The most powerful man in America (and possibly in the world), President Donald Trump, aggravated the crypto community on July 12 when he took to his Twitter account to rain down fire and brimstone on Bitcoin, the soon-to-be-launched Facebook Libra, and other cryptocurrencies.
In his multiple crypto-bashing tweets, Trump stated without mincing words that he is not a fan of cryptocurrency. Punching even harder, Trump added that cryptocurrencies “are not money” and that their value is highly volatile and based on thin air.
In another tweet, he called out Facebook Libra, saying it will have little standing or dependability just like Bitcoin and other crypto coins, basing his “assumptions” on the fact that the crypto sphere still struggles with price volatility and regulation issue. Trump advised Facebook and other companies who “want to become a bank” to “seek a new Banking Charter and become subject to all Banking Regulations, just like other Banks, both National and International.”
As expected, some crypto faithfuls “educated” the President with several tweets of their own.
A tweet from Caitlin Long implied that the President has limited knowledge of the crypto space. While she is considered a ‘Trump-devotee’ and although she voted for the President, Long clearly does not agree with his anti-Bitcoin outburst.
Doubling down on their counter attacks, one of the Twitter users Emily Parker called the attention of the President to an article she wrote last year titled Bitcoin is Bigger than Trump, in which she explains that until now the Bitcoin price has remained quite unaffected by the various political scandals surrounding the president.
One of the Winklevoss twins, Tyler Winklevoss, also gave a reply via Gemini’s Twitter account where he philosophically stated that he is putting his faith in the math rather than “politics and human error.”
Long-Standing Feud Since the Inception of Crypto
The long-standing feud between the crypto sphere and the feds, financial regulators, and governments keeps getting heated by the day.
These constant conflicts are not unexpected anyway as we all know from the onset that cryptocurrency was created to help circumvent the ridiculous third-party roles in the traditional financial world. Bitcoin, for example, was created after the financial crisis in 2008 to help people take control of their hard-earned money while also giving them a safer and more transparent means to send money across borders without having to go through senseless rates and centralized government rules.
Of course, the governments are disturbed by crypto because it could completely revolutionize the existing financial world. However, that isn’t the placard justification governments raise to the public. Instead, they are banking on the fact that the crypto world still has some loopholes that can be exploited for illegal activities such as money laundering, trafficking, cyber crimes, etc. But were these crimes non-existent before the emergence of crypto coins? Is money not yet being laundered by cash?
What do you think about Trump’s anti-crypto tweetstorm?