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The Best Responses to Donald Trump’s Claim That Bitcoin Is Backed by ‘Thin Air’

The cryptosphere was rubbing its hands with glee when U.S. president Donald Trump fired off a typically cantankerous tweetstorm on June 11 in which he took aim at Bitcoin, cryptocurrencies and Libra. Bitcoiners relished the sudden attention directed towards their sphere from the president’s 62 million-strong Twitter account, but took issue with the veracity of his claims. Here are 10 of the best replies.

Also read: Expert Witness in Satoshi Case Claims Dr Wright’s Documents Were Doctored

“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,” began Donald Trump, never one to mince his words or check his facts before hitting send. “Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity….” He went on to take aim at Facebook’s Libra currency, asserting that a banking charter is required to engage in money transmission. Then came the kicker, draped in the stars and stripes and dispatched on the wings of a bald eagle:

We have only one real currency in the USA, and it is stronger than ever, both dependable and reliable. It is by far the most dominant currency anywhere in the World, and it will always stay that way. It is called the United States Dollar!

At that moment, several million people were exposed to Bitcoin for the first time, while 15,000 who were already familiar with the benefits of cryptocurrency took to Twitter and set President Trump right on a few matters.

To counter the second of Trump’s misleading claims (the first being that the value of bitcoin is based on ‘thin air’), one user directed the president towards a series of images dispelling the notion that cryptocurrency is criminals’ currency of choice:

Others took aim with the U.S. dollar’s diminishing value against bitcoin by linking to usdsat.com.

And then there were those who targeted broader issues, such as America’s role in causing global instability through phony drug wars, unwarranted drone attacks, dragnet surveillance and operating a de facto financial cartel.

Many bitcoiners, however, were simply content in the knowledge that ‘the virus’ was spreading, and tomorrow millions would awaken with their curiosity piqued by Bitcoin’s capabilities.

As Nic Carter, addressing the tribalistic battleground that is crypto Twitter, put it, “For one glorious moment we were united.”

What are your thoughts on Donald Trump’s Bitcoin assertions? Let us know in the comments section below.

Images courtesy of Shutterstock.

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