President Donald Trump called out cryptocurrencies including Bitcoin and Facebook’s Libra, claiming their value is “based on thin air.”
In a string of tweets posted Thursday night, Trump said the currencies are not as dependable or reliable as the U.S. dollar.
“I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air,” said Trump, adding unregulated currencies can “facilitate unlawful behavior.”
Trump also said Facebook, which plans to launch its own virtual currency called Libra, will not prove as dependable. “If Facebook and other companies want to become a bank, they must seek a new Banking Charter and become subject to all Banking Regulations, just like other Banks,” he wrote.
Last month, Facebook announced it would launch Libra, aimed at consumers around the world who don’t have bank accounts. The currency is managed by a network co-founded by several companies including Facebook, eBay, Uber, Lyft, PayPal and Visa.
Meanwhile, the price of Bitcoin was up more than $2 as of Friday morning.
Trump is not the only one to voice concerns about Facebook’s Libra currency. During a Congressional committee hearing this week, Federal Reserve Chairman Jerome Powell said Libra raises “serious concerns” regarding issues such as privacy and consumer protection, reports CNBC.
“These are concerns that should be thoroughly and publicly addressed,” said Powell.
Follow Brett Molina on Twitter: @brettmolina23.