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Donald Trump Criticizes Facebook’s Libra Stablecoin and Other Crypto Coins in a Twitter Storm

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Trump criticizes Libra

Facebook’s Libra stablecoin has been under fire over the past few weeks. The latest government figure to bash the proposed coin is US President Donald Trump. He openly went against Libra yesterday through a series of tweets from his personal Twitter account. In the tweet storm, Trump not only criticized Libra but other crypto coins as well.

According to the tweets, the president’s issue with Libra is its ability to become a pseudo-bank. Also, Trump has an issue with the uncertainty over how the coin would maintain its value.

He noted,

Volatile Assets Whose Value is Based on Air

Speaking about bitcoin and other crypto coins, Trump said that he is not a fan. He claimed that crypto coins are not money and that their value is highly volatile and based on thin air. The president further cited that crypto-assets can enable unlawful behavior such as drug trade.

He then suggested that the only currency anyone in the United States should be using is the US Dollar.

He stated that,

Trump’s Dislike for Crypto Comes as a Shock to Many

The president’s distaste for crypto-assets comes as a shock to many people. Prior to this, he had never made direct remarks towards crypto. Also, some of his hand-picked government officials are bullish on crypto. On top of this, some US regulatory agencies such as the SEC and CFTC have shown their willingness to work with crypto firms. Due to these facts, part of the general public theorized that the president has a positive outlook on the crypto sector.

However, despite his bearish sentiments, the crypto market remains bullish with all the top-10 coins registering decent gains.

Regulators Across the Globe Share Negative Sentiments on Libra

After Facebook unveiled its Libra June, it attracted strong negative reactions from US regulators. Congresswoman Maxine Waters requested that Facebook put the development of Libra on hiatus. According to her, this suspension would be temporary until Congress has a better understanding of the project.

Libra has also attracted the attention of other regulators. For instance, the governor of the Bank of England, Mark Carney said the project must be rock solid from the start. He added that systemic payment systems have to be on all the time. Carney asserted that a payment system cannot have teething issues and neither should it see people lose money out of their wallets.

Do you think President Trump’s negative remarks on the crypto sector will see the market plunge? Let us know in the comments below.

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