Trump Has a Favorite Currency and Its Not Bitcoin

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Summary

The irony of all this is that the biggest probable threat to the dollar’s reserve status is Trump himself. Bitcoin is a “speculative store of value” that has failed to catch on, Powell said on Capitol Hill this week. One: Bitcoin and other cryptocurrencies are great for criminals and speculators, and bad for everyone else. Two: Facebook Inc.’s proposed digital token – Libra – is going to put Mark Zuckerberg’s social network under tough scrutiny by financial regulators. This week, though, the U.S. president turned his back on alt-right cryptonomics with a series of tweets that made clear he has time for only one currency: The dollar.

Article PreviewBy Lionel Laurent | Bloomberg July 12 at 10:30 AM

When Donald Trump’s former adviser, Steve Bannon, praised Bitcoin last year as “disruptive populism” and revealed he was working on his own cryptocurrency, it was evidence of something many people had long suspected: The forces driving the growth of anarchic, get-rich-quick digital tokens are very similar to those buoying Trump and his imitators. Both are born out of a resentment of establishment politics and a hatred of central authorities such as the Federal Reserve.

This week, though, the U.S. president turned his back on alt-right cryptonomics with a series of tweets that made clear he has time for only one currency: The dollar.

Trump made three unusually thoughtful and concise points. One: Bitcoin and other cryptocurrencies are great for criminals and speculators, and bad for everyone else. Two: Facebook Inc.’s proposed digital token – Libra – is going to put Mark Zuckerberg’s social network under...

Read the full article @ The Washington Post