Donald Trump’s “not a fan” of bitcoin

US president Donald Trump.
US president Donald Trump.
Image: Pablo Martinez Monsivais/AP
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Donald Trump is officially a nocoiner—a person who thinks bitcoin and other cryptocurrencies are a giant scam.

In a tweet thread on Thursday (July 11), Trump said cryptocurrencies are “not money” and their value is “based on thin air.” He went on to attack Libra, Facebook’s forthcoming crypto, and demanded the company comply with banking regulations.

“If Facebook and other companies want to become a bank, they must seek a new banking charter and become subject to all banking regulations,” Trump wrote. It’s not clear what set off his digital barrage.

President Trump’s commentary put Facebook back in the crosshairs just hours after the White House hosted a social media summit—notably without Facebook, Twitter, or Google on the invite list.

This has already been a tough week for Facebook, whose crypto plans also came under fire from Federal Reserve chair Jerome Powell at a House Financial Services Committee hearing. “Libra raises many serious concerns regarding privacy, money laundering, consumer protection and financial stability,” said Powell. “These are concerns that should be thoroughly and publicly addressed before proceeding.”

David Marcus, head of Facebook’s Calibra crypto wallet, is expected to testify about Libra before the Senate Banking Committee next Tuesday (July 16).