The topic of cryptocurrency is in the news every day. It is becoming more mainstream all the time. However, President Donald Trump clearly does not like cryptocurrency at all. He recently sent out a tweet that said he is not a fan of Bitcoin or any of the other cryptocurrencies that are currently available. He said the reason he does not like them is because they are very volatile and can decrease in value very quickly. He also said that their value is not based on anything at all.
According to Engadget, in a separate tweet, he came out against the new cryptocurrency that will be launched by Facebook in 2020. It will be called Libra. Trump said that Libra will not be dependable and not have hardly any standing. He then noted that Facebook would need to get a banking charter if they want to become a bank. Facebook would then be subject to national banking regulations. He then ended his tweet by saying that the United States dollar is the only real currency that the country has. He remarked that the U.S. dollar is currently very strong. He also said that it is the most dominant currency anywhere in the world.
It is not very likely that President Trump’s Twitter outburst is going to make Facebook change their mind about releasing their Libra cryptocurrency. However, it did make clear that Facebook’s latest plan does not have a fan in the leader of the free world. President Trump is not the only very powerful person in the United States government who has a problem with Libra. Jerome Powell is the leader of the United States Federal Reserve Bank. He noted that he is concerned about Libra. He has called a meeting to discuss Libra with several top government agencies.
Facebook wants their Libra cryptocurrency to be used by their users to send money around the globe and buy things from the site. They believe that it will be a fast and safe way for Facebook users around the world to conduct their various financial transactions. The social media giant still has a lot of hurdles to get over before Libra is a reality and readily available to Facebook users. Having the President of the United States and the head of the Federal Reserve come out against Libra could be a major stumbling block. A lot will depend on the upcoming meetings being held by Jerome Powell.
