Home Cryptocurrency News 8 Reactions to Trump's Anti-Cryptocurrency Tweetstorm – Forbes

8 Reactions to Trump's Anti-Cryptocurrency Tweetstorm – Forbes

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outside view of the White House in Washington, D.C.

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Hours after the White House’s “Social Media Summit,” which, according to CNN, “Included a conspiracy theorist, a meme creator, and a plagiarist,” President Trump took to Twitter in a cryptocurrency-bashing tweetstorm.

He denounced Bitcoin, the cryptocurrency with the highest market cap, and Facebook’s Libra cryptocurrency, citing volatility and lack of dependability. The White House did not invite Facebook to its social media summit held on the same day as the tweet.

The President tweeted:

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….”

He continued, criticizing Facebook’s Libra cryptocurrency:

….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…”

The cryptocurrency community took up arms on Twitter, with a range of responses. Here are the top 8:

(1) Caitlin Long – Suggests the President lacks sufficient understanding of the new asset class.

(2) @codeyisfun – Moving his fiat into Bitcoin.

(3) Preston Byrne – Despite voting for the President, does not agree with the anti-Bitcoin sentiments.

(4) Emily Parker – Cites her 2018 article, “Bitcoin is Bigger Than Trump: Bitcoin Resists the Trump News Cycle, At Least for Now,” and contemplates if Bitcoin will maintain its immunity.

(5) Tyler Winklevoss via Gemini – Putting faith in the math.

(6) Neeraj K. Agrawal – A cashless society is a surveillance society.

(7) Bitcoin Magazine – Cash is a better tool than Cryptocurrency for money laundering.

(8) David Gokhshtein – Bitcoin is going to replace gold.

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