Cryptocurrency Is "Not Money", Says Donald Trump

Libra and others like it will establish exchange relations with major currencies says PBoC's former governor

Donald Trump has posted a tweet earlier today where he openly bashed Bitcoin and all other cryptocurrencies.

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

Furthermore, looking at Bitcoin's Google Trends chart, the searches for the phrase "bitcoin" have significantly increased - from 41 to 100 - after Trump's tweets in the United States.

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Armed with his favourite weapon of choice - Twitter - the 73-year-old hit out at the decade-old digital asset before switching his wrath to Facebook's Libra crypto project.

With more than two billion Facebook users, the social media giant's cryptocurrency - which is slated for a 2020 launch and already has multiple partners - could completely disrupt the financial world.

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The U.S. Financial Stability Oversight Council, a panel of regulators that identifies risks to the financial system, is also expected to conduct a review.

At the Senate Testimony earlier this week, Federal Reserve Chairman Jerome Powell said that given the current level of adoption of crypto assets like bitcoin, the asset class does not pose a serious existential threat towards reserve currencies such as the US dollar. He singled out Facebook's upcoming Libra virtual currency, which he says, "will have little standing or dependability". The cryptocurrency will be operated by a nonprofit group dubbed the Libra Association but Facebook will still make money with its digital wallet that will store and exchange the tokens.

He warned Congress on Wednesday that Libra "raises serious concerns regarding privacy, money laundering, consumer protection, financial stability".

Facebook, the White House and the Treasury Department did not immediately respond to requests for comment.

"The crypto community feels very strongly that the Libra project is bullish for bitcoin as it is attracting mainstream attention to the space and may one day create a new gateway where people will be able to buy bitcoin with Libra".

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