Specifically pointing out Bitcoin and Libra, Facebook’s new cryptocurrency, the billionaire president insisted that not only are these cryptocurrencies extremely unpredictable, they are bound to encourage “unlawful behavior” if not regulated correctly.
“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 on Thursday. “Unregulated Crypto Assets can facilitate unlawful behaviour, including drug trade and other illegal activity.”
He went on to express his distaste for virtual currencies in terms of how unreliable they are, adding that tech companies should undergo the appropriate regulations if they want to get into the currency business at all.
“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,” he said.