President Donald Trump took some time to tweet about cryptocurrencies today and announced to the world that he is "not a fan" of Bitcoin and other cryptocurrencies because their "value is very volatile and based on thin air".
In a series of tweets, Trump expanded his thoughts on crypto and said that Facebook & # 39; s newly announced Libra virtual currency "will have little status or reliability", and that the company should look for a bank charter and be regulated like any other other traditional financial institution. Incidentally, that puts Trump on the side of House Democrats, a group that officially asked Facebook last week to put the Libra plans on hold so that it can be properly investigated for risks to the global financial system.
Of course, Trump ended his crypto fireplace with some distinctive, nationalistic faith in the US dollar. "We have only one real currency in the US and it is stronger than ever, both reliable and reliable. It is by far the most dominant currency anywhere in the world, and it will always be that way. It is called the US dollar," he wrote .
…. Similarly, the virtual currency of Facebook Libra has little status or reliability. If Facebook and other companies want to become a bank, they must look for a new Banking Charter and be subject to all banking regulations, just like other banks, both national …
– Donald J. Trump (@realDonaldTrump) July 12, 2019
It is not clear why Trump chose everyday to talk about crypto today. The White House spent the afternoon holding together a collection of dissatisfied conservatives who were invited to come and complain about bias and show sympathy in apparent censorship on behalf of platform-owned technology companies. Perhaps there was talk of Bitcoin and Libra at this meeting.
Regardless of the source of Trumps sudden anger for crypto, one crowd is not particularly happy: the alto right, which has enough libertarian and broader anti-government tensions in its movement to join crypto enthusiasts. The official Twitter account for extremist forum Gab has been in a rant since the Trump tweets were released, complain about a so-called "Kushner Presidency" influencing Trump & # 39; s decision to nip Bitcoin and Smear compare Gab & # 39; s free speech absolutist social network with the popular cryptocurrency, because both are & # 39; smeared by the media & # 39; and & # 39; built to preserve and promote freedom & # 39 ;.
Popular right-wing commentator Mike Cernovich wrote in a reply to Trump: "This is a major mistake on your part and lacks vision." Cernovich and others are now apparently looking for a new asset about the benefits of Bitcoin.