On July 11 President Donald Trump tweeted that Bitcoin, Facebook’s Libra and all other cryptocurrencies are basically rubbish when compared to the US dollar. Now Tom Lee has a response.
Bitcoin: A Store of Value or the Choice Asset of Criminals?
Earlier this week the US Federal Reserve Chairman Jerome Powell made media waves and rocked crypto Twitter when he suggested that Bitcoin is a speculative store of value that functions similarly to an investment in gold. President Trump, who is often at loggerheads with the Federal Reserve, quickly responded by tweeting that Bitcoin is not money and simply a speculative instrument which is often used to facilitate crime.
Now, Fundstrat head analyst and partner Thomas Lee has weighed in on the issue and according to him Trump’s tweet…