While the rest of the cryptocurrency community, took umbrage at Donald Trump’s extremely rattling tweet on bitcoin, Libra and others, there is one sane voice in the chaos.
Changpeng Zhao, the Chief Executive Officer (CEO) of Binance, appealed for calm by saying, “Trump so far has not done anything positive or negative, he’s just said he’s not a fan. The fact that he tweeted about it, and the president of the United States is talking about cryptocurrency, it’s a good thing.”
Recently, Trump went on a rage-fuelled Twitter storm by stating, “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….”
While he echoed the same line that a lot of US Congress has been saying, he further stated, “….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…”
However CZ stated that even if the US went for the ‘worst case scenario’ by making it illegal to hold cryptocurrencies, it still would not shatter the industry. He said, “Cryptocurrency will survive regardless of any one country. Most countries that try to ban bitcoin cause their citizens to want cryptocurrency more.”
We can personally attest to that last statement because the Garg Committee submitted its report on cryptocurrencies to the finance ministry in February was made public yesterday. In it the committee had said, “As for private cryptocurrencies, given the risks associated with them and volatility in their prices, the Group has recommended banning of the cryptocurrencies in India and imposing fines and penalties for carrying on of any activities connected with cryptocurrencies in India.”
Trump had further said, “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!”