President Donald Trump opposed the use of cryptocurrencies, claiming they are not money.
According to the US President, its “unregulated side can facilitate unlawful behavior, including drug trade and other illegal activities.” He also campaigned for Facebook and other companies that want to become a bank, to seek a new Banking Charter and become subject to all Banking Regulations.
His tweets read;
“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!
The tweet got the attention of Justin Sun, the founder of the cryptocurrency platform TRON and current CEO of BitTorrent who alleged that the US President is being misled by false news. He tweeted in response;
Mr. President, you are misled by fake news.
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