President Trump on Thursday, July 11, blasted bitcoin and other cryptocurrencies, including Facebook’s newly announced digital currency Libra, saying “I am not fan,” amid rising concerns over new forms of currencies from lawmakers and regulators. 

The president also raised concerns that those currencies can be used for illegal activities. “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. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity,” the president tweeted.

President Trump also warned of Facebook’s Libra, a cryptocurrency run by the nonprofit Switzerland-based Libra Association, insisting that Facebook must seek a formal federal approval and be subject to banking regulations if it wants to join the financial services industry.

“Similarly, Facebook Libra’s ‘virtual currency’ will have little standing or dependability. 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, both National and International,” the president tweeted.

The president seemed to prefer traditional currency by praising the U.S. dollar, “We have only one real currency in the USA, and it is stronger than ever, both dependable and reliable. It is by far the most dominant currency anywhere in the World, and it will always stay that way. It is called the United States Dollar!” the president tweeted.

This is not a good news for cryptocurrencies, when on Wednesday, Federal Reserve Chairman Jerome Powell said in front of the House Financial Services Committee that he had “serious concerns” over Facebook’s digital currency Libra.

“Libra raises serious concerns regarding privacy, money laundering, consumer protection, financial stability,” Powell said. “These are concerns that should be thoroughly and publicly addressed.”

Powell also said the approach for regulatory oversight of the global cryptocurrency should be a “careful one, not a sprint to implementation.”

Bitcoin dropped 12% after the news, according to CNBC. 

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