Bitcoin and other cryptocurrencies are having a tough time finding love in Washington.
President Donald Trump went after digital currencies, and professed his passion for the U.S. dollar in late-Thursday tweets. Stomping on the crypto faithful, he cautioned that unregulated assets can “facilitate unlawful behavior, including drug trade and other illegal activity…”
‘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 then tweeted his displeasure over Facebook’s FB, -0.74% virtual currency project, Libra, saying it 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…” Trump tweeted.
Facebook, of course, has been having a tough time in Washington. Earlier this month, Democrats on the House Financial Services Committee asked CEO Mark Zuckerberg’s company to put its Libra plans on ice until they get more information about how it would be regulated.
Trump went on to praise the “only one real currency in the USA” the dollar.
A recent report on CNBC claims he has been asking aides to figure out a way to weaken the dollar to try to lift the economy ahead of the coming presidential election.
Ahead of the July 4 celebrations in the U.S., Trump tweeted that the U.S. should try to play that “currency manipulation game” like some of its rivals.
The bitcoin BTCUSD, +4.40% market appeared unfazed by Trump’s comments, up nearly 5% to $11,674 early Friday.
But reaction was piling up on a Reddit thread devoted to cryptocurrencies, with most largely brushing off the president’s criticisms.
“And like that, the sitting President just alienated a horde of young tech-savvy males from his voting base……bravo Mr. President, bravo!” wrote user Tip-Toe-Crypto.
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