Why are big leaders now opposing cryptocurrencies suddenly?

[bounceback]

maybe their leaders or governments are worried that in the future money issued by the government will be taken over by cryptocurrency so that people with the presence of cryptocurrency will no longer use transaction tools provided by the government, maybe they will use the cryptocurrency system to transact with other users .

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[alexsandria]

Hmm, you have only mentioned Trump and it is even just a single tweet then you are generalizing that big leaders are opposing cryptocurrencies suddenly? I don't think so. It is not true that many big leaders are against crypto, some even didnt know its existence. I am not a hater of crypto though, I am just stating some facts.

[spike420211]

Totally agree with you. All the negative positions of the big leaders regarding bitcoin and cryptocurrencies are dictated by fears of losing control over the masses.
After all, if people get out of the control of state financial systems, this could put the state apparatus of many countries under a strong blow.

[n0ne]

Totally agree with you. All the negative positions of the big leaders regarding bitcoin and cryptocurrencies are dictated by fears of losing control over the masses.
After all, if people get out of the control of state financial systems, this could put the state apparatus of many countries under a strong blow.

That's the major reason, and some country leaders oppose it with a reason to promote their own cryptocurrency. If bitcoin is used everywhere, it might affect the usage of country's own cryptocurrency. Once people get used to bitcoin it is really hard to make them move into something new. Other than this there is fear of hacks and ransom attacks as governments are responsible for users if the cryptocurrency is regulated.

[Gyfts]

So Trump stated that he is not a big fan of cryptocurrencies including Bitcoins and Libra if it wants to come in the market may need a banking charter since they support unlawful behavior.

Two things. Trump is absolutely right in rejecting the idea of Libra considering Facebook is behind the scheme. Facebook is notorious for selling user data and are experts in farming/exploiting user data and anyone should show trepidation when looking into Facebook's crypto attempt.

Second - Trump is the President of the strongest economy and largest economy in the world. Rejection of Bitcoin is of course going to be his main focus. It doesn't make sense for any centralized financial institution to support it.

[pragna]

Actually i think as crypto was new in world economy US President or any other big economy county tried to capture it under their hand. But when they saw that it is decentralized and they can not tract its transaction and person who transacting, they are fear about crypto against Dollar or any other currency.

So that they are naglacing crypto. nothing else.

[Youghoor]

also this in some ways reminds of the Gandhi Quote:
"First they ignore you, then they laugh at you, then they fight you, then you win"

This is the hard truth right there.  People who don't really understand your ideology and way of doing things will always fight you or laugh at you. Governments who are opposing cryptocurrencies basically do not really understand how they can transform the entire financial ecosystem of the world. Secondly, the idea of decentralization and no central authority are the main reasons why these people are opposing the adoption of cryptocurrencies. They prefer to be the once controlling the circulation of currency in the financial ecosystem.

[EdvinZ]

They are afraid of losing control over the financial flows of citizens, and from their point of view, they do the right thing when they speak badly about cryptocurrency. They are also most likely talking about decentralized cryptocurrencies. Centralized cryptocurrencies, with the creators of which government can negotiate and track all transactions they seem to like.

[barabarian1]

the world leaders were accustomed to using fiat money to control the world economy. if bitcoin continues to grow, their fiat money sovereignty will be threatened. if most of the citizens already use bitcoin they will no longer be able to control the economy of their citizens. so it's only natural that most world leaders reject bitcoin. but if I see today more and more world leaders are finally willing to accept change and can approve cryptocurrency.

[deisik]

Second - Trump is the President of the strongest economy and largest economy in the world. Rejection of Bitcoin is of course going to be his main focus. It doesn't make sense for any centralized financial institution to support it

Well, things may be a little more complicated than that

The truth is, we don't really know what Donald Trump's main focus is. I mean if it is actually about rejecting (read, banning) Bitcoin (if we assume he has been focused on cryptocurrencies at all, at least once in a while). As you correctly point out, the US is the strongest and largest economy in the world, so no matter how strong Bitcoin can potentially become, America will be the last to get hurt by it

The apparent implication is that it doesn't make sense to ban Bitcoin or any other cryptocurrency as they are not threatening the American dollar global supremacy (unlike Libra which could actually become a real pain in the ass). On the contrary, it makes sense to use cryptocurrencies to disrupt and destabilize weaker and weak economies with them (like the economy of Venezuela) by turning Bitcoin and other coins into economic hitmen of sorts