Trump Is All Wrong about Bitcoin
President Trump says he’s not a fan of Bitcoin and suggested the only real currency is the US dollar.
rustrated with the Federal Reserve’s degree of political independence and influence over of the economy, President Donald Trump has recently taken to publicly criticizing the man he chose to run the country’s central bank, Jerome Powell. “If we had a Fed that would lower interest rates, we’d be like a rocket ship,” Trump proclaimed last week, “but we don’t have a Fed that knows what they’re doing.”
Trump’s Flawed View of Bitcoin
As a result of Trump’s complaints, Powell recently engaged in two days of congressional testimony on Capitol Hill this past Wednesday and Thursday. During his testimonies, in which he discussed a variety of economic issues, Powell took the time to address Bitcoin. “Almost no one uses Bitcoin for payments, they use it more as an alternative to gold,” according to Powell, who continued to refer to the cryptocurrency king as “a speculative store of value.” This did not, however, sit well with the disgruntled 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….— Donald J. Trump (@realDonaldTrump) July 12, 2019
Following the final day of Powell’s testimonies, Trump used his notorious presence on Twitter to denounce Bitcoin, Facebook’s Libra coin, and other cryptocurrencies. “I’m not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air,” according to the president, who linked their uses to the drug trade and other illegal activity