Could Trump’s hostile view of Bitcoin & Libra affect the crypto market?

[mlawson71]

In a series of tweets, the US President Donald Trump said he's not a fan of digital currencies like Bitcoin and Libra previous week. A couple of days later, Bitcoin plunged nearly 13% after US lawmakers grilled the Facebook executive in charge of Libra.

“Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity,” Trump stated in one of his tweets, and proclaimed the US Dollar as the one and only real currency in the USA. He also said that cryptocurrencies are based on 'thin air' and therefore cannot be considered as real money.

What do you think?

 

[bone]

In a series of tweets, the US President Donald Trump said he's not a fan of digital currencies like Bitcoin and Libra previous week. A couple of days later, Bitcoin plunged nearly 13% after US lawmakers grilled the Facebook executive in charge of Libra.

“Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity,” Trump stated in one of his tweets, and proclaimed the US Dollar as the one and only real currency in the USA. He also said that cryptocurrencies are based on 'thin air' and therefore cannot be considered as real money.

What do you think?

Your post title is misleading.

Facebook’s David Marcus got absolutely eviscerated by BOTH SIDES of the political aisle and Libra is D.O.A.. ABC has managed to alienate both political parties. Zuckerberg has zero political credibility in this country. And he has only himself to blame for it. The fact that he dared to float the idea in the current climate vividly illustrates how tone deaf he truly is.

Mark Zuckerberg is a monopolist who censors content and picks winners and losers amongst his user base. IMO his Libra gambit really hurt Crypto chances - now people are wary of the crypto payment system being used to financially influence or even censor users.

Others have opined that Amazon would have had a much better chance floating their own proprietary cryptocurrency - my sense is that Jeff Bezos is a more savvy businessman and would weigh the political landscape more carefully.