- The US President says, Bitcoin based in thin air, crypto community asks, What about USD?
- The running sentiment in the market is bullish, actually, the best buy signal ever
So, today, US President Donald Trump took to Twitter to talk about Bitcoin and cryptocurrencies. Trump’s views on digital assets are no different than the mainstream media or the majority of the regulators.
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
He isn’t a fan of cryptocurrencies that “are not money” but highly volatile and based on “thin air.”
So, it’s exactly like the US Dollar, then?
Back in March, the chief economist of ECB cleared it out that fiat money isn’t any different.
As a matter of fact, Bitcoin is far better, at least it has a hard cap, in that regard.
According to Trump, unregulated crypto assets facilitate illegal activities.
The U.S. dollar's value is also "based on thin air." The gold standard is history. It's called "fiat currency" for a reason.
— Steven Walk (@realStevenWalk) July 12, 2019
….Similarly, Facebook Libra’s “virtual currency” will have little standing or dependability. If Facebook and other companies want to become a bank, they must seek a new Banking Charter and become subject to all Banking Regulations, just like other Banks, both National…
— Donald J. Trump (@realDonaldTrump) July 12, 2019
As for Facebook's new cryptocurrency project Libra, Trump says, it will have “little standing or dependability.” And if it wants to become a bank, they will have to be subject to all banking regulations.
…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
“First they ignore you, then they laugh at you, then they fight you, then you win”
Trump’s attack on cryptocurrencies has been rather met by positive enthusiasm.
“Bitcoin achievement unlocked,” said Vijay Boyapati adding, eventually these turn will turn positive as “it will be politically expedient to be supportive.”
Achievement unlocked! I dreamt about a sitting U.S. president needing to respond to growing cryptocurrency usage years ago. "First they ignore you, then they laugh at you, then they fight you, then you win”. We just made it to step 3 y'all. https://t.co/N3tzUKELaK
— Brian Armstrong (@brian_armstrong) July 12, 2019
“The president of the United States tweeting about Bitcoin. Who would've thought this project would come so far in the few years it's been around?,” said popular crypto trader DonAlt.
The running sentiment in the market is bullish as Balaji Srinivasan, CTO of Coinbase says this would be a routine in the next ten years and every nation-state may even be holding crypto.
The Best Buy Signal Ever
“This is the best Bitcoin buy signal” is how the crypto community feels as Tuur Deemester states, “Afaik this is the first time a seating US president has publicly opined on Bitcoin.”
Possibly the largest bull signal for BTC ever. Crypto now a Presidential / Global policy issue. People everywhere will embrace a mix of sovereign and non-sovereign digital currency. https://t.co/PK79wmCddM
— Jeremy Allaire (@jerallaire) July 12, 2019
Crypto twitter also believes trump might be feeling FOMO because he either bought at $20k or didn’t ‘buy the dip.’
“Both the US President and the Federal Reserve's Chair had something to say about Bitcoin today. Historic day! I bet both secretly hodl some BTC,” said economist and trader Alex Kruger.
Recently I tweeted-
"As awareness and price increase, BTC in many ways will get less risky. But the tests BTC will face will still be increasingly bigger."
This is an inevitable next step. Make no mistake- BTC infringes on the dollar. Wildly bullish.https://t.co/JWUeSHb