President Trump slammed the cryptocurrency market on Thursday, claiming that the digital assets are "not money" and their value is "based on thin air". CoinDesk reported that David Marcus, the head of Calibra, the Facebook-owned division that will provide Libra services, is scheduled to testify before both the U.S. Senate Banking Committee and the House Financial Services Committee next week. "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".
His opposite number in the US, Federal Reserve chairman Jerome Powell, said Libra can not move forward unless it addresses concerns over privacy, money laundering, consumer protection and financial stability.
In under an hour on June 12 at 8.15pm ET (1.15am BST), the bitcoin price dropped £500 in 45 minutes, before another surge brought prices back to the $11,400 level.
Trump's comments come one day after Federal Reserve Chairman Jerome Powell told lawmakers that Facebook's plan to build a digital currency called Libra could not move forward unless it addressed concerns over privacy, money laundering, consumer protection and financial stability. He has been published by The Financial Times, Reuters, the Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC.
He also claimed not to be a fan and lauded the USA dollar as the most dependable and dominant in the world, which suggests the road ahead is not going to be easy for these assets in the US. Second, it was the President of the United States releasing an anti-Bitcoin statement.
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Why Does Donald Trump Hate Bitcoin And Cryptocurrencies?
Mr. Trump added, "If Facebook and other companies want to become a bank, they must seek a new Banking Charter and become subject to all Banking Regulations".
They frequently point out that since blockchain transaction records are immutable and public, that such cryptocurrencies are indeed more transparent than fiat currencies.
Cryptocurrency has flourished since Bitcoin launched in 2009.
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