Donald Trump: 'Bitcoin not money, value based on thin air, facilitates unlawful behavior'

by Osiris Team


Posted on July 11, 2019, 9:32 p.m.
Alerts Regulatory
Time to read: 2 min
BTC

Since his election to office in 2016, many pundits have speculated on his position on the predominant cryptocurrency. He finally aired his opinions:

President Trump reiterated many of the concerns that critics and the public have of the nascent technology. Well-known skeptics like economist Nouriel Roubini have decried Bitcoin for many of the same reasons denounced in the tweet, frequently calling it a “bubble” and a “scam.”

With Bitcoin’s use bootstrapped by adoption from Silk road, and with its widespread use in money laundering and tax evasion, it’s no surprise that President Trump is against cryptocurrency.

President Trump also attacked Facebook’s Libra cryptocurrency. As expressed by NEO Seattle development lead John deVadoss, corporations entering the traditionally government-controlled domain of money will run up against stiff resistance, as evidence by demands from Congress. It seems the POTUS does not deviate on this point:

Furthermore, with the escalating trade war with China and global economic uncertainty, it makes sense that officials in the U.S. government would want to maintain the dollar’s grip as the world’s global currency.

President Trump has not expressed how he will manifest his bleak outlook on BTC. It is uncertain whether his administration will enact regulatory restrictions or other hurdles to adoption in the United States.

This is not the first time an acting politician has derided Bitcoin. In May, California Democrat Brad Sherman called for members of Congress to join him in introducing a bill to outlaw cryptocurrency purchases by Americans. The bill has yet to garner noteworthy support.

President Trump’s position is in stark contrast to Democratic presidential candidate Andrew Yang, who is explicitly looking to get elected on a pro-cryptocurrency platform.


Related links:
Source
Like and comment it on:

More cryptocurrency news

Latest news

Ripple leads investment in Mexico's Bitso exchange to develop LatAm markets

Mexico-based cryptocurrency exchange Bitso has raised capital from a number of major investors including Ripple, Coinbase, and Jump Capital to help it expand into Latin America.


Development
XRP

Oct. 15, 2019, 3:09 p.m.

UNICEF will not convert Bitcoin and Ethereum donations to fiat

The UNICEF is rolling out a pilot program to accept cryptocurrency donations—and won’t be converting the raised funds to cash.


Development
BTC ETH

Oct. 14, 2019, 3:01 p.m.

CFTC chair says ETH is a commodity and anticipates ETH derivatives to trade in the US soon

The Commodity Futures Trading Commission chair believes that Ethereum is a commodity, according to Yahoo Finance.


Adoption Development Regulatory
ETH

Oct. 11, 2019, 7:55 p.m.

Finastra, the third largest fintech firm in the world, joins RippleNet

Ripple announced on Wednesday a collaboration with UK-based Finastra, reportedly the third-largest FinTech firm in the world, to allow Finastra's customers access to RippleNet, Ripple's global payment network, for faster, cheaper, and more reliable cross-border payments.


Development
XRP

Oct. 10, 2019, 9:02 p.m.

Binance announces WeChat, Alipay support for Bitcoin purchases

Malta-based cryptocurrency exchange, Binance, has added WeChat and Alipay as payment methods on its platform.


Adoption Development
BTC

Oct. 9, 2019, 11:44 a.m.

Follow us