Trump’s Bitcoin Takedown

P

resident Trump went on the warpath last week — not against North Korea or Iran, but against Bitcoin.

Trump wagged his finger on social media at Bitcoin and other cryptocurrencies, saying they are not money, they are too volatile, and their value is based on thin air.

Since it’s unlikely that Trump is offering Americans investment advice, what’s behind his takedown of Bitcoin?

Trump’s attacks on cryptocurrency might be timed to influence what’s going on in the Capitol this week. Hearings have been scheduled before the House Judiciary and Senate Banking committees to examine whether outsized companies such as Amazon, Apple, Facebook, and Google are illegally stifling competitors. Also on the agenda — Facebook’s plan to launch a new cryptocurrency of its own, called Libra. Trump’s shot across the bow against cryptocurrency might be an attempt to undermine Facebook and the other tech giants.