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US President Lambasts Bitcoin and Libra, Wants Crypto to be Under Bank Regulations

President Donald Trump recently went on a Twitter rampage and blasted cryptocurrencies, specifically Bitcoin and Facebook’s Libra. 

Value is Based on Thin Air

The American president tweeted on Thursday that he was not a fan of cryptocurrencies. He said they were not money and their value is “based on thin air.” He also pointed out that unregulated digital assets could aid unlawful behavior and illegal activities like drug trade. 

Trump also called out Libra, the new stablecoin designed by Facebook, and said it won’t be dependable and will very little standing. The president also added that if the social media giant and other companies wanted to become banks, they should ask for a new Banking Charter. Trump also said that in this case, Facebook and other crypto companies should be subjected to the same regulations all banks follow. 

Social Media Summit

It’s unclear what prompted Trump to tweet about Bitcoin and Libra. The tweets were sent on the night Trump hosted the “Social Media Summit.” The private conference was attended by numerous social media personalities known for their right-wing leanings. 

The US president also accused Twitter and Facebook of censoring his comments and that of other conservatives. 

Facebook is certainly in the crosshairs of the current administration. David Marcus, the head of Facebook subsidiary Calibri, is set to appear at the Senate to discuss Libra and to address the issue of data privacy. 

Facebook has remained mum regarding Trump’s tweets but the Blockchain Association has urged President Trump to support blockchain. The lobby group pointed out the potential the technology has to spur economic growth.

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