US President Donald Trump finally let the world know his thoughts about Bitcoin and other cryptocurrencies. Unsurprisingly though, his statement on Twitter mirrored the stand taken by other regulators across the globe:
It is interesting that he has taken such a stand on digital currencies after the G20 member countries, which includes the US, expressed their commitment to the FATF standards.
In addition, Trump also weighed in on the ongoing debate about Facebook Libra and said that it will have little standing or dependability:
Finally, just like any other regulator, he heralded the United States Dollar:
However, Crypto Twitter was not amused with this tweet storm and had a lot of things to say:
Notably, there was no impact of his tweets on the cryptocurrency market. Bitcoin was trading upwards at the time of his tweet, and is currently trading at around $11,670, up 1% in the last 24 hours.
Regulators across the globe, including the ‘all powerful’ US President, have swung into action after announcement of Libra. Facebook’s cryptocurrency has regulators across the globe worried about its disruptive potential. Can the old world order withstand the new age revolution?