Analysis

U.S. President Donald Trump tweeted Thursday that he is “not a fan” of cryptocurrencies, saying they were “not money” and referencing their price volatility relative to the dollar in his first public comments on crypto since becoming president of the United States.

Trump also criticized Facebook’s Libra cryptocurrency project in subsequent tweets, saying it “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.”

Trump has criticized Facebook in the past for its actions in banning far-right figureheads, alongside other social media outlets. To date, however, he has not discussed Facebook’s cryptocurrency plans. The company first publicly released its white paper and supporting documentation for Libra last month.

The 45th president held a “social media summit” earlier on Thursday, addressing

‘Unlawful behavior’

In his tweets, Trump took aim at the potential for using cryptocurrencies in illegal activities, citing drug trafficking in particular.

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

In a final tweet, he added:

“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!”

Donald Trump image via Shutterstock

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