House GOP leader McCarthy disagrees with Trump, says "I like Bitcoin"

16 Jul, 2019 | Updated: 16 Jul, 2019
by Richard Allen
House GOP leader McCarthy disagrees with Trump, says I like Bitcoin

With US President Donald Trump recently announcing his dislike of Bitcoin, Facebook’s Libra, and cryptocurrencies in general, one of his top allies in Congress has deviated from the President by admitting he quite likes Bitcoin. 

Speaking to CNBC on Tuesday, House Minority Leader Kevin McCarthy said “I like Bitcoin,” adding that he’s a fan of the decentralized nature and the security of the top cryptocurrency. However, McCarthy was less impressed by Facebook’s upcoming stablecoin, Libra.

“When I’m on Facebook, I’m not the customer, I’m the product,” McCarthy said. “Facebook is free because they sell your data to make money. Now they want to get into the business, and they’re not Bitcoin, in this Libra. They’re not decentralized.”

In Libra hearings in the Senate Banking Committee held on Tuesday and House Financial Services on Wednesday, McCarthy expressed concern regarding Facebook’s potential anti-competitive behavior.

“I want to see decentralization because Libra concerns me that they’re going to control the market,” he said.

McCarthy’s comments come shortly after US Treasury Secretary Steven Mnuchin said that theWhite House has “very serious concerns” about Libra and Bitcoin, stating that the market is currently “dominated by illicit activities” but admitted that the government welcomes “responsible innovation.”

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