Why president Donald trump is not a fan of bitcoin?

[samputin]

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 .......

Probably. Because as I have read from a different thread that, Trump speaks negatively about cryptocurrencies because the United States Dollars(USD) is losing its purchasing power. Maybe we could say that he is afraid in such happening. And maybe, he can already see the future in it but because he doesn't want it to dominate and still want centralized currency to be the boss, the option he use is to say all the negatives about it.

[Broly46]

... the only way to control bitcoin is thru 51% attack, which is very difficult to achieve even for potus. May be more regulation to centralized exchanges?

I agree and I suspect the regulatory efforts will be initially directed towards exchanges. They will attack the fiat to btc bridges and essentially cutoff law abiding citizens from practical access. Or they will try to anyway.

I don’t mind what they want to do with Libra, as long as they don’t plan anything on bitcoin itself, and I’m seriously surprise how Trump who is not a tech savvy, would got to know bitcoin, I think someone told him about bitcoin, I don’t believe Trump is skillful enough to navigate smartphone, and he could only stick with twitter because it is chartered to the complete novice like him, I’m eager to know how much he got to know about bitcoin, may be what he had merely know its name, not clue about the tech or the founder itself, and the Libra too, he probably have very limited understanding.

[Prateek_sharma]

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

after trump's attack on bitcoin, Tom Lee says crypto could push bitcoin up to $40,000 by year-end

[vladimirhf]

the catchphrases guy? why worry? trump not being a bitcoin fan is plausible. weird is who supports both - trump and bitcoin.

[Herbert2020]

... the only way to control bitcoin is thru 51% attack, which is very difficult to achieve even for potus. May be more regulation to centralized exchanges?

I agree and I suspect the regulatory efforts will be initially directed towards exchanges. They will attack the fiat to btc bridges and essentially cutoff law abiding citizens from practical access. Or they will try to anyway.

I don’t mind what they want to do with Libra, as long as they don’t plan anything on bitcoin itself, and I’m seriously surprise how Trump who is not a tech savvy, would got to know bitcoin, I think someone told him about bitcoin, I don’t believe Trump is skillful enough to navigate smartphone, and he could only stick with twitter because it is chartered to the complete novice like him, I’m eager to know how much he got to know about bitcoin, may be what he had merely know its name, not clue about the tech or the founder itself, and the Libra too, he probably have very limited understanding.

don't worry, this whole drama is all about Libra.
they don't want to let Facebook become a bank that easily. they will either prevent Libra from even seeing the light of day and be created or they will ask to have a hand in it and have access to all the transaction records. and since it is centralized, closed sourced and private blockchain, it can easily be achieved.

[Juggy777]

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.

Facebook Libra coin is a curse for bitcoins, and I hope Libra coin is taken off the market before it does more damage to bitcoin. As @Kakmakr rightly pointed out that Trump had build his campaign around US economy and USD, hence he had to take a stand as Libra coin will be launched just ahead of USA presidential elections. Those mechanisms will be very bad for bitcoin and the entire crypto market, I do hope bitcoin enthusiasts in USA will take a stand against it.

[Anonylz]

Trump is not exactly your everyday kind of guy that will just open up to something or admit to anything that easily, otherwise he wouldn't be Trump right! He is the president of the United States and government in most part of the world are against crypto already, i don't think Trump wants to be the one to speak in favor of crypto or btc,
We know the impact of what could happen if he tweets to support btc!  price will explode
I don't think he hates btc either, just politics.

[MonsterV]

In General, it is not clear why he decided to speak about cryptocurrencies right now,but nevertheless, Americans will still invest in assets despite everything

I believe it is all about the Libra coin that he's talking about and not really the cryptocurrency but whatever he just said before that he's not a fan of Bitcoin nor cryptocurrency. It is just a call to make a change for their centralized currency for their investors, probably.

I think this is just an FUD spread by a handful of people to drop bitcoin, we know that lately bitcoin is on the rise. This triggered a handful of people like Trump to drop bitcoin, but unfortunately they were not strong enough to drop it.

I don't care what the man talks about, he always makes decisions that can change an economy. But here he can't do anything because the central policy that he has has no effect on decentralized bitcoin.

