Who is the real Commander-in-Chief? In the cryptocurrency market, it’s not Donald J. Trump.
POTUS finally tweeted about Bitcoin, and it had absolutely no effect. Considering the daily Twitter-tirade that Donald Trump spews, which covers everything from an all-out war with Iran to Robert Pattinson, a tweet about the $320 billion market was expected to have an effect on Bitcoin’s trade and currency charts. However, they fell short.
Amidst a tense hearing between the US House of Representatives’ Financial Services Committee and Jerome Powell, Chair of the Federal Reserve on Facebook’s Libra, Trump decided to weasel his way into the issue, using the only way he knows how: Twitter.
Prior to the commencement of the second day of discussions, Trump threw his hat into the ring and confirmed his lack of appreciation for Bitcoin. Stating that he isn’t a “fan of Bitcoin or other Cryptocurrencies” which, in his opinion, are “not money,” the leader of the free world made an enemy of the decentralized currency world.
Unlawful behavior, which Trump is a practical expert in, is ‘facilitated’ by cryptocurrencies, he said, citing “drug trade” as an example. He tweeted,
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
Libra, in the President’s opinion, will have “little standing or dependability,” and if Facebook wants to “become a bank,” they will have to “seek a new Banking Charter.” In closing, Trump reaffirmed the importance, dominance, and reliability of what he calls the only “real currency in the USA,” the US dollar.