President Donald J. Trump late Thursday tweeted out that he was “not a fan of Bitcoin and other cryptocurrencies, which are not money and whose value is highly volatile and based on thin air.” The President also criticized cryptocurrency’s role in facilitating crime and drug trafficking.
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….
— Donald J. Trump (@realDonaldTrump) July 12, 2019
He also claimed that Facebook’s Libra is not dependable and it should seek a banking charter if it plans to act as a bank with its cryptocurrency.
“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!” Trump said in the tweet.
Other Twitter users accused Trump of believing in fake news about cryptocurrencies.