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What Bitcoin Taught Government Officials About Facebook's Libra

Credit: The Street
Published on July 12, 2019 - Duration: 00:39s

What Bitcoin Taught Government Officials About Facebook's Libra

Facebook's Libra a hot topic during Federal Reserve Chair Jerome Powell's two-day congressional, President Donald Trump shared his view on Real Money Stock of the Day Facebook's digital currency Libra via his always newsworthy Twitter account.

Trump tweeted that Libra will have "little stand or dependability" and said the social media company may need to obtain a banking charter to offer financial services on its platform.

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.... — Donald J.

Trump (@realDonaldTrump) July 12, 2019 This came after Powell told Congress that Libra raises "serious concerns," regarding privacy, money laundering, consumer protection, financial stability.

Here's what TheStreet founder and Action Alerts PLUS portfolio manager Jim Cramer had to say about the influence of Bitcoin on Facebook's Libra during TheStreet's daily Cramer Live show: "[Government officials] missed Bitcoin.

Jay [Powell] missed Bitcoin.

They just didn't care about it.

Even though--no matter how many times I said to these officials, listen, bitcoin is something, it's an underworld currency where people are avoiding taxes.

Well, you know, what can we do?

Well, they're not letting that happen this time.

I mean the laissez faire attitude of the Obama administration and the Fed to Bitcoin was horrible and they don't...nobody wants that to happen again," said Cramer.

Related.

Facebook Falters Amid Political Pressure on Libra Digital Currency

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