Donald Trump Bashes Crypto, Says He’s No Fan of Bitcoin
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….
1) Not money
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!
— Mike Cernovich (@Cernovich) July 12, 2019
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.
….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…
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!
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
“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.
“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