The American billionaire leader has slammed the growing popularity of cryptocurrencies, stressing that digital assets only facilitate illegal activity and are made out of ‘thin air’ – unlike, of course, the ‘reliable’ US dollar.
Turning to Twitter after hosting a social media summit at the White House, Donald Trump slammed the use of alternative payment systems, including the popular Bitcoin and Facebook’s newly announced Libra, which the president believes has “little standing or dependability.”
“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,” he said.
Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity.
The American public and global community, the president argued, should use the “reliable” US dollar instead, as he called for more federal regulations of peer-to-peer financial transactions.
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.
Trump’s passionate attempt to reinforce the image of the US dollar as the only worthwhile reserve currency is understandable amid the global drive for alternatives, independent of Washington’s mood. The release of Bitcoin a decade ago has also changed the global landscape, unleashing a boom in peer-to-peer financial exchanges, with numerous cash tokens springing up and promising freedom with no central authority and little to no government regulation.