Current Events > Trump: 'I am not a fan of bitcoin and other cryptocurrencies'

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https://finance.yahoo.com/news/trump-i-am-not-a-fan-of-bitcoin-and-other-cryptocurrencies-105950093.html

On Thursday night at 8:15pm ET, President Donald Trump tweeted about cryptocurrencies for the first time everand the tweet was extremely bearish.

It was a moment crypto faithful had hoped to see for years, since the time when Trump was a candidate. In some circles of the crypto community, there was even optimism that Trump, the business president, might be friendly to bitcoin.

Nope.

In a three-part thread, 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... Similarly, Facebook Libras 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 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!

Given the timing of Trumps tweet, it is no surprise that it started out about bitcoin but ended up focusing on Libra coin, the new cryptocurrency set to launch in the first half of 2020, spearheaded by Facebook but co-supported by nearly 30 name-brand founding member companies including Visa, MasterCard, eBay, PayPal, Uber, Lyft, and Spotify.

Trumps tweets were almost surely prompted by Federal Reserve Chair Jerome Powells comments on Thursday about Libra, amid recent comments and concerns from many other lawmakers.

On Wednesday, during his testimony to members of the Senate, Powell said that Libra raises serious concerns, and in response to a question about Libra, said I just think it cannot go forward without there being broad satisfaction with the way the company has addressed money laundering, data protection, consumer privacy... All of those things will need to be addressed very thoroughly and carefully, and again, in a deliberate process that will not be a sprint to implementation.

Powell again commented on Libra on Thursday when Virginia Sen. Mark Warner asked if Powell agrees with FDIC Chair Sheila Bairs commentary that the Fed should oversee Libra, and Powell responded, I did see that op-ed, I think that was an interesting idea.

Earlier this month, members of the House Financial Services Committee sent a letter to Facebook demanding that it immediately cease implementation plans for both Libra and its digital wallet Calibra until lawmakers get their questions answered. Ohio Sen. Sherrod Brown has called Libra Facebooks Monopoly money.

Trumps tweets about crypto also came a few short hours after the administration held a gathering at the White House for right-wing social media personalitiesand did not invite anyone representing Twitter or Facebook.

Despite the bearish sentiment of Trumps first crypto tweets, Coinbase CEO Brian Armstrong is counting it as a win just to have Trump tweeting about crypto at all. Armstrong retweeted Trump and added: Achievement unlocked! I dreamt about a sitting U.S. president needing to respond to growing cryptocurrency usage years ago. First they ignore you, then they laugh at you, then they fight you, then you win. We just made it to step 3 y'all.

The dollar is the best. Simply the greatest. There is no better.
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Agreed
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I agree with Donald for once pikachu
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This is probably the first time he's ever heard of it
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Trump is a business man so he would know crypto currency is not something that will last.
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He knows fuck all
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What do we trust more? Monopoly money from the US government, or Monopoly money from Facebook?


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Based on how limited his understanding of regular currency is theres a good chance that has no idea what crypto currency is.

Or probably the same odds that he has some hilarious farce of an idea.

You see its this digital money where the bills have LCD screens like an iphone. And if you buy all the best cryptobucks they earn interest so in 2 weeks its actually $3.50 but inside the bill.
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Those tweets were written by someone else, is my hunch. They do a reasonable job of aping his voice, but it's all a bit more formal than how he'd put it.
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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... Similarly, Facebook Libras 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 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!

read that again
there's no way he wrote that, c'mon
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Antifar posted...

Those tweets were written by someone else, is my hunch. They do a reasonable job of aping his voice, but it's all a bit more formal than how he'd put it.

since when does ol' Trumpy use proper grammar, including commas? oh right never
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Didn't he just ask aides to see how it wod be possible to devalue US currency?

Like, why do that and then claim the dollar is the end all be all for currency?
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shockthemonkey posted...

I agree with the premise that if Facebook wants to be a bank then it should have to follow banking regulations. But Im not too clear on how Libra is supposed to work. Honestly Im not too clear on how cryptos work in general.

Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity..

