U.S. President Donald Trump awaits the arrival of Qatar's Emir Sheikh Tamim bin Hamad Al-Thani at the White House in Washington, U.S., July 9, 2019. REUTERS/Carlos Barria

Trump on Thursday slammed crypto currencies, saying “was not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air.”
Now one finance advisory firm is saying that Trump’s thoughts about bitcoin are “archaic” and his approach to cryptocurrencies is “baffling.”
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On Thursday President Trump tweeted that he “was not a fan of Bitcoin and other cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air.”

The head of a financial advisory firm has referred to Trump’s thoughts on cryptocurrencies are “archaic” and “baffling.”

Nigel Green, the founder and CEO of deVere Group said: “When everything from voting to music to books is already digital, dismissing digital currencies in a digital era is, frankly, bizarre and looks depressingly archaic.”

“Does the President seriously think that traditional, fiat currencies are the way forward?”

Read more: Trump blasts Bitcoin and says cryptocurrencies, including Facebook’s Libra, should be ‘subject to all banking regulations’

Green added: “Standing on the sidelines, or worse looking backwards, on the issue of cryptocurrencies – which are redefining and reshaping the financial system – is a baffling approach for the leader of the world’s largest economy to take.”

SEE ALSO: Fed chair Powell just called bitcoin a ‘speculative store of value’ like gold — adding weight to the safe haven theory

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Source:: Business Insider

      

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Trump’s rant against crypto was ‘baffling’ and ‘depressingly archaic,’ says financial advisory CEO

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