The President of the United Stated, Donald Trump, recently took to Twitter to give his opinions on Bitcoin and cryptocurrencies. Trump’s comments were largely negative, but Coinbase’s CEO, Brian Armstrong, said they are an “achievement unlocked”.
Trump criticizes Bitcoin
Specifically, Trump’s tweets made it clear that the American president is not a fan of cryptocurrencies. He tweeted that they “are not money”, that their value is derived from “thin air” and that Facebook will need to seek a Banking Charter if it “want’s to become a bank”.
Moreover, Trump’s brief tweet storm consists of three tweets regarding cryptocurrencies, in which he argues that the United States dollar is a superior alternative.
“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 Libra’s ‘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!”
It is unclear exactly why Trump made these tweets, however, they came during the night of Trump’s “Social Media Summit”. This closed-door conference reportedly saw many right-wing social media profiles get together, and some speculate that this event may have put Facebook’s Libra crypto on Trump’s mind.
Nevertheless, the news of Trump’s crypto-centric tweets have caused somewhat of a stir in crypto circles. The CEO of Coinbase, Brian Armstrong, said that this moment was especially notable, calling it “achievement unlocked”.
According to Armstrong, Trump’s need to publicly bash Bitcoin feeds the narrative that the regulatory powers are increasingly realizing the potential crypto can hold. As such, some speculate that it may drive officials to deter Bitcoin adoption. Armstrong’s tweet read as follows:
“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.”
Image Source: Daily Express
Rasmus Pihl is a writer for Toshi Times by day and an avid follower of the cryptocurrency industry by night. Rasmus holds a Bachelor’s Degree in Marketing from the Gothenburg School of Business, Economics, and Law and runs a Swedish marketing consulting firm. Moreover, when he isn’t writing for Toshi Times, traveling, working or changing the world in some other capacity, Rasmus is more than likely caught up in postgraduate studies.