Post
Topic
Board Bitcoin Discussion
Re: Why president Donald trump is not a fan of bitcoin?
by
ramsdaj28
on 16/07/2019, 01:17:54 UTC
Donald Trump tweeted that “ He is not a fan of Bitcoin and other Cryptocurrencies, which are not money, & whose value is highly volatile and based on thin air”

“If Facebook and other companies want to become a bank, they must seek a new Banking Charter & become subject to all Banking Regulations

What's the reason behind this criticize?

Take my comments as opinions. Do not take it seriously or make it a factual context.

I see two reasons why Trump said this.

1. GOOD THING:
Yes, he is correct. cryptocurrencies are not MONEY but ASSETS that can be exchanged for REAL MONEY.
Volatility is also one of the bad characteristics of a cryptocurrency. Unlike fiats, cryptocurrencies doesn't have stability in terms of value. Investing in cryptocurrency is actually a bad thing to do esp. if you are using your hard-earned money (i.e. salary) for investment. Investing in cryptos is like putting your money in danger.

2. BAD THING:
The other reason that I'm thinking why Trump said that is because he might be planning to create his own cryptocurrency. ALthough it might be contrary to his latter statement (cryptos are not money), he might just want to get people's trust esp. that he's known as one of the richest people on Earth. If that's so, he can control his own crypto and might beat the bitcoin as the best crypto of all time.

Again, these are just opinions. I accept criticism, but these are my views.