President Trump says he’s “not a fan of Bitcoin”

Trump also said that if Facebook wants to become a bank with its Libra cryptocurrency, it must become subject to all banking regulations.


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.

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.

 

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.

https://twitter.com/prestonjbyrne/status/1149474547759927296

https://twitter.com/getongab/status/1149472445004316673

 

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.

The Bitcoin price chart for the last hour from CoinDesk.
Source: CoinDesk – Bitcoin Price


Tom Parker

Tom Parker is a head contributor for Reclaim The Net and provides news and analysis on how we can promote free speech, stop censorship, and protect our personal data online. [email protected]