Cryptocurrency Is "Not Money", Says Donald Trump

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The American public and global community, the president argued, should use the "reliable" U.S. dollar instead, as he called for more federal regulations of peer-to-peer financial transactions.

Rep. Maxine Waters (D-CA), who heads the House Financial Services Committee, said that by introducing its own currency Facebook was "continuing its unchecked expansion and extending its reach into the lives of its users".

Facebook declined to comment on Trump's concerns.

US President Donald Trump expressed his mistrust of cryptocurrency Thursday, saying it was "not money" and warning that those wishing to join the trade would have to abide by banking regulations.

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It is also a fact that America's arch-rival, Russia, is venturing into the crypto space, with the aim of substituting United States dollars in global trade.

The US Department of Treasury has been pursuing tighter control of crypto too with its advocacy of stringent AML/KYC rules.

On Thursday, US President Donald TRUMP tweeted that he was "not a fan" of cryptocurrencies, stating that they were "not money", and referred to price volatility against the dollar. "Indeed, it is now nearly universally regarded as the future of money", said Green. Bitcoin, which leads the cryptocurrency bandwagon in the financial market, has been in the headlines recently owing to two key comments. Growing political and economic tensions with Russia, China, Venezuela, Turkey, Iran, and India, might strengthen an alternate currency, which could most possibly be Bitcoin.

Bitcoin was trading at £9,302 ($11,660) at 9.45am BST on July 12, 2016, according to data, suggesting the President Trump's tweets are having had little effect on short-term traders.

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Despite Trump's negative views on bitcoin and the cryptocurrency space in general, the cryptocurrency community applauded his tweet over the free publicity it gave BTC. "The crypto industry will be rubbing its hands with glee".

"The truth is that Bitcoin isn't going anywhere". He said that they are volatile and based on thin air. The message from the president is clear: If you want to invest in a currency, ditch the crypto and look to the USA dollar.

"[This] makes the case for Bitcoin even stronger".

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