Trump blasts Bitcoin and says cryptocurrencies, including Facebook’s Libra, should be ‘subject to all banking regulations’

President Donald Trump railed against cryptocurrencies and specifically called out Bitcoin and Libra, Facebook’s new cryptocurrency that is backed by companies including Uber and Mastercard.

“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,” Trump tweeted Thursday. “Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity.”

“Similarly, Facebook Libra’s ‘virtual currency’ will have little standing or dependability,” Trump added. “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.”

Trump suggested that fiat, specifically the US dollar, is the most dependable currency in the world. Bitcoin’s price, which critics allege is too volatile, increased around 70% since this time last year and is priced at roughly $11,450 USD at the time of this publication.

“We have only one real currency in the USA, and it is stronger than ever, both dependable and reliable,” Trump tweeted. “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!”

Facebook declined to comment to Business Insider.

Source: BusinessInsider