[bitcampaign]

so, what will happen if Trump is not a fan of bitcoin, will it damage bitcoin, I think bitcoin is still alive and has many large communities throughout the world, there is nothing interesting with his tweets, so just look in the next few years whether he will become a bitcoin fan or not

[ubay]

This could be because Facebook is developing Libra, and Trump doesn't seem to agree. But Trump feels that this time is wrong, even Libra will survive because it already has a qualified developer.

[The Cryptovator]

To be honest I think trump doesn't like decentralization system and its noticed from his tweet. Everyone know that they like to control everything, so how they will like a decentralized system which is unable to control by them? I think this is only reason why trump doesn't like bitcoin or other crypto-currency. And I am not surprised about his statement. But wondering why suddenly he is make a comment about bitcoin and other crypto-currency.

[Mr.Ease]

Probably has something to do with him being a multi-billionaire and not having the need to speculate on high risk deals.

2nd. He probably likes the economy the way it works today. Since it made him extremely rich.

Why change from what works to something else?

[Twinscoin2017]

Well i think we have our different sights with regards to bitcoin and president donald trump has maybe a reason why he is not a fan of it. Maybe his sights is different from us. I think we should respect his decision. I believe that not only donald trump but there are also so many people that didnt wanted crypto.

[Janation]

Well i think we have our different sights with regards to bitcoin and president donald trump has maybe a reason why he is not a fan of it. Maybe his sights is different from us. I think we should respect his decision. I believe that not only donald trump but there are also so many people that didnt wanted crypto.

Trump has the same reason with other great investors.

I heard this a long time in an interview though I can't remember when and what is that video. The interviewee are saying that the value of Bitcoin is came out of thin air, and he don't want that. Me that don't know anything Bitcoin but I am using it was confused since I know that the price of it is great but the thing is that the value is just well, it has no intrinsic value.

[aioc]

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?

He represents and part of the government and he will do everything that will take out the government hold of its citizens, the government of the United States wants regulation and to collect taxes, but he is right in saying that he doesn't want Facebook to create their own money.

[Broly46]

don't worry, this whole drama is all about Libra.
they don't want to let Facebook become a bank that easily. they will either prevent Libra from even seeing the light of day and be created or they will ask to have a hand in it and have access to all the transaction records. and since it is centralized, closed sourced and private blockchain, it can easily be achieved.

Facebook Libra became a bank definitely sound disruptive to me, it could be the most happening news ever in this year, since we would properly wont have many more crypto mega hit headlines to come, and even Trump couldn’t ignore that, but I’m not sure how it will end, may be Libra could aid bitcoin adoption to a whole new level than that of the 2016/2017. Let’s wait what will be the global reaction to this news, I wonder India will try to ban it?

[krach]

He is not a fan of bitcoin because the state can not control it. He is in favor of people paying taxes and using goverment issued money. He also has been in favor of making it harder for people to send money from the USA to Mexico and if he does get a bill passed that will make it harder to use services like western union to send money south of the border, bitcoin could have another real world use case.

[FIFA worldcup]

Well i think we have our different sights with regards to bitcoin and president donald trump has maybe a reason why he is not a fan of it. Maybe his sights is different from us. I think we should respect his decision. I believe that not only donald trump but there are also so many people that didnt wanted crypto.

If donald trump does not like crypto, it is his personal decision and he cannot ban bitcoin.
He can only make it illegal in USA, which i doubt he will ever do.

[fiulpro]

He is the president of US government.

Their government is dependent on dollars .

Dollars needs investors to stay strong , now people are moving from Dollars to Bitcoins.

He is just trying to discourage some 10-15 people who follow him from investing in Bitcoins and asking them to go for money ' meaning *USD* .

That's a major political move only .. nothing else.

[thesmallgod]

I do not see anything bad in what he said. The same thing anyone who does not know much about crypto will say. By the way, we all know that what he said is damn right. Crypto is very volatile and this is one major drawback that limit the acceptability of the digital asset. If you have invested huge sum of money on a business. I do not think you will think of integrating any digital coin as a payment processor for your business especially if you have witness what happened to the price of bitcoin in 2016 to 2019. However, I believe the Libra coin is making him to say all this things because he knows zuckerberg is one dawn achiever.