Tom Lee, the co-founder of Fundstrat, has ruled out the possibility of a cryptocurrency ban in the U.S after President Trump backed down on the vaping ban. Earlier on, the wall street veteran had termed the ban as a precedent for similar action on crypto coins.
Oddly, I view this as a marginal positive for #bitcoin…
the (ever remote) risk of a ‘executive order’ ban of crypto is diminished if @realDonaldTrump is backing off a vaping ban.
— Thomas Lee (@fundstrat) November 18, 2019
In a recent tweet, the Fundstrat boss said that the move eliminated any remote chance of Bitcoin facing a similar fate to that of the Chinese ban. Lee noted that the President’s Trump decision despite a go-ahead by the authorities shows that the upcoming 2020 elections might spare any radical moves against crypto.
Back in September, the White House had moved to impose bans on certain e-cigarettes owing to a rise in lung-related complications. At that time, Lee was convinced that cryptocurrencies were the next in line to be legislated out of existence. These sentiments, however, seem to have changed for both the Fed and Lee whose logic was based on the cap.
Trump’s Take on Bitcoin
President Trump has made it clear in the past that he is no fan of digital currencies. The U.S leader has stood for the dollar dominance; a position he intends to maintain through his presidency. Furthermore, financial regulators like the FED and SEC have been working to curb illegal crypto dealings and establish a standard regulatory framework for the industry.
However, the response to cryptocurrencies in the U.S has been on an uptrend with Bitcoin dominating most of the portfolios. As it stands, the number of U.S citizens who own a portion BTC is greater than the number of Bitcoins available in supply. This begs the question of whether any move against FinTech and specifically crypto would reduce President’s Trump popularity.