Trump blasts Bitcoin and says cryptocurrencies, including Facebook's Libra, should be 'subject to all banking regulations' (FB)

A collection of Bitcoin (virtual currency) tokens are displayed in this picture illustration taken December 8, 2017. REUTERS/Benoit Tessier/Illustration

  • President Donald Trump railed against cryptocurrencies
    and specifically called out Bitcoin and Libra, Facebook’s new
    cryptocurrency that is backed by companies like Uber and
    Mastercard.
  • Trump tweeted he was “not a fan of Bitcoin and other
    Cryptocurrencies.”
  • Trump joins politicians from both sides of the aisle in
    expressing skepticism about Facebook’s ambitions with
    Libra.
  • Trump’s comments came on the same day as a
    social-media summit at the White House
    , in which he accused
    Facebook and Twitter of censoring him and conservative
    commentators. 
  • Visit Business
    Insider’s homepage for more stories
    .

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
only dependable currency in the world.

“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!”

Read moreHere’s
what Facebook’s new cryptocurrency Libra will look like and how it
will work

Trump joins
politicians from both sides of the aisle in expressing skepticism
about Facebook’s ambitions with Libra
. Next week, David Marcus,
the head of Facebook’s cryptocurrency initiative, will testify in
front of a Senate committee on the company’s plans for Libra and
the data privacy concerns involved.

Of additional note is that Trump’s comments came on the same day
as a
social-media summit at the White House
, in which he accused
Facebook and Twitter of censoring him and conservative
commentators.

Bitcoin’s price increased around 70% since this time last
year. 

This is a breaking news story. Check back for updates.

Matt Weinberger contributed reporting.

SEE ALSO: Video
appears to show Trump embracing a 2016 campaign staffer. She’s now
suing and claims he forcibly kissed her.


Join the conversation about this story »

NOW WATCH:
This is the shortest route for a road trip across the US to see 50
national landmarks

Source: FS – All – Economy – News
Trump blasts Bitcoin and says cryptocurrencies, including Facebook's Libra, should be 'subject to all banking regulations' (FB)