Trump says Bitcoin and Libra based on ‘thin air’

The US President tweeted that Facebook’s Libra should apply for a banking licence for its planned digital currency.

Image source: Wikimedia Commons

Donald Trump slammed Facebook’s Libra and Bitcoin saying they are “based on thin air” and aid “the drug trade”.

The US President (pictured) posted three tweets last night where he said digital currencies “have little standing or dependability”, adding that the big tech giant should seek a banking licence if it wanted to launch a currency.

He said: “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.”

He added: “Facebook Libra’s “virtual currency” will have little standing or dependability. If Facebook and other companies want to become a bank, they must seek a new Banking…