---
title: "Trump: Cryptocurrencies Are “Not Money,” “Based on Thin Air”"
description: "Donald Trump tweeted his distaste for cryptocurrency on Thursday, calling the digital assets \"not money\" and \"based on thin air.\""
date: "2019-07-12"
modified: "2019-07-12"
authors:
  - name: "Kristin Houser"
    link: "https://futurism.com/authors/kristin"
url: "https://futurism.com/the-byte/trump-cryptocurrency-not-money-thin-air"
categories:
  - "Bitcoin"
  - "Blockchain"
  - "Cryptocurrency"
  - "Future Society"
tags:
  - "bitcoin"
  - "cryptocurrency"
  - "donald trump"
  - "libra"
  - "the digest"
---

# Trump: Cryptocurrencies Are “Not Money,” “Based on Thin Air”

![Donald Trump tweeted his distaste for cryptocurrency on Thursday, calling the digital assets "not money" and "based on thin air."](<https://futurism.com/wp-content/uploads/2019/07/trump-cryptocurrency-not-money-thin-air.jpg>)
*\<em\>Image: White House/Victor Tangermann\</em\>*

## Crypto Criticism

On Thursday, U.S. President Donald Trump took to Twitter to [lash out at cryptocurrencies](<https://www.theguardian.com/us-news/2019/jul/12/donald-trump-bitcoin-and-cryptocurrencies-arent-money>), the blockchain-based digital assets some believe will one day replace traditional money.

"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," he [tweeted.](<https://twitter.com/realDonaldTrump/status/1149472282584072192?ref_src=twsrc%5Etfw>)

And Bitcoin wasn't the only crypto he called out by name, either — he also took a shot at Facebook's [newly announced blockchain project](<https://futurism.com/facebook-libra-cryptocurrency>).

"Facebook Libra’s 'virtual currency' will have little standing or dependability," [Trump tweeted](<https://twitter.com/realDonaldTrump/status/1149472284702208000?ref_src=twsrc%5Etfw>). "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."

## Facebook Shade

The timing of Trump's anti-Libra tweets could be tied to comments made by Federal Reserve Chairman Jerome Powell on Wednesday.

"Libra raises serious concerns regarding privacy, money laundering, consumer protection, financial stability,” Powell told a Congressional committee, [according to *CNBC*](<https://www.cnbc.com/2019/07/10/powell-says-facebooks-libra-cryptocurrency-raises-serious-concerns-such-as-money-laundering.html>). "These are concerns that should be thoroughly and publicly addressed."

Additionally, Trump might have had Facebook on his mind Thursday given that the White House [hosted a social media summit](<https://www.cnn.com/2019/07/11/politics/donald-trump-social-media-summit-census-fact-check/index.html>) earlier in the day.

In either case, it seems Facebook won't have an ally in Trump as it attempts to bring its new digital currency to the masses — but that might not be an insurmountable hurdle for a company as [powerful as Mark Zuckerberg's](<https://futurism.com/the-byte/senator-facebook-crypto>).

**READ MORE:** [Donald Trump: Bitcoin and cryptocurrencies aren't money](<https://www.theguardian.com/us-news/2019/jul/12/donald-trump-bitcoin-and-cryptocurrencies-arent-money>) \[*The Guardian*\]

**More on Libra:** *[Fintech Expert: Libra Could Be Facebook’s Downfall](<https://futurism.com/the-byte/finance-libra-facebook-downfall>)*

### Author social links  
[LinkedIn](<https://www.linkedin.com/in/kristinjhouser>)