Breaking: Donald Trump Bashes Crypto, Says He’s No Fan of Bitcoin

By July 11, 2019 Bitcoin Business
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Mark the day on your calendar that cryptocurrency went mainstream: Trump tweeted about Bitcoin and Libra for the first time. He says he's "not a fan." | Source: (i) AP Photo/Jacquelyn Martin (ii) Shutterstock; Edited by CCN

President Donald Trump just tweeted about bitcoin, Libra, and cryptocurrency for the first time ever. It's the most high-profile mention cryptocurrency has ever received.

He's not a fan:

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

Trump rattled off the typical objections to bitcoin and cryptos:

1) Not money

2) Volatile

3) Not based on anything

4) Used to commit crimes

All objections that the crypto industry has readily pointed out are equally, if not more true of fiat (government-issued) currencies like the U.S. dollar.

You mean like how the $USD$ is backed by absolutely nothing except the threat of government force?

— Mitchell Mankiewicz (@TheMitchellnMan) July 12, 2019

This is a major mistake on your part and shows a lack of vision!

Well, that’s how you lose the libertarians.

— Kassy Dillon (@KassyDillon) July 12, 2019

Trump Bashes Libra on Twitter Too

In all likelihood, Trump's statement about bitcoin and cryptocurrency was prompted by Facebook's announcement less than a month ago that the social media company is going to deploy its own cryptocurrency, Libra, with a number of corporate partners.

Trump tweeted that he doesn't like Libra either:

....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...

— Donald J. Trump (@realDonaldTrump) July 12, 2019

And the president concluded that there's only one "real" currency in the USA:

...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!

— Donald J. Trump (@realDonaldTrump) July 12, 2019

Despite the fact that Trump dragged cryptocurrency on Twitter, this is a major event for bitcoin and the already-massive and rapidly expanding though still-young crypto industry.

This is the first time bitcoin has been name-dropped in a public statement on Twitter by the current U.S. president. It signals the dawn of mainstream reckoning with the disruptively relevant cryptocurrency industry.

Obama and Bitcoin, Crypto

Donald Trump's criticism of bitcoin and cryptocurrencies as threats to law and order echo the sentiments President Barack Obama expressed surrounding strong encryption in 2016:

"The question we now have to ask is if it is impossible to make an impenetrable device or system, where the encryption is so strong that there's no key? There's no door? At all?"

Obama then listed off the possible abuse of strong encryption to facilitate the market for illegal abuse images to coordinate terrorist attacks and evade taxes.

But then he said something about encryption that will go down in history as the best advertising slogan for bitcoin and other truly secure cryptocurrencies ever uttered:

"Because if government can't get in, then everybody's walking around with a Swiss Bank Account in their pocket."

It's like Steve Jobs wrote an ad for crypto:

The Mainstreaming of Cryptocurrency

The surprise capped off a major day in the limelight for cryptocurrency. Fed Chair Jerome Powell told Congress Thursday that bitcoin is a store of value like gold.

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