Economy

Trump blasts Facebook's Libra cryptocurrency, says US only has 'one real currency'

Trump blasts Facebook's Libra cryptocurrency, says US only has 'one real currency'

The U.S. president described cryptocurrencies as "volatile" and "unregulated" in a series of tweets published late Thursday. Right now, the price of one BTC is $11,400 or so, up from its lows of sub $4,000 just 6 months ago.

Bitcoin dipped nearly 8 percent on Thursday, extending losses the day after U.S. Federal Reserve Chairman Jerome Powell called for a halt to Facebook's Libra cryptocurrency project until concerns ranging from privacy to money-laundering were addressed.

Trump said Libra has "little standing or dependability".

Powell said the Fed had established a working group to follow the project and was coordinating with other countries' central banks, several of which have also expressed concern about Facebook's project.

Via the microblogging platform, Trump wrote he isn't a fan of bitcoin or cryptocurrencies in general, and doesn't see them as money.

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"We only have one real currency in the United States of America, and it is stronger than ever", he tweeted.

Testifying before the House Financial Services Committee earlier this week, Federal Reserve Chairman Jerome Powell said the proposed coin "raises many serious concerns regarding privacy, money laundering, consumer protection and financial stability".

Bitcoin did not react to Trump's anti-crypto comments, last trading almost up 1% on the day at $11,447, according to Kitco's aggregated charts.

On Twitter, many pointed out that Trump has over 60 million followers, and that through his tweets he put bitcoin and the cryptocurrency ecosystem in front of potentially thousands of new users who'll look into what cryptocurrency is. This article is strictly for informational purposes only. 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.