Donald Trump, the current President of the United States of America, has tweeted saying he was not a fan of Bitcoin (BTC) and other cryptocurrencies in general. Unregulated crypto-assets can contribute to illegal behavior, including drug trafficking and other illegal activities. "Whatever Bitcoin morphs into, and however the broader crypto environment evolves, it's the future and in criticizing Libra and Bitcoin President Trump has given digital currencies the supreme validation they needed".
Trump alone is already a huge barrier to overcome as he said on Thursday that if Facebook wants to transition into a bank, it must comply with all Banking Regulations and "seek a new Banking Charter".
Indicating a preference for traditional currency, the President added "we have only one real currency in the U.S., and it is stronger than ever, both dependable and reliable". He made that much clear in a Thursday evening tweetstorm dunking on the latest proposed entrant in the digital currency world. President Donald Trump just referred to cryptocurrency as "not money" and also warned about the power that Facebook could wield with their own currency.
"Libra raises many serious concerns regarding privacy, money laundering, consumer protection and financial stability, " Mr. Powell said during his semi-annual testimony on monetary policy before the House of Representatives Financial Services Committee. Facebook's Libra project, meanwhile, has a role to play here in terms of bringing new users onboard, but won't be as influential as many industry observers have been predicting.
Crypto markets shrugged off Trump's tirade, with bitcoin trending up to stand at $11.618 in morning trading.
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The President's remarks are aimed towards throttling Facebook's development, but this has also sparked a flurry of replies from cryptocurrency advocates.
If the president and both Houses of Congress gang up on Libra and other cryptocurrencies, then those digital currencies face an even rougher road to acceptance.
Facebook a few weeks ago unveiled its Libra digital coin and blockchain endeavor, a product meant to significantly reducing the remittance fees and waiting time when people exchange money on Facebook.