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President Trump weighs in on Facebook’s Libra cryptocurrency

Generally, getting a tweet from an account with 61.9 million followers would be the kind of advertising money can’t buy, but when the account in question is President Trump’s, there’s certainly something to be said about being careful what you wish for.

Yesterday, the President weighed in on cryptocurrency, before specifically turning his attention to Facebook Libra

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. “Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity.”

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In a second tweet, he went on to target Facebook specifically. “Similarly, Facebook Libra’s ‘virtual currency’ 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 and International.” 

He concluded the flurry of tweets with a defence of the dollar. “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!”

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What prompted this sudden interest in cryptocurrency is anybody’s guess, though it did come off the back of his controversial social media summit, where many supportive voices from Twitter and Facebook were invited into the White House, so it’s possible the topic came up in some capacity there. 

According to the Trump Twitter Archive, it’s the first time the president has mentioned Bitcoin or cryptocurrency in the decade he’s been on the platform.

Will Trump’s verdict on cryptocurrency have any impact on Libra’s chances of success? Let us know what you think on Twitter: @TrustedReviews.

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