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Beat the System: Donald Trump is right about bitcoin

Thank you, Mr. President.

Donald Trump’s comments about bitcoin and the other cryptocurrencies on Thursday were right on target.

He’s right: Their value is “based on thin air.” Your typical cryptocurrency is basically a “frequent flyers” program, only without any airline attached. You hope someone will accept your “miles” for something real. But there’s no guarantee.

He’s right: They are ”highly volatile.” In the past two years bitcoin BTCUSD, -5.80% has gone from $19,000 to $3,200 and back up to $11,000 and change.

He’s right: They can “facilitate unlawful behavior.” I’d argue that’s their main use.

And he’s right: If Facebook FB, +1.81% wants to launch its own currency, it should seek a banking charter.

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