Donald Trump Attacks BTC
In the book, Bolton allegedly claims that Donald Trump wanted to “go after” bitcoin since the year 2018. For the last two years, Trump allegedly was looking to go after the cryptocurrency space and hit it hard with massive regulatory tactics that would bring unregistered crypto activity to its knees.
The book – entitled “The Room Where It Happened” – suggests that the BTC conversation took place between Trump and Secretary of the Treasury Steve Mnuchin during a meeting regarding China tariffs. At the time, bitcoin was suffering heavily from the massive nosedive it was experiencing after reaching its all-time high of nearly $20,000 in December of the previous year, though it’s unclear what’s really come about from the discussion.
In the summer of last year, Donald Trump issued a series of tweets attacking cryptocurrencies like bitcoin and Facebook’s new Libra project. One of the messages read:
Unregulated crypto assets can facilitate unlawful behavior, including drug trade and other illegal activity. 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!
In addition, the messages claimed that bitcoin and crypto were “not money” and “highly volatile and based on thin air.”
Mnuchin then offered similar sentiment regarding cryptocurrencies in press conferences and discussions with the media. He explained:
Cryptocurrencies such as bitcoin have been exploited to support billions of dollars of illicit activity like cybercrime, tax evasion, extortion, ransomware, illicit drugs and human trafficking. Many players have attempted to use cryptocurrency to find their malign behavior. This is indeed a national security issue.
Mnuchin later issued another message that took serious issue with Facebook’s Libra. The financial official asked Libra to adhere to current banking laws in the U.S. and abroad. He stated:
We like payment systems that reduce costs, but we don’t support unregulated bad actors using anything – any type of currency or cryptocurrency.
Bigger Fish to Fry?
It is clear that at one point, Trump and his staff weren’t big fans of the growing world of digital assets, though at the time of writing, it looks like the President has bigger things to worry about considering the coronavirus is now on the verge of spreading a second time and the protests surrounding George Floyd in this country haven’t died down just yet. Furthermore, Trump is now angrily tweeting about Bolton, claiming he’s “incompetent” and that he’s a “disgruntled, boring fool who only wanted to go to war.”
So maybe we won’t see any action against BTC and its altcoin cousins just yet.