While there is no deny in the fact that since cryptos have come into existance, there have been enormous opposition to it.
In fact, if the exact data is taken into consideration, it can clearly be seen that there are more haters than supporters of cryptocurrency.
Well, the whole issue of supporters and haters are once again in the headlines because of the recent tweets by the U.S. President Donald Trump.
Published on 11th July at around 8:15 p.m, these tweets of Trump have come up as a rigid opposition to cryptocurrencies. It was quite clear from the tweets that Donald was targeting the entire crypto market while citing Bitcoin as well as Libra specifically.
The President’s Perspectivee
Quoted below are the exact tweets by the President:
“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. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity.”
While Speaking About Facebook’s Libra, He wrote:
Similarly, Facebook Libra’s ‘virtual currency’ 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 and International. We have only one real currency in the USA, and it is stronger than ever, both dependable and reliable. It is by far the most dominant currency anywhere in the World, and it will always stay that way. It is called the United States Dollar!”
Points Worth Noticing
Truth be told, the entire crypto market is still in a deep dilemma as it can’t really figure the exact reason behind these sudden tweets by the President.
However, as per the observations, it was found that these tweets were officially published during the night of Social Media Summit. While the majority of the population is unaware of it, this summit may be seen as a closed-door conference that brings into consideration the social media notables.
As of now, the market vaguely guesses that the entire idea of Facebook might have been stucked at Trump’s mind during this event.
Some even argue that the impending congressional hearings of Facebook’s Libra might also have ended up inspiring Trump for writing on this subject.
However, the actual intention still remains unrevealed.