Trump is placing himself on the wrong side of history – deVere CEO

US President Donald Trump is “wrong and is placing himself on the wrong side of history”, claimed deVere Group founder and CEO Nigel Green.

The deVere head is speaking out after Donald Trump took to Twitter to say: “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.

“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 and International.”

Trump’s tweets followed last month’s announcement that Facebook is set to launch its own, new digital currency named Libra, designed to be a low-volatility currency that will let its user purchase items or send money to people with very low fees.

The currency will be backed by reserves managed by an independent organisation, called the Libra Association, made up of several leading tech firms and non-profits that give the token real-world value.

Despite Green agreeing that cryptocurrencies should be regulated, he said: “President Trump is wrong and is placing himself on the wrong side of history on Bitcoin and other cryptocurrencies.

“The blistering pace of the digitalisation of economies and our lives underscores that there will be a growing demand for digital, global, borderless money.”

The deVere CEO added that cryptocurrencies are almost “universally regarded” as the future of money: “This is why most major financial institutions globally already have or are preparing to establish crypto desks. It is why more and more retail and institutional investors are piling into the market. And it is why tech giants, like Facebook, are getting involved. And you can bet that where Facebook follows, other tech companies will do the same.”

Green described Trump’s dismissal of cryptocurrencies as “bizarre” and “depressingly archaic”, highlighting that, globally, we are transitioning into a digital era.

However, while Green may not agree entirely with Trump, he agreed that Facebook’s Libra project should be scrutinised: “But, being the social media monolith that it is, it is surely expecting this level of scrutiny. I would suggest that it is prepared for it, has the resources for it, and will welcome it, as it will make its cryptocurrency stronger.”

Crucially, Green argued that the wider point is regulation. He claimed that cryptocurrencies are “already becoming mainstream” and, as such, they should adhere to the same standards as the rest of the financial system.

“Regulation is necessary as it will provide further protection for the growing number of people using cryptocurrencies, the less likely it will be that criminals will use these digital payment methods, the less potential risk there will be for the disruption of global financial stability, and the more potential opportunities there will be for higher economic growth and activity in those countries which introduce it,” he concluded.

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