Donald Trump: Bitcoin Is ‘Not Money’, It’s ‘Based on Thin Air’


Bitcoin is "not money" and is "based on thin air", according to Donald Trump who also criticized Facebook’s proposed Libra cryptocurrency.

 President Trump demanded that Facebook seek a banking charter and make themselves subject to US and global regulations if they want to “become a bank”.

“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,” Trump wrote on Twitter.

 Bitcoin is currently worth $11,677.60 per coin, after peaking at $19,783.06 in December 2017 before plunging to less than $4000 in February this year before rallying.

 Trump also warned Facebook it would become subject to banking regulations if it launches a cryptocurrency.

“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 and International,” he added.

 Guardian reports: Facebook, the White House, the Federal Reserve and the Treasury Department did not immediately respond to requests for comment.

 Trump’s comments come one day after the Federal Reserve chairman, Jerome Powell, told lawmakers that Facebook’s plan to build a digital currency called Libra cannot move forward unless it addresses concerns over privacy, money laundering, consumer protection and financial stability.

 Powell said the Fed has established a working group to follow the project and is coordinating with other government’s 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.

 Facebook announced 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.

 JPMorgan Chase & Co, the largest US bank by assets, plans to launch its own digital coins.

 Bitcoin, the best-known digital coin, was created in 2008 as an alternative to currencies controlled by governments and banks, but crypto trading and digital currencies remain largely unsupervised. The market has also faced allegations of money laundering and terrorist financing.

https://newspunch.com/donald-trump-bitcoin-not-money-based-thin-air/

Views: 18

Reply to This

Replies to This Discussion

 Correct, it is a controlling game, and people are waking up to the banking scam.

RSS

LIGHTER SIDE

 

Political Cartoons by Al Goodwyn

Political Cartoons by AF BrancoPolitical Cartoons by Michael Ramirez

ALERT ALERT

SICK: New Jersey Awarded $3.8 Million In Financial Aid To Illegal Aliens


 A local news report revealed that the state of New Jersey awarded $3.8 million in financial aid to illegal immigrants during the 2018-2019 school year.

According to a report from NJ.com, the state of New Jersey gave $3.8 million in financial aid to 749 illegal immigrant students in the last academic year. More than a quarter of the funding went to 328 illegal immigrants that attend Rutgers University.

New Jersey Governor Phil Murphy signed a law last year that allowed illegal immigrants to apply for financial aid. Prior to the signing, illegal immigrants were permitted to apply to pay in-state tuition at public universities but they were not eligible for financial aid.

Murphy, who supports the spending, hit back at Republican critics by arguing that giving financial aid to illegal immigrants is compatible with American values.

“I’d even invite any of those folks who have that attitude, beginning with our president, to come on into this room and allow me or any of us to say, ‘This is the United States of America,’” Murphy said at the time.

David J. Socolow, executive director of the state’s Higher Education Student Assistance Authority, defended the state’s decision to offer financial aid to illegal immigrants.

“This financial assistance offers these New Jersey students a life-changing opportunity,” Socolow said in a brief comment.“The successes of these first 513 students, who are now attending county colleges, state colleges and universities, and independent institutions around the state, will have a positive impact on countless additional lives.”

According to the report, there is currently no limit on the amount of illegal immigrant students that are permitted to receive financial aid from the state of New Jersey. State lawmakers forecast that they will spend approximately $5 million on financial aid for illegal immigrants each year.

Video: Flashback: NJ Governor signs bill allowing free tuition for illegal immigrants

© 2019   Created by Steve - Ning Creator.   Powered by

Badges  |  Report an Issue  |  Terms of Service