Donald Trump – United States President wanted to take his apparent dislike of Bitcoin off Twitter and on to the regulatory level, consistent with former national security advisor John Bolton.
In line with a recent article published on 18th June by Forbes, about Bolton’s new book ‘The Room Where It Happened’ reveals Bolton heard Trump tell Treasury Secretary Steven Mnuchin to “go after Bitcoin”. The conversation between Trump and Mnuchin was regarding trade sanctions and tariffs against China in May 2018.
It’s not the very primary time that Trump has expressed his views against the cryptocurrencies. Within his earlier tweet in July 2019, within which he called Bitcoin [BTC] “not money” and “based on thin air”. He also continued his dislikes towards crypto assets even by attacking Facebook’s Libra token as having “little standing or dependability”.
The Treasury Secretary backed Trump’s position within the media following the July 2019 tweets, adding that the White House was “looking forward towards the least of the crypto assets” and subsequently claiming that Bitcoin and other cryptocurrencies are used for illegal activities more often than cash is.
Also in February this year, Mnuchin added at a hearing that he would be announcing some “significant new requirements” for digital assets with the Financial Crimes Enforcement Network, alluding to more oversight by the federal govt. to stop illicit activities together with money laundering.
But the mercurial Trump has also taken some decisions that indeed have benefited crypto ecosystem after the conversation alleged by Bolton took place. The U.S. President appointed Mick Mulvaney as the White House chief of staff earlier in October 2018. Mulvaney is pro-Bitcoin and considers Bitcoin as a currency that’s “not manipulatable by any government”.