'I'm Not A Fan Of Bitcoin And Other Cryptocurrencies'

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'I'm Not A Fan Of Bitcoin And Other Cryptocurrencies'

US President Donald Trump has taken aim at Bitcoin, Facebook's proposed Libra digital coin and other cryptocurrencies and demanded that companies seek a banking charter and make themselves subject to US and global regulations if they wanted to "become a bank".

Google searches for the phrase "bitcoin" has shot up after Trump's tweets.

On Twitter, many pointed out that Trump has over 60 million followers, and that through his tweets he put bitcoin and the cryptocurrency ecosystem in front of potentially thousands of new users who'll look into what cryptocurrency is.

"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", he said. He warned that "unregulated crypto assets can facilitate unlawful behavior, including drug trade and other illegal activity".

Facebook last month announced plans to launch its global cryptocurrency in 2020.

Trump's comments come one day after Federal Reserve Chairman Jerome Powell told lawmakers that Facebook's plan to build a digital currency called Libra could not move forward unless it addressed concerns over privacy, money laundering, consumer protection and financial stability.

He also warned Facebook and other companies that, should they launch their own cryptocurrency, they would have to abide by both American and worldwide banking regulations.

After criticizing cryptos, Trump praised the USA dollar as the most "dominant" currency in the world.

President Trump concluded his Twitter thread by stating that "we have only one real currency in the U.S., and it is stronger than ever, both dependable and reliable". The world is unsure of how successful or disruptive Libra will be, and on Thursday the cryptocurrency got perhaps its biggest detractor yet: the president of the United States.

Bitcoin did not react to Trump's anti-crypto comments, last trading almost up 1% on the day at $11,447, according to Kitco's aggregated charts.

For his part, Trump isn't just hostile toward Libra. This article is strictly for informational purposes only.

In response, bitcoin tumbled around 12% on Wednesday, falling from $13,000 to $11,000.

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