiastic rebuke:
Achievement unlocked! I dreamt about a sitting U.S. president needing to respond to growing cryptocurrency usage years ago. ‘First they ignore you, then they laugh at you, then they fight you, then you win.’ We just made it to step 3 y’all,
Also hot on the lips of the president was Facebook’s ‘Libra’ cryptocurrency. On the topic, Trump stated it ‘will have little standing or dependability,’ he also suggested that U.S. regulators would subject Facebook to regulation.
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.
As mirrored by other Governmental departments the President also highlighted the potential for criminality through a lack of regulation of crypto assets. ‘Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity.’
The final tweet from the U.S. president was perhaps a last effort to degrade the emerging crypto market and reinforce his belief in the FIAT USD.
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!