Donald Trump opposes use of Bitcoin, Facebook's Libra and cryptocurrencies, says it is used to fund illegal activities



Donald Trump opposes use of Bitcoin, Facebook's Libra and cryptocurrencies, says it is used to fund illegal activities


In series of tweets shared on Thursday evening, US President Donald Trump revealed that he is not a fan of cryptocurrencies which according to him are not money.



According to the US President, its “unregulated side can facilitate unlawful behavior, including drug trade and other illegal activities.” He also campaigned for Facebook and other companies that want to become a bank, to seek a new Banking Charter and become subject to all Banking Regulations.



His tweets read;


“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!




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



The tweet got the attention of Justin Sun, the founder of the cryptocurrency platform TRON and current CEO of BitTorrent who alleged that the US President is being misled by false news. He tweeted in response;


Mr. President, you are misled by fake news. #Bitcoin & #Blockchain happens to be the best chance for US! I'd love to invite you to have lunch with crypto leaders along with @WarrenBuffett on July 25. I guarantee you after this lunch, nobody will know crypto more than you!




Mr. President, you are misled by fake news. #Bitcoin & #Blockchain happens to be the best chance for US! I'd love to invite you to have lunch with crypto leaders along with @WarrenBuffett on July 25. I guarantee you after this lunch, nobody will know crypto more than you! — Justin Sun (@justinsuntron) July 12, 2019

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