Trump’s hostile view of Bitcoin and crypto could chill industry

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President Donald Trump has weighed in on the cryptocurrency debate, saying in a series of tweets Friday that he’s not a fan of Bitcoin or blockchain-based digital money in general because it’s highly volatile and “based on thin air.”

“Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity,” Trump tweeted.

The President’s tweets on fly in the face of comments made just one day earlier by Federal Reserve Chair Jerome Powell, who acknowledged that while Bitcoin may be far from mass adoption it is “a speculative store of value, like gold.”

President Trump tweets bitcoin cryptocurrency Twitter

Powell’s remarks came during testimony to the Senate Banking Committee on Thursday about Facebook’s recently announced Libra cryptocurrency project.

Among several tweets, Trump took direct aim at Facebook, which after months of speculation unveiled plans to launch its own fiat-backed cryptocurrency and digital wallet where the currency can be stored.

The President’s comments could also spark debate among Democratic presidential candidates over the country’s regulatory approach toward cryptocurrencies and the underpinning technology – blockchain, an electronic distributed ledger.

Worldwide, blockchain-derived business value is forecast to grow from $9 billion this year to $50 billion in 2022, according to Gartner. The greatest growth between now and then is expected to take place in 2020, when Facebook plans to launch its Libra coin and Calibra digital wallet; that year alone will see a 128% annual increase in business value.

Trump tweeted Facebook Libra’s “virtual currency” will have little standing or dependability.



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