Posts Tagged ‘cryptocurrencies’

Donald Trump: Cryptocurrency – Not

Posted by admin on Monday, July 15, 2019

Donald Trump Money Quote saying in a series of tweets that he doesn’t believe in cryptocurrency – from Bitcoin to Facebook Libra – panning all. Donald Trump said:
 
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 Quote

“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 Trump

 

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Donald Trump criticized cryptocurrencies like Bitcoin in a series of tweets in July 2019. He said he was “not a fan” of cryptocurrencies because their value is highly volatile and based on thin air, not backed by any physical assets. He also expressed concern that unregulated cryptocurrencies could facilitate unlawful behavior like drug trafficking. For Facebook’s planned Libra cryptocurrency, Trump said companies wanting to become banks need to apply for a proper banking charter and be subject to banking regulations.

 

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 Quote
 

“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” — Donald J. Trump

 

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Specifically regarding Facebook’s Libra cryptocurrency, Trump said that if Facebook wants to become a bank, it must “seek a new Banking Charter and become subject to all Banking Regulations, just like other Banks.” He emphasized that the only real currency in the USA is the U.S. dollar.

 

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! Quote
 

“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 Trump

 

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criticizing cryptocurrencies like Bitcoin and Facebook’s proposed Libra. When Trump said cryptocurrencies are “not money” and have values based on “thin air”, he was contrasting them with the dollar, which he described as “dependable and reliable”. Since the dollar is backed by and exchangeable for the credit of the U.S. government, Trump views it as a more stable store of value compared to cryptocurrencies whose values can fluctuate wildly. By stressing that the dollar “will always stay” the dominant global currency, Trump was essentially dismissing cryptocurrencies as viable alternatives to government-backed fiat money.

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