Bitcoin advocate Caitlin Long says President Donald Trump’s staff is misleading him.
After Trump unexpectedly blasted cryptocurrencies via Twitter on Thursday, Long, a Wall Street veteran and the head of Wyoming’s Blockchain Task Force, responded, saying his views “are just wrong.” Trump says he’s not a fan of Bitcoin and other cryptocurrencies “which are not money”, “based on thin air” and “can facilitate unlawful behavior, including drug trade and other illegal activity.”
Trump did not mention any positive use cases for cryptocurrencies.
Long responded by spotlighting the progress that has been made in crypto-friendly Wyoming.
“Wyoming, the state that gave you the highest margin of victory in 2016 (even bigger than Reagan), welcomes law-abiding crypto companies and created a new type of bank charter to allow them to comply with the law. You are just wrong on this – your staff is misleading you.”
Long says his tweet is the result of employing a staff with little experience in crypto, which will encourage bad economic policy if he doesn’t stop to seek out other opinions.
“Your staff isn’t giving you good advice. (I don’t see anyone on your staff who has experience in this new asset class). The US payment system hasn’t really innovated in 50 years – it’s unstable and inefficient. I’ve been surprised that your administration has coddled it instead of opening it up to healthy competition.
The crypto genie can’t be put back in the bottle and if the US fights this we will simply be bypassed by other countries that are welcoming it. Banks tried to shut down crypto by shunning the industry and look what happened –it didn’t die.