United States president Donald Trump has published a string of tweets stating his views on cryptocurrency and the value of Bitcoin. Saying that he is not a fan of Bitcoin claiming that it is “based on thin air“, Trump moved to advocate the US Dollar, saying it is the “most dominant currency” in the world and is “stronger than ever” while being “dependable and reliable”.
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
Trump also slated Facebook’s Libra, stating that he thinks that it is not dependable and has little standing. He continued to say that Facebook, and other companies wanting to become a bank, “must seek a new Banking Charter and become subject to all Banking Regulations”.
The president’s tweets could have been sparked as the time draws closer to the US House of Representatives hearing regarding Libra’s legality. In an official press release, the next date to discuss Libra will be held on Wednesday 17th July.
Bitcoin vs the US Dollar
Since Trump took office in 2017, the US dollar index has dropped, ultimately showing a drop in value. The returns on other US commodities have also dropped in value. Bitcoin, on the other hand, is over 1000% in the green. While the cryptocurrency market is volatile and can show spikes in prices, it has consistently gained both attention and traction.
Returns during the Trump presidency…
US Steel: -58% ?
Peabody Energy (Largest US Coal Producer): -9% ?
US Dollar Index: -4% ?
Bitcoin: +1,186% ??? pic.twitter.com/4c1OimWB7k
— Charlie Bilello (@charliebilello) July 12, 2019