'I'm Not A Fan Of Bitcoin And Other Cryptocurrencies'

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In a tweet, Trump claimed that he was "not a fan" of crypto, mostly due to its volatility and lack of underlying value, saying that BTC and other cryptos are "not money".

(Kitco News) - U.S. President Donald Trump said on Thursday that he is not "a fan of bitcoin and other cryptocurrencies", referring to the digital coins as "not money".

Committee Chairwoman Maxine Waters expressed concern about the social-networking giant's plans for the token and questioned Powell about the Fed's thinking on it. Waters and others Democrats have been critical of Facebook's strategy, and she said the company may ultimately want "to establish a parallel banking and monetary policy system to rival the dollar".

On Twitter, many pointed out that Trump has over 60 million followers, and that through his tweets he put bitcoin and the cryptocurrency ecosystem in front of potentially thousands of new users who'll look into what cryptocurrency is.

The president criticized the assets for being "highly volatile" and accessible to criminals.

On Thursday evening, the U.S. president stated in a tweet that unregulated crypto assets possess the ability to facilitate unlawful behavior, so far the markets have been slower to react.

With nearly 62 million followers on Twitter, Trump has made crypto famous by getting 12,300 retweets, 41,000 likes, and 12,600 comments (and still counting) just for his first tweet.

The American billionaire leader has slammed the growing popularity of cryptocurrencies, stressing that digital assets only facilitate illegal activity and are made out of "thin air" - unlike, of course, the "reliable" United States dollar. It is by far the most dominant currency anywhere in the World, and it will always stay that way.

Bitcoin was trading at £9,302 ($11,660) at 9.45am BST on July 12, 2016, according to Coindesk.com data, suggesting the President Trump's tweets are having had little effect on short-term traders. In the US, Federal Reserve Chair Jerome Powell said he had "serious concerns" over privacy and money laundering. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy.

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