- 61.9 million of Trump’s followers gain exposure to Bitcoin
- Powell’s testimonies & trump’s Bitcoin remarks to push BTC price to $40,000 – Tom Lee
- In the long term, this is bearish regarding increased regulatory tail risk – economist and trader Alex Kruger
On July 11, US President Donald Trump gave 61.9 million people exposure to Bitcoin and cryptocurrencies.
Though, it might not be positive, yet, it’s a start.
Awareness, curiosity, knowledge, and maybe acceptance will make its way to not only Trump's audience of million people but all over the world.
This is basically the validation of the highest order, as put by economist and trader Alex Kruger.
I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity….
— Donald J. Trump (@realDonaldTrump) July 12, 2019
Even more interesting is the fact that Trump has to put it out that the US has only “one real currency.” Despite calling Bitcoin and cryptocurrency “not money”, he actually compared them to the world's reserve currency the US Dollar.
…and International. We have only one real currency in the USA, and it is stronger than ever, both dependable and reliable. It is by far the most dominant currency anywhere in the World, and it will always stay that way. It is called the United States Dollar!
— Donald J. Trump (@realDonaldTrump) July 12, 2019
For the curious minds, he served Bitcoin on a platter as Trump says BTC is “based on thin air” just like US Dollar and any other fiat money that are based on faith.
Without even trying, Trump has actually advertised Bitcoin.
The President’s remarks on Bitcoin received a positive response from the crypto community. The majority calling it bullish for the flagship cryptocurrency, going as far as saying it’s a buy signal.
Powell’s Testimonies & Trump’s Bitcoin Remarks Positive For Cryptocurrencies
Speaking on Yahoo Finance’s YFi Pm on Friday, Bitcoin bull and Fundstrat’s Tom Lee explained how Trump’s negative remarks on Bitcoin are rather bullish for cryptocurrencies.
“On balance, it’s positive because cryptocurrencies and bitcoin really are in the main stage now — Congress, the Fed, the president weighing in,” he said, noting the Federal Reserve Chairman Jerome Powell comparing Bitcoin with gold, calling it a “store of value” during his congressional testimony this week.
“It’s going to force everybody who is not involved — and remember a very small percentage actually cares about crypto and bitcoin — it’s going to force the other 98% of the world to think about what it means,” Lee added.
On balance, it’s a positive.
– there are at most 1% of the world who really follow crypto (more like 0.1%) so 99% basically don’t care
– DJT stating he is not a fan makes the other 99% more aware.
– if 1% of those gets positive, just 2x market size. https://t.co/dz9QY3mjWP
— Thomas Lee (@fundstrat) July 13, 2019
According to Kruger, Powell’s testimonies and Trump’s Bitcoin remarks are either bullish in terms of awareness or could be bearish regarding increased regulatory tail risk, in the long term.
Meanwhile, Lee predicts that this momentum could generate FOMO and take BTC price to a new all-time high of anywhere from $20,000 to $40,000 before the year-end.
“Bitcoin is now trading at a level that it’s only seen 3% of its historical days,” he said. “If you go back to every milestone that was achieved, bitcoin subsequently rallied somewhere between 200% to 400% within the next four months, so I think if that’s playing out this time that means bitcoin could be $20,000 to $40,000 sometime in the fourth quarter.”
