Bitcoin’s value is based on thin air, says Trump

Bitcoin’s value is based on thin air, says Trump

President Trump tweeted Thursday criticizing Bitcoin and other cryptocurrencies while saying they were not money. Trump added that the value of cryptocurrencies is highly volatile and ’based on thin air’. He even took a shot at Facebook’s proposed Libra digital coin, demanding that companies seek a banking charter and make themselves subject to regulations if they wanted to aimed to be a bank.

(Un)Fortunate Son
(Un)Fortunate Son 7 months

He ain’t wrong. He never said it wasn’t profitable however it can be a serious gamble.

David M. Bebber
David M. Bebber 7 months

...much like USD or any other fiat currency.

GG WP 7 months

How is this "dumb shit" exactly? It's entirely accurate. Anyone who is even remotely familiar with the crypto market would agree.

Sailorman 7 months

The value of everything is based on people’s perception of its value.. from crypto to fiat to real estate to gold... fiat currencies have absolutely nothing backing their value either except again people’s perceived value of it

Roadhog 7 months

Cryptos have value for the same reasons fiat currencies do. 1. Currency is a useful tool of exchange. If I want to buy what you're selling, I don't need to check your Amazon wishlist for something I can barter with. I'll just pay in a currency you accept. 2. Currency can store value longer than most things. When I'm saving for retirement, I'll use currencies that I don't expect to plummet in value rather than goats and chickens. And then there are some advantages for decentralized cryptos over government money. Like the ability to evade capital controls and bypass hyperinflation, for this reason Bitcoin has helped many Venezuelans scrape by already. Probably the single greatest feature of decentralized cryptos is the inability of oppressive governments to control it. Only a matter of time before we will need it too.

Cory Pritchard
Cory Pritchard 7 months

Its value comes from the collective disgust for the banking system and system in general.

Rocky LeBlanc
Rocky LeBlanc 7 months

Thin air and China's ability to manipulate a market that they centralized control of the supply. ChinaCoin.

TrumpBumperCar 7 months

See, this is what you can criticize Trump. Dumb s$#@ like this.

david dindu
david dindu 7 months

usd is backed by opec oil. thats why we always ignore the dumb shit shit saudi arabia does

Naidu VGA
Naidu VGA 7 months

Another pottie post from the king of the toilet wall scribblers.

Raymond M Hein Jr
Raymond M Hein Jr 7 months

the u.s. dollar is also based on thin air

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