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Donald Trump: Bitcoin not money, value based on thin air, facilitates unlawful behavior

U.S. president Donald Trump finally expressed his views on Bitcoin and cryptocurrency, and the POTUS is not a fan.

Since his election to office in 2016, many pundits have speculated on his position on the predominant cryptocurrency. He finally aired his opinions:

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

President Trump reiterated many of the concerns that critics and the public have of the nascent technology. Well-known skeptics like Nouriel Roubini have decried Bitcoin for many of the same reasons denounced in the tweet, often calling it a bubble.

With Bitcoin’s use bootstrapped by adoption from Silk road, and with its widespread use in money laundering and tax evasion, it’s no surprise that President Trump is against cryptocurrency. With escalating trade wars with China and global economic uncertainty, it makes sense that officials in the U.S. government would want to maintain the dollar’s grip as the world’s global currency.

The markets seem largely unimpacted by the President’s stance, with Bitcoin climbing another 1.3 percent from the time of the tweet roughly an hour ago. That said, the news may have a greater impact as word spreads.

This story is developing, check back shortly.

Bitcoin, currently ranked #1 by market cap, is down 4.4% over the past 24 hours. BTC has a market cap of $204.49B with a 24 hour volume of $28.44B.

Chart by CryptoCompare

Bitcoin is down 4.4% over the past 24 hours.

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Professor of Economics @ NYU Stern School of Business

Mitchell is a software enthusiast and entrepreneur. In addition to writing, he runs a non-profit that teaches people about the blockchain. In his spare time he loves playing chess or hiking.

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