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Trump Criticized Cryptocurrencies. How Did The Markets Respond?

On Thursday, US President Donald TRUMP tweeted that he was "not a fan" of cryptocurrencies, stating that they were "not money," and referred to price volatility against the dollar. This is Trump's first public comment on cryptocurrency since he became president.

The President criticized the possibility of using cryptocurrency in illegal activities, in particular referring to drug trafficking. In the last tweet, he added:

“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!”

In addition, Trump criticized the Facebook Libra cryptocurrency project and proposed that US regulators regulate the social network giant.

The 45th President of the United States held a “Social Media Summit” to discuss and solve these problems. Regulators and lawmakers across the U.S. have taken notice of Libra, with both the U.S. Senate Banking Committee and the House Financial Services Committee scheduling hearings next week with Facebook’s blockchain lead David MARCUS. On Wednesday, Fed Chairman Jerome POWELL also announced that Libra should not be allowed to proceed until the company resolves issues related to AML and KYC requirements.

Facebook declined to comment on Trump's concerns. The cryptocurrency market has not demonstrated a negative reaction to these tweets, while users posting the following replies.


Image courtesy of Cryptoline News

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