The United States president, Donald Trump has weighed in on the cryptocurrency sector and challenges it could pose, should it become generally accepted as a form of money.
He explained that virtual currencies such as Bitcoin, and the proposed Facebook libra cannot be regarded as money due to the fact that they are “unregulated side” and “can facilitate unlawful behavior, including drug trade and other illegal activities.”
On his Twitter handle, Trump wrote, “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.
“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.
“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!
His tweets soon elicited some reactions by some cryptocurrency users and soon enough, the founder of TRON, a cryptocurrency platform, Justin Sun, took to the same platform and wrote,
“Mr. President, you are misled by fake news. #Bitcoin & #Blockchain happens to be the best chance for US! I’d love to invite you to have lunch with crypto leaders along with @WarrenBuffett on July 25. I guarantee you after this lunch, nobody will know crypto more than you!”