Bitcoin Just Became A 2020 Election Issue Due to Donald Trump’s Recent Tweets on CryptoAssets
We all know that the chaos caused by Libra’s regulatory hurdles has been gaining traction in both the government and the people, however, Donald Trump might have just made it an election issue.
Trump said that he is “not a fan” of “highly volatile” cryptocurrencies “based on thin air” that facilitate unlawful behavior or that he much prefers a
“dependable and reliable” currency called the United States Dollar!
Many had speculated that this would result in a bearish market but the market did not respond to his opinions at all. It just added to the popularity of cryptocurrencies. Bitcoin must stay relevant to succeed, and this was, at the very least, an acknowledgment from it becoming relevant enough to be an issue of national concern.
Libra is the main cause of amplifying this debate. With its 2.7 billion user base, Facebook’s Libra is forcing people; corporate leaders, bankers and, most importantly, government leaders – to think and talk about cryptocurrencies. Libra’s ambition is to be a cross-border medium of exchange, effectively operating outside the banking system and catering to at least two billion users.
Trump is listening to the establishment and bringing the hammer down on potential threats to the dollar’s status as the world’s reserve currency and with it the ability to enforce US policy worldwide.
Among the growing opposition for cryptocurrency at the government level in the United States, it is somewhat refreshing to see the Democratic presidential candidate Andrew Yang actively support cryptocurrency. However, it is highly unlikely that Yang and Trump will cross paths anytime on the debate stage.
A few Republican officials; former Ohio Gov. John Kasich and popular Maryland Gov. Larry Hogan — have indicated they might challenge the president in a primary. They themselves haven’t made their position clear too.