Cryptocurrencies not money, their value is based on thin air: Donald Trump

Donald Trump expressed his mistrust of cryptocurrency Thursday, saying it was “not money” and warning that those wishing to join the trade would have to abide by banking regulations.

“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,” Trump tweeted.

He added that cryptocurrency, whose electronic nature makes it nearly untraceable, could facilitate illegal activity.

Cryptocurrency has flourished since Bitcoin launched in 2009. But when Facebook unveiled plans last month for its own virtual currency, Libra, the announcement rattled financial regulators the world over.