President Trump wants to see cryptocurrencies undergo the same regulations as banks and the banking industry: '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 wrote on Twitter. One of the other key reasons for noticing the cryptocurrency markets and commenting on them can also be attributed to the Facebook Libra project, which Trump has also had a lot to say. He added that if Facebook or other companies are looking to "become a bank", they'll have to get a Banking Charter and "become subject to all Banking Regulations, just like other Banks".
The president ended his missive saying there is only one real currency in the U.S.
In his latest salvo, the US President has dismissed cryptocurrency as "based on thin air" and distinctly un-American when weighed against the stability of the US dollar. Powell told lawmakers that Facebook's plan to launch a cryptocurrency can't move forward, unless it addresses several concerns related to money laundering, financial stability, and privacy.
In under an hour on June 12 at 8.15pm ET (1.15am BST), the bitcoin price dropped £500 in 45 minutes, before another surge brought prices back to the $11,400 level.More news: There's a New Development in the Meghan Markle Wimbledon Photo Ban Drama
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He added that cryptocurrency, whose electronic nature makes it almost untraceable, could facilitate illegal activity.
With nearly 62 million followers on Twitter, Trump has made crypto famous by getting 12,300 retweets, 41,000 likes, and 12,600 comments (and still counting) just for his first tweet.
"We have only one real currency in the United States of America, and it is stronger than ever, both dependable and reliable". "Its by far the most dominant currency anywhere in the World, and it will always stay that way". Federal Reserve Head Jerome Powell, Bruno Le Maire, the French Finance Minister, and Mark Carney, the Bank of England Governor have all expressed criticism of Libra, according to reports.
In response, bitcoin tumbled around 12% on Wednesday, falling from $13,000 to $11,000. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.