Following the news of the US President, Donald Trump, criticising Bitcoin, Facebook’s proposed Libra digital coin and other cryptocurrencies, as well as saying that cryptocurrencies "are not money", temtum Founder and CEO, Richard Dennis MSc shares his thoughts:
“This is a reaction that anyone who believes in Bitcoin would expect - the highest government official on the planet in POTUS openly condemning cryptocurrencies as a vehicle for crime in order to protect the USD. There’s no hiding from the fact that cash and even gold and silver have been utilised for crime, completely untraceable, for thousands of years - yet cryptocurrencies are transparent in their very nature.
“Major banks are already integrating blockchain technologies to improve their processes and many are using forms for cryptocurrencies for cross border payments, increasing the speed and security, and reducing the cost of such transactions, which President Trump has not highlighted via Twitter.
“Bitcoin was created to provide anyone with a way to manage their own finances, make their own payments and store their own funds securely, all without central authorities or governments making huge profits, storing and selling data and being in complete control of our financial lives.
“The opinion of President Trump is no surprise as Bitcoin continues its strong position.”
