Why president Donald trump is not a fan of bitcoin?

[Prateek_sharma]

Donald Trump tweeted that “ He is not a fan of Bitcoin and other Cryptocurrencies, which are not money, & whose value is highly volatile and based on thin air”

“If Facebook and other companies want to become a bank, they must seek a new Banking Charter & become subject to all Banking Regulations

What's the reason behind this criticize?

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[squatter]

What's the reason behind this criticize?

It seems like Facebook's Libra cryptocurrency has ruffled a few feathers. Several Congresspeople immediately took up arms and pushed for a moratorium on the Libra project while they presumably work on hastily passing regulations on cryptocurrency. Now Trump is joining the party.

Sadly for US users and traders, this is a sign that unfavorable legislation is coming down the pipeline.

[Kakmakr]

What's the reason behind this criticize?

It seems like Facebook's Libra cryptocurrency has ruffled a few feathers. Several Congresspeople immediately took up arms and pushed for a moratorium on the Libra project while they presumably work on hastily passing regulations on cryptocurrency. Now Trump is joining the party.

Sadly for US users and traders, this is a sign that unfavorable legislation is coming down the pipeline.

I want to agree with you on that, Libra has triggered a shit storm with their announcement. The US government has not seen Bitcoin as a threat, because they defined it as a commodity and not as a currency. Now Libra comes along and it is backed by a large corporation and it challenges the Dollar as a reserve currency.  

Donald Trump has built his campaign and presidency around the strengthening and protection of the US economy and the Dollar and now Libra pose a threat to the Dollar.  

Expect to see a lot of protection mechanisms kicking into place to fully regulate Crypto currencies and protect the US Dollar in the near future.

[jseverson]

He seems to have been quite fixated in currency manipulation lately. Even this series of tweets had him praising USD at the end, so it really might be more about that than Bitcoin and Libra. He also only glossed over Bitcoin over its parroted criticisms, whereas he straight up rejected Libra.

Either way, not a good sign. Crazy to think that the president of the United States is tweeting about Bitcoin though lol.

[Pipdips]

I liked his stance about Facebook needing to follow banking regulations. I like how he called Facebook out on wanting to become a bank. It will help more people realize that Facebook is always up to no good. Facebook is not an ethical company.

[Broly46]

Trump is a no coiner and that is what we should expect come directly from the tweet. Btw I’m wondering why the world continued to give a huge damn about every tweet he would make, it is never mean to be serious? On a bright side, it does sound Facebook Libra could be legally exist, they just need to register themselves, which is almost too good to be true.

[Maxon111]

US President Donald Trump spoke out sharply against all cryptocurrencies. He stated that he does not trust cryptocurrency and does not advise others.
In his opinion, cryptocurrency is not money, because their value is kept on the air. My opinion - the growth and development of cryptocurrency leads to a decline in the dollar and the US economy .......

[NeuroticFish]

What's the reason behind this criticize?

He doesn't like competition, especially when the competitor's "product" is better than his.
If you look in a simple way to the US Dollar - in the same way he looks at Bitcoin - you'll see that US dollar is also "based on thin air". The only difference is that he can dictate the price change of US dollar, but he cannot do much about Bitcoin.

Crazy to think that the president of the United States is tweeting about Bitcoin though lol.

Yup. It shows that Bitcoin has become something strong.

[rosezionjohn]

What's the reason behind this criticize?

The answer is actually in his succeeding tweet https://twitter.com/realDonaldTrump/status/1149472285905940480

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!

The potus see the threat coming from bitcoin and other cryptocurrencies. USD is weakening imo and he wants to emphasize or reiterate the "dominance" of their national fiat currency.

[Broly46]

It is amazing even the mighty Trump cannot ignore the influence from the bitcoin, I know they knew what’s going on in the crypto, they just pretending to be hostile, but they can’t hold for too long, they will need to spread the news, that’s is just interesting they finally let it go.

[kurcalas]

Donald Trump tweeted that “ He is not a fan of Bitcoin and other Cryptocurrencies, which are not money, & whose value is highly volatile and based on thin air”

“If Facebook and other companies want to become a bank, they must seek a new Banking Charter & become subject to all Banking Regulations

What's the reason behind this criticize?

