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

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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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