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.”
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