Bitcoin, which has taken a beating over the last few days, has held steady despite U.S. president Donald Trump unleashing a tirade against bitcoin, Facebook’s planned Libra cryptocurrency project and what he called “unregulated crypto assets.”
The bitcoin price is trading sideways over the last 24-hour trading period, holding at around $11,360 per bitcoin, but remains up some 200% so far this year, largely due to interest swirling around big tech company’s newfound interest in bitcoin and crypto.
Trump, who made the comments via Twitter, attacked bitcoin, branding it and other cryptocurrencies “unregulated crypto assets” that can “facilitate unlawful behavior, including drug trade and other illegal activity.”
Trump’s bitcoin comments appear to have been sparked by concerns around social media giant Facebook’s planned Libra cryptocurrency, which the chair of the U.S. federal reserve, Jerome Powell, this week said: “raises many serious concerns.”
“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,” Trump said. “Unregulated crypto-assets can facilitate unlawful behavior, including drug trade and other illegal activity.”
Trump, who added “Facebook Libra’s ‘virtual currency’ will have little standing or dependability,” said that Facebook will have to comply with U.S. and international banking regulations if it wants to “become a bank.”
“We have only one real currency in the U.S.A., and it is stronger than ever, both dependable and reliable,” Trump said. “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!”