There are very few people in the world who have an idea of what Trump has. So I don't think you should think much.

[jseverson]

Btw I’m wondering why the world continued to give a huge damn about every tweet he would make, it is never mean to be serious?

The world actually does give a damn. His tweets actually affect the stock market, albeit only on a limited scale:

https://www.businessinsider.sg/trump-marvel-china-tweet-stock-market-2019-5/?r=US&IR=T

It didn't seem to affect Bitcoin whatsoever though, which could be interpreted as something meaningful lol.

[figmentofmyass]

On a bright side, it does sound Facebook Libra could be legally exist, they just need to register themselves, which is almost too good to be true.

i thought the whole point of libra was to avoid being regulated like a bank, since banking regulations are so draconian and financially onerous. aren't they just doing what tether or USDC did except on a permissioned blockchain? that's how they can offer zero-fee P2P payments and cheap merchant fees, because the system (beyond initial seed money) is funded off interest payments on their reserves.

i think under current laws, they need to follow money transmission law but they aren't regulated as a financial institution. sounds like that may change soon. this is a bit worrisome because they could pass laws that start regulating crypto services like banks---not just libra. that's the implication i get from reading trump's tweet anyway.

[NathanJB]

Donald Trump tweeted that “ He is not a fan of Bitcoin and other Cryptocurrencies, which are not money, & whose value is highly volatile and based on thin air”

“If Facebook and other companies want to become a bank, they must seek a new Banking Charter & become subject to all Banking Regulations

What's the reason behind this criticize?

It is not entirely a criticism. It sounds like an official function to me. Could you imagine if a US president, entirely beholden to the huge banks and the businessmen at Wall Street, would pronounce that he admires Bitcoin? That would stir the entire US government and the entire banking community that actually serve as their bosses. This is not strange at all.

[masterkiller]

Donald Trump tweeted that “ He is not a fan of Bitcoin and other Cryptocurrencies, which are not money, & whose value is highly volatile and based on thin air”

“If Facebook and other companies want to become a bank, they must seek a new Banking Charter & become subject to all Banking Regulations

What's the reason behind this criticize?

I saw that post today and going Viral, but we must more carefull who HOLD bitcoin , this tweet may triggered USA investor to sell they BTC , since yesterday BTC wasnt in a good shape

[PointHope]

Trump is just playing to an audience who still place faith/trust in the Federal Reserve and the 250 trillion inflated USD.

That trust is withering away fast, right along with trust in the Euro central banks.

The fiat currency bubble is fixing to burst.

[antisocial77]

Because he is a president of "dollar" and businessman who needs a dollar.crypto is a threat for him.pathetic but fact.

[xWolfx]

It seems like Facebook's Libra cryptocurrency has ruffled a few feathers. Several Congresspeople immediately took up arms and pushed for a moratorium on the Libra project while they presumably work on hastily passing regulations on cryptocurrency. Now Trump is joining the party.

Sadly for US users and traders, this is a sign that unfavorable legislation is coming down the pipeline.

This is a pretty interesting observation. Since it's obviously no coincidence.

We could also take the fact that Facebook had some scandal issues lately and it made them look at the company a lot more carefully and i imagine that they will be constantly monitoring that they are doing what they said if everything works according to the law.

That definitely made them look towards here. But associating Cryptocurrencies with big issues like privacy violations is not doing any good at all. Some say that there's no such thing as bad advertising, we're going to see that.

[Japinat]

He has his own stance on bitcoin and he sees the lack of regulation but he cannot stop the revolution of money and sooner more and more people will recognize bitcoin as money despite the fact that there are high official in every country that will opposed it. They will leave with no option but to regulate it and give the freedom to the people to use what they think will protect them against a corrupt centralized system.

[Nadziratel]

Donald Trump tweeted that “ He is not a fan of Bitcoin and other Cryptocurrencies, which are not money, & whose value is highly volatile and based on thin air”

“If Facebook and other companies want to become a bank, they must seek a new Banking Charter & become subject to all Banking Regulations

What's the reason behind this criticize?

To answer this, we need to look at the position of the companies that Trump owns. Trump is a very serious person in the United States. Therefore, their economic interests will affect their decisions.