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Trump Tweets Opposition to Crypto, Specifically Libra and Bitcoin

Resignation: This story is breaking and will be subject to updates.

The president of the United States, Donald Trump, expressed his opposition to cryptocurrencies as a whole, specifically citing Bitcoin and Libra, in a series of tweets Posted at 8:15 p.m. EST on July 11.

The full text of the three tweets says:

"I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on air." Unregulated cryptographic assets can facilitate illegal behavior, including drug trafficking and other illegal activities. ..

"… Likewise, the" virtual currency "of Facebook Libra will have little reputation or reliability.If Facebook and other companies wish to become a bank, they should look for a new Banking Letter and be subject to all the Banking Regulations, as well than other Banks, both National …

"… and international. We only have one real currency in the US UU., And it is stronger than ever, both reliable and reliable. It is, by far, the most dominant currency in the world, and it will always remain that way. It's called the United States dollar!

What prompted Trump to issue these tweets is a matter of speculation. The night of Trump's "Social Media Summit" arrived, a closed-door conference that brought together many notables from right-wing social media. The event may have put Facebook in Trump's mind.

Presumably, the impending Congress hearings on Facebook's Libra Project, scheduled for next Tuesday and Wednesday, July 16 and July 17, also inspired Trump to tweet about the issue.

The expected outcome of these tweets in terms of policy or practice remains uncertain.

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