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July 12, 2019, 7:36 a.m. EDT

Crypto critic: Trump says he’s not a ‘fan’ of bitcoin or Facebook’s libra

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By Barbara Kollmeyer, MarketWatch


Bloomberg News
Who loves you? Not the president.

Bitcoin and other cryptocurrencies are having a tough time finding love in Washington.

President Donald Trump went after digital currencies, and professed his passion for the U.S. dollar in late-Thursday tweets. Stomping on the crypto faithful, he cautioned that unregulated assets can “facilitate unlawful behavior, including drug trade and other illegal activity...”

‘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.’

President Donald Trump on Twitter

Trump then tweeted his displeasure over Facebook’s /zigman2/quotes/205064656/composite FB +1.06% virtual currency project, Libra, saying it 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...” Trump tweeted .

Facebook, of course, has been having a tough time in Washington. Earlier this month, Democrats on the House Financial Services Committee asked CEO Mark Zuckerberg’s company to put its Libra plans on ice until they get more information about how it would be regulated.

Trump went on to praise the “only one real currency in the USA” the dollar.

A recent report on CNBC claims he has been asking aides to figure out a way to weaken the dollar to try to lift the economy ahead of the coming presidential election.

Read: Goldman sees ‘low but rising risk’ Trump will intervene to weaken U.S. dollar

Ahead of the July 4 celebrations in the U.S., Trump tweeted that the U.S. should try to play that “currency manipulation game” like some of its rivals.

The bitcoin /zigman2/quotes/31322028/realtime BTCUSD -0.73% market appeared unfazed by Trump’s comments, up nearly 5% to $11,674 early Friday.

But reaction was piling up on a Reddit thread devoted to cryptocurrencies, with most largely brushing off the president’s criticisms.

“And like that, the sitting President just alienated a horde of young tech-savvy males from his voting base......bravo Mr. President, bravo!” wrote user Tip-Toe-Crypto.

/zigman2/quotes/205064656/composite
US : U.S.: Nasdaq
$ 190.14
+2.00 +1.06%
Volume: 10.47M
Sept. 19, 2019 4:00p
P/E Ratio
32.22
Dividend Yield
N/A
Market Cap
$542.46 billion
Rev. per Employee
$1.57M
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/zigman2/quotes/31322028/realtime
US : CoinDesk
10,191.67
-74.95 -0.73%
Volume: 0.00
Sept. 20, 2019 3:24a
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Barbara Kollmeyer is an editor for MarketWatch in Madrid. Follow her on Twitter @bkollmeyer.

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