According to him, crypto is not money, it's based on thin air, and is highly volatile with unregulated coins facilitating illegal activities, such as drug trade.
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.More news: Rob Gronkowski catches passes from Tom Brady
"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 and global", he added.
Time will tell on whether Trump's anti-crypto sentiment is reflected in his administration's stance, impacting BTC's long-term price or whether this is another bump in the road for global digital asset adoption.
Finally, he tweeted out that the only real currency in the United States is the USA dollar, and that it's now "by far the most dominant currency anywhere in the World".More news: Samsung launches Galaxy A80 in Malaysia
"I think we need to do a very careful, patient, thorough assessment of what the risks really are", Jerome Powell said Thursday, adding that the size of Facebook's social media network points to Libra's "systemic importance".
Trump's series of tweets on cryptocurrency also come on the heels of an event at the White House where the president criticized large technology companies that he said treated conservative voices unfairly. It is by far the most dominant currency anywhere in the World, and it will always stay that way.
The American public and global community, the president argued, should use the "reliable" United States dollar instead, as he called for more federal regulations of peer-to-peer financial transactions.More news: Turkey receives first delivery of Russian missile system
In response, bitcoin tumbled around 12% on Wednesday, falling from $13,000 to $11,000. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. It is not a solicitation to make any exchange in commodities, securities or other financial instruments.