I mean, the goddamn President of the United States of America told us how they work right here. Lets all listen to the man.
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It has the flow of teleprompter Trump.
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It's not like he understands how bitcoin works anyway.
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If there was a Trumpcoin he would love it.
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Evening Trump bump
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old man says he hates some new thing. Shocking news.
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CE_gonna_CE posted...

Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air.

Well, he's not wrong about that.
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The Trent posted...

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... Similarly, Facebook Libras 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 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!

read that again
there's no way he wrote that, c'mon

painfully obvious lol

Antifar posted...

Those tweets were written by someone else, is my hunch. They do a reasonable job of aping his voice, but it's all a bit more formal than how he'd put it.

I find it odd that no one believes Trump can speak professionally. The guy was a big CEO before he was President. And given the sort of people who would care aren't the same as the usual base he speaks to, I can see him altering how he presents his statements.

Actually, the ability to change tone to appeal to different bases is a bit concerning if you think about it.
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He has millions of US dollars, and no cryptocurrency, so no shit that's his opinion.

If Facebook and other companies want to become a bank, they must seek a new Banking Charter and become subject to all Banking Regulations,

Sounds socialist.

Aloner posted...

He has millions of US dollars, and no cryptocurrency, so no shit that's his opinion.

If Facebook and other companies want to become a bank, they must seek a new Banking Charter and become subject to all Banking Regulations,

Sounds socialist.

You realize most banking regulations were built to stop us from getting fucked again like we did in '29 right?
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From the sounds of it. Seems like this s the layering for companies to gain more control of the American people than the government that's regulating them. Interesting.
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Its so clear that Trump did not make that tweet lol.
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Prestoff posted...

Its so clear that Trump did not make that tweet lol.

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CE_gonna_CE posted...

If there was a Trumpcoin he would love it.

https://coinmarketcap.com/currencies/trumpcoin/
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Cryptocurrencies are really kinda messed up. Talk about weird shadow government shit.
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Drasilor posted...

CE_gonna_CE posted...

If there was a Trumpcoin he would love it.

https://coinmarketcap.com/currencies/trumpcoin/

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CE_gonna_CE posted...

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... Similarly, Facebook Libras 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 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 way too deliberate and rational to be Trump.

The only part that kinda sounds like wrote it was the bullshit about how awesome the u.s. dollar is.

Goats posted...

I agree with Donald for once pikachu

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Antifar posted...

Those tweets were written by someone else, is my hunch. They do a reasonable job of aping his voice, but it's all a bit more formal than how he'd put it.

also this tbf

i wonder does he even know what cryptocurrency is
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NinjaBreakfast posted...

Antifar posted...

Those tweets were written by someone else, is my hunch. They do a reasonable job of aping his voice, but it's all a bit more formal than how he'd put it.

also this tbf

i wonder does he even know what cryptocurrency is

He doesnt know about Trumpcoin, thats for sure.
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I mean, the only thing you can say to this is claim Trump didn't actually write it.

Cryptocurrenies are a joke
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Aloner posted...

He has millions of US dollars, and no cryptocurrency, so no shit that's his opinion.

If Facebook and other companies want to become a bank, they must seek a new Banking Charter and become subject to all Banking Regulations,

Sounds socialist.

This. Can't believe it too that long for someone to say. If you're one the richest people in the world, why would you ever want the currency to change
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He probably doesn't understand the concept of blockchain and its uses outside of Bitcoin anyway.
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CE_gonna_CE posted...

Drasilor posted...

CE_gonna_CE posted...

If there was a Trumpcoin he would love it.

https://coinmarketcap.com/currencies/trumpcoin/

Someone needs to tell Donald trump about trumpcoin
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Dogecoin>>>>> Trumpcoin
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I always figured he wouldnt like Bitcoin once he learned about it because he would see it as a threat to US dominance. And it sort of is.
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EndOfDiscOne posted...

I always figured he wouldnt like Bitcoin once he learned about it because he would see it as a threat to US dominance. And it sort of is.

And also he will do anything to spite people he is mad at.
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