A new actor has entered the cryptocurrency scene. According to cybersecurity specialists, President Donald Trump seeks to make an impact on the value of virtual assets and, through a series of tweets, has mentioned that he is not a supporter of the use of Bitcoin or any other digital currency, as he considers them to be too volatile and there is nothing reliable to support its value.
“Unregulated virtual assets could encourage illegal practices, such as drug trafficking and money laundering,” can be read in one of the U.S. president’s publications.
To add some context, Trump’s opinion was posted online hours after Jerome Powell, chairman of the U.S. Federal Reserve, recognized that “even though Bitcoin is far from accepted as a massive means of transaction, it can be considered as a speculative value reserve, as is the case with gold.”
The statements of the Reserve president were made during his appearance before the U.S. Senate Banking Committee, after the announcement of Project Libra, the cryptocurrency developed by Facebook, as cybersecurity experts mentioned.
Among Trump’s multiple comments is a direct appointment against Mark Zuckerberg’s company, which has just announced its digital asset and blockchain project: “If Facebook or any other company wants to become banks, they must adapt to all banking regulations, like any other bank,” the president added.
Trump’s view has also begun a debate among the community of cybersecurity experts, virtual asset enthusiasts and even among other political actors, mainly between potential Democratic Party presidential candidates, who have begun question the government’s stance on blockchain technology and unregulated currencies.
According to specialists from the International Institute of Cyber Security (IICS), blockchain technology businesses will reach a value of close to $50 billion by the end of 2022, showing a fast-paced growth phase from 2020, when the Libra cryptocurrency is launched; in other words, many experts anticipate that Facebook’s digital asset will indeed become widely accepted as a form of payment in the near future.