US President Trumps Tweets here from before – he likes the USD but not a crypto:
While his comments on the dollar may be of greater interest to forex traders, his crypto comments have made waves:
- "I'm not a fan of Bitcoin and other cryptocurrencies that are not money and whose value is very volatile and based on air
- If Facebook and other companies want to become a bank, they must seek a new bank charter and, like other domestic and foreign banks, be subject to all banking regulations. "
The background of all this is:
- Facebook launches its own cryptocurrency in 2020, along with 28 partners including Mastercard, PayPal, Uber and others (but no banks).
- JPMorgan will also launch its own digital product
- Federal Reserve Chairman Powell told Congress that Facebook's balance must address concerns about data protection, money laundering, consumer protection and financial stability
- Trump criticizes large technology companies for their "unfair" treatment of conservatives
So, there you have it. Trump is not satisfied with the many battles he has in his hands and has decided to choose one now with the crypto-people. He has good arguments for regulation, which are needed as their use increases.
Bitcoin surfaced on the tweets, but traced about 50% of the turn: