[2019-07-11] Trump apparently knows what Bitcoin is, and he doesn’t like it

[squatter]

Trump is tweeting about Bitcoin -- and Facebook's Libra -- and apparently isn't a fan of either one. About 1.5 hours ago, he published this series of tweets:

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!

Link to tweet: https://twitter.com/realDonaldTrump/status/1149472282584072192
Link to story from The Verge: https://www.theverge.com/2019/7/11/20691188/president-donald-trump-bitcoin-cryptocurrency-facebook-libra

The whole Libra thing is beginning to feel like a Trojan horse. Congress immediately used it as a pretense for cryptocurrency regulation. Now Trump is signalling that he might support a clampdown as well.

[1714778307]

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[Kakmakr]

Nah, I think Libra was just a wake up call for the US government that there are private companies with enough muscle and funding to take on their monopoly on currencies. They do not like this at all and Donald Trump is all about the protection of the US Dollar and the US economy, so this is seen as a possible threat to the US reserve currency. 

They also know if they allow the Libra, then other large companies will follow Facebook's example and this will cause a snow ball effect, that would negatively influence the value of the US Dollar. 

[mich]

Trump Pump? Bitcoin Price Buoyant After US President Says He’s 'Not a Fan'

https://cointelegraph.com/news/trump-pump-bitcoin-price-buoyant-after-us-president-says-hes-not-a-fan

Bitcoin (BTC) was starting to reverse upwards July 12 as a critical tweet from United States president, Donald Trump, became a hot talking point across cryptocurrency.

[elda34b]

Trump Pump? Bitcoin Price Buoyant After US President Says He’s 'Not a Fan'

Looks like Trump will be the next counter indicator after CNBC. Let's make Bitcoin great again so it could replace those fiats whose value is made 'out of thin air'.

[numismatist]

The whole Libra thing is beginning to feel like a Trojan horse. Congress immediately used it as a pretense for cryptocurrency regulation. Now Trump is signalling that he might support a clampdown as well.

When I do hear Jerome Powell it's obvious, you can smell the FED all over. However Facebook isn't all so far away from beeing a state run surveillance company, neither.

They are pretty bad at hiding in plain sight.

[DooMAD]

Honestly, I'd be more concerned if he said he was a fan.  Bitcoin is better off without support from people of questionable intellect who are prone to saying profoundly stupid things on a regular basis. 

[Lucius]

I wonder how much Warren Buffett is donating to Mr.Trump presidential campaign after he is tweet such nice tweets about bitcoin

Although many are in the past saying that election of Trump for USA president will be good for crypto because he is business man, now we see what he think not only about bitcoin, but about cryptocurrency in general. The idea itself that US dollar is at some point can stop to be the dominant world currency is obviously unimaginable for Trump, I think he was clear about it.

Now that someone put a bug in his ear, we need to see if this is only temporary Twitter fun or Trump will declare war to cryptocurrency.

Imagine this conversation

- Trump : "How to turn off that damn bitcoin?"
- Staff : "We need to shut down Internet."
- Trump : "Then turn it off, what are you waiting for?"
- Staff : "But Mr.President, you will not be able to use Twitter anymore."
- Trump : "Then just leave it, I change my mind."

[veleten]

whatever he says about it - he is doing bitcoin a service
lets see if Trump's tweet results in a sudden price rise , I won't be surprised
he knows about it for sure , I don't think the president could be unaware of the things like that
especially when Libra is going to challenge the CB system of printing dollars directly and it has to be dealt with in this way or another and I'm anxious to see what are they going to do about it

[Schirer]

As I see it, there are at least 2 general outcomes of Libra problem in US.
1) Will push regulation hard on crypto , in this case Libra would have made much more damage than i ever would have imagined.
2) Trump is just giving free marketing for BTC

I think Libra could have been made as electronic money without any connections to crypto , Anyways now it also is closer to electronic money that crypto.

[hatshepsut93]

Although many are in the past saying that election of Trump for USA president will be good for crypto because he is business man, now we see what he think not only about bitcoin, but about cryptocurrency in general. The idea itself that US dollar is at some point can stop to be the dominant world currency is obviously unimaginable for Trump, I think he was clear about it.

A lot of members of this forum seem to like Trump and conspiracy theories, I wonder if they will come up with a cool explanation why Trump tweeted that, maybe they'll say that it's a secret code for "I wholly support Bitcoin", or maybe someone stole his phone and tweeted it? 

Also, I think in reality Trump doesn't even understand in the slightest what crypto is, he probably asked some of his advisors and repeated their words. But this doesn't mean that he will change his mind.

[SuperTA]

Don't fall for this Trump's statement about Bitcoin. This is actually bullish! 

https://bitcointalk.org/index.php?topic=5164459.0

[gentlemand]

It doesn't really read like him somehow though I'm sure the sentiment was his.

