Donald Trump dealt a blow to Facebook’s cryptocurrency hopes today as he declared that the value of digital coins was based on “thin air”.
In a series of tweets the US President 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 …. crypto assets can facilitate unlawful behaviour, including drug trade and other illegal activity.”
He added that if Facebook, which is planning to launch its own currency in 2020, wanted to be a bank it must obtain a banking licence and be subject to all banking regulations.
Trump joins a chorus of top officials wary about Facebook’s plans, including Bank of England Governor Mark Carney. Facebook declined to comment.
