{"id":6887,"date":"2019-07-12T11:51:09","date_gmt":"2019-07-12T08:51:09","guid":{"rendered":"https:\/\/forklog.media\/?p=6887"},"modified":"2019-07-20T17:35:57","modified_gmt":"2019-07-20T14:35:57","slug":"bitcoin-price-goes-up-after-donald-trump-says-cryptocurrencies-arent-money","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/bitcoin-price-goes-up-after-donald-trump-says-cryptocurrencies-arent-money\/","title":{"rendered":"Bitcoin Price Goes Up After Donald Trump Says Cryptocurrencies Aren\u2019t Money"},"content":{"rendered":"<p>The US president has made his first-ever public comments about Bitcoin and cryptocurrencies, stating that they \u201care not money\u201d while their \u201cvalue is highly volatile and based on thin air.\u201d<!--more--><\/p>\n<p>Taking to Twitter in early hours on Friday, Donald Trump said:<\/p>\n<blockquote><p><strong>\u201cI 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.\u201d<\/strong><\/p><\/blockquote>\n<p>After falling down close to $11,000 on Thursday evening, the price of Bitcoin not only stayed unaffected by Trump\u2019s comments, but even went up to over $11,700 on Friday morning, with the following correction taking it slightly below $11,600.<\/p>\n<p>US president meanwhile also took aim Facebook\u2019s Libra project, insisting that the world\u2019 largest social network and other token issuers must \u201cface global regulations\u201d if they intend on \u201cbecoming banks.\u201d<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p dir=\"ltr\" lang=\"en\">&#8230;.Similarly, Facebook Libra\u2019s \u201cvirtual currency\u201d will have little standing or dependability. If Facebook and other companies want to become a bank, they must seek a new Banking Charter and become subject to all Banking Regulations, just like other Banks, both National&#8230;<\/p>\n<p>\u2014 Donald J. Trump (@realDonaldTrump) <a href=\"https:\/\/twitter.com\/realDonaldTrump\/status\/1149472284702208000?ref_src=twsrc%5Etfw\">July 12, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Donald Trump further added that there\u2019s only one real and most dominant currency in the USA and globally, and that\u2019s USD.<\/p>\n<blockquote class=\"twitter-tweet\" data-conversation=\"none\" data-lang=\"en\">\n<p dir=\"ltr\" lang=\"en\">&#8230;and International. 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!<\/p>\n<p>\u2014 Donald J. Trump (@realDonaldTrump) <a href=\"https:\/\/twitter.com\/realDonaldTrump\/status\/1149472285905940480?ref_src=twsrc%5Etfw\">July 12, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Cryptocurrency enthusiasts have taken to social media to denounce the president\u2019s comments, but just as many said that the outburst will likely be a blessing in disguise \u2013 helping grant cryptocurrency with further acknowledgment and exposure.<\/p>\n<blockquote><p><strong>\u201cWell done (Donald Trump) for bringing more awareness to (Bitcoin),\u201d<\/strong> one popular response <a href=\"https:\/\/twitter.com\/nebraskangooner\/status\/1149486984928231424\" target=\"_blank\" rel=\"noopener noreferrer\">read<\/a>, sharing data from Google Trends.<\/p><\/blockquote>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-6890\" src=\"https:\/\/forklog.com\/en\/wp-content\/uploads\/2019\/07\/D_PMURvVUAUqHRl.jpg\" alt=\"Bitcoin Price Goes Up After Donald Trump Says Cryptocurrencies Aren\u2019t Money\" width=\"675\" height=\"1200\" srcset=\"https:\/\/forklog.com\/en\/wp-content\/uploads\/2019\/07\/D_PMURvVUAUqHRl.jpg 675w, https:\/\/forklog.com\/en\/wp-content\/uploads\/2019\/07\/D_PMURvVUAUqHRl-169x300.jpg 169w, https:\/\/forklog.com\/en\/wp-content\/uploads\/2019\/07\/D_PMURvVUAUqHRl-576x1024.jpg 576w, https:\/\/forklog.com\/en\/wp-content\/uploads\/2019\/07\/D_PMURvVUAUqHRl-264x470.jpg 264w\" sizes=\"auto, (max-width: 675px) 100vw, 675px\" \/><\/p>\n<p>CEO of Coinbase Brian Armstrong meanwhile said he always dreamt about a sitting U.S. president needing to respond to growing cryptocurrency usage years ago.