It's official. The President of The United States does not like Bitcoin.
In a series of tweets, President Trump has announced that he's “not a fan of Bitcoin and other Cryptocurrencies” and suggested that Facebook may be subject to all current banking regulations with its Libra cryptocurrency.
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. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity….
…and International. We have only one real currency in the USA, and it is stronger than ever, both dependable and reliable. It is by far the most dominant currency anywhere in the World, and it will always stay that way. It is called the United States Dollar!
The comments immediately started to draw criticism from journalists, developers, privacy activists, and lawyers who view Bitcoin and other cryptocurrencies as free speech money which is necessary for avoiding a surveillance society and for allowing free expression.
Without cryptocurrency, a cashless society is a surveillance societyhttps://t.co/t0BTlZHZXR
This is a major mistake on your part and shows a lack of vision!
The President's Tweets came just hours after the White House's Social Media Summit on the topic of social media and big tech censorship in support of those that had been banned from online platforms.
Ironically, it was Bitcoin that has acted as a failsafe for those that have been deplatformed.
Trump's comments also come just a few weeks after Congresswoman Maxine Waters asked Facebook to halt the development of its Libra cryptocurrency until a hearing can be held in the US Congress.
Trump's comments don't seem to have had an immediate impact on the price of Bitcoin. In the last 24 hours, the price of the cryptocurrency has been falling but since Trump made his comments, there's been a slight increase in the price.