Pretty damn funny overall. Just think how inconceivable this would've been just a few years back. We're definitely well on our way to... somewhere.

[DooMAD]

Might as well make the most of it.  Maybe someone should tell him CSW is satoshi so they can organise a drone strike or something.  

[figmentofmyass]

Don't fall for this Trump's statement about Bitcoin. This is actually bullish! 

https://bitcointalk.org/index.php?topic=5164459.0

15k retweets and dozens of mainstream news stories---i'd say bitcoin is going viral again! definitely bullish IMO, but i'm dreading the new crypto regulations they're probably drawing up as we speak!

[RodeoX]

He can draw up all the BS regulations he wants. I am not going to follow them. If the USA wants to steal my bitcoin via regulation then I'll just take my money overseas and give America nothing. Donny's failed leadership has caused me to rethink my place in the world and being an American is not a source of pride anymore. So I'll keep using bitcoin and traveling the world, but perhaps I will stop coming back to the U.S. and just stay in Africa.

[1Referee]

He can draw up all the BS regulations he wants. I am not going to follow them. If the USA wants to steal my bitcoin via regulation then I'll just take my money overseas and give America nothing. Donny's failed leadership has caused me to rethink my place in the world and being an American is not a source of pride anymore. So I'll keep using bitcoin and traveling the world, but perhaps I will stop coming back to the U.S. and just stay in Africa.

No worries man, they can't do shit as long as you skip using centralized services that work as a third arm for governments to force control over people who are stupid enough to use exchanges as wallet services. I'm pretty certain you're not doing that already so just keep doing what you have been doing for years now.

Trump's Tweet gave Bitcoin a shit ton of free exposure, we should thank him for that. He has almost 62 million followers and we got global media coverage too. No one at this point believes this crap anymore. It would have worked if the price would be heading towards $100 but it is not. Instead, it makes the dollar looks pathetic losing value against Bitcoin year after year.  

[timerland]

Trump is tweeting about Bitcoin -- and Facebook's Libra -- and apparently isn't a fan of either one. About 1.5 hours ago, he published this series of tweets:

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!

Link to tweet: https://twitter.com/realDonaldTrump/status/1149472282584072192
Link to story from The Verge: https://www.theverge.com/2019/7/11/20691188/president-donald-trump-bitcoin-cryptocurrency-facebook-libra

The whole Libra thing is beginning to feel like a Trojan horse. Congress immediately used it as a pretense for cryptocurrency regulation. Now Trump is signalling that he might support a clampdown as well.

This was why I never felt like Libra was the glorious thing people made it out to be.

And now, people are grouping Libra in the exact same category with Bitcoin, despite obvious differences in how the money supply of each is managed and how their values are derived from, if you know anything about economics.

It's almost like an excuse. It's like saying "we got this new Libra thing that is threatening our central banks, and we've also got btc which we don't like - we're just going to shoot both of these problems with regulation of Libra as a premise".

But honestly, what's surprising here? Nobody was expecting the president to be pro-bitcoin to begin with, and all the points he raised are obvious fallacies that have been debunked time and time again. And you can essentially see the same picture by looking at the BTC markets, which almost didn't move.

[BitHodler]

Also, I think in reality Trump doesn't even understand in the slightest what crypto is, he probably asked some of his advisors and repeated their words. But this doesn't mean that he will change his mind.

My thought too. Anything he doesn't seem to be overly interested in is pushed to his advisors to handle or research it. If that's actually the case here, he just isn't impressed even though he saw it reach the headlines.

If he isn't going to dive into it himself I doubt he will ever say anything positive about Bitcoin. His traditional and government supporting advisors will do anything to make Bitcoin look bad. Intentionally or unintentionally. The result remains the same.

I do like the media attention that his tweet unleashed. The funny thing is that his tweets are capable of making stock prices bounce up or down, while Bitcoin didn't even flinch aside from its own volatile nature.

[rodel caling]

Yeah is very from the united states president thought he directly and straight tells he don't like bitcoin because Crypto is unregulated currency, that why until now the ETF isn't approve. So just hold on hoping Justin Sun explain well to the president how crypto can help to the world community for the ecomic growth until they convince the president of the powerful country in the world to accept crypto as currency.

[squatter]

He can draw up all the BS regulations he wants. I am not going to follow them. If the USA wants to steal my bitcoin via regulation then I'll just take my money overseas and give America nothing. Donny's failed leadership has caused me to rethink my place in the world and being an American is not a source of pride anymore. So I'll keep using bitcoin and traveling the world, but perhaps I will stop coming back to the U.S. and just stay in Africa.

Are you planning on renouncing your US citizenship? The thought has definitely crossed my mind for tax reasons, but since my family is here, I'm concerned about being blocked from visiting. Renouncing citizenship (and dodging tax liability) means giving up your legal right to enter the country. You have to hope they'll issue you visas at their discretion.