<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p dir=\"ltr\" lang=\"en\">Achievement unlocked! I dreamt about a sitting U.S. president needing to respond to growing cryptocurrency usage years ago. &#8220;First they ignore you, then they laugh at you, then they fight you, then you win\u201d. We just made it to step 3 y&#8217;all. <a href=\"https:\/\/t.co\/N3tzUKELaK\">https:\/\/t.co\/N3tzUKELaK<\/a><\/p>\n<p>\u2014 Brian Armstrong (@brian_armstrong) <a href=\"https:\/\/twitter.com\/brian_armstrong\/status\/1149492705673695232?ref_src=twsrc%5Etfw\">July 12, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Others tried to convince Trump to reevaluate, including Tron CEO, Justin Sun, who invited him to his existing charity dinner showdown with another Bitcoin critic Warren Buffett.<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p dir=\"ltr\" lang=\"en\">Mr. President, you are misled by fake news. <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> &amp; <a href=\"https:\/\/twitter.com\/hashtag\/Blockchain?src=hash&amp;ref_src=twsrc%5Etfw\">#Blockchain<\/a> happens to be the best chance for US! I&#8217;d love to invite you to have lunch with crypto leaders along with <a href=\"https:\/\/twitter.com\/WarrenBuffett?ref_src=twsrc%5Etfw\">@WarrenBuffett<\/a> on July 25. I guarantee you after this lunch, nobody will know crypto more than you!<\/p>\n<p>\u2014 Justin Sun (@justinsuntron) <a href=\"https:\/\/twitter.com\/justinsuntron\/status\/1149509941935239169?ref_src=twsrc%5Etfw\">July 12, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Trump\u2019s comments come one day after the Federal Reserve chairman, Jerome Powell, <a href=\"https:\/\/www.reuters.com\/article\/us-usa-fed-powell-libra\/facebook-digital-currency-plan-raises-serious-concerns-fed-chief-idUSKCN1U51VE\" target=\"_blank\" rel=\"noopener noreferrer\">told lawmakers<\/a> that Facebook\u2019s plan to build a digital currency called Libra cannot move forward unless it addresses concerns over privacy, money laundering, consumer protection and financial stability.<\/p>\n<p>Powell said the Fed has established a working group to follow the project and is coordinating with other government\u2019s central banks. The US Financial Stability Oversight Council, a panel of regulators that identifies risks to the financial system, is also expected to make a review.<\/p>\n<p>Facebook <a href=\"https:\/\/libra.org\/en-US\/\" target=\"_blank\" rel=\"noopener noreferrer\">announced<\/a> last month it would launch its global cryptocurrency in 2020. Facebook and 28 partners, including Mastercard Inc, PayPal Holdings Inc and Uber Technologies Inc, would form the Libra Association to govern the new coin. No banks are currently part of the group.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The US president has made his first-ever public comments about Bitcoin and cryptocurrencies, stating that they \u201care not money\u201d while their \u201cvalue is highly volatile and based on thin air.\u201d<\/p>\n","protected":false},"author":1,"featured_media":6901,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"human_written","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[18,30,991,992],"class_list":["post-6887","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin","tag-cryptocurrency","tag-donald-trump","tag-usd"],"aioseo_notices":[],"amp_enabled":true,"views":"1307","promo_type":"1","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/6887","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=6887"}],"version-history":[{"count":3,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/6887\/revisions"}],"predecessor-version":[{"id":6892,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/6887\/revisions\/6892"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/6901"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=6887"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=6887"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=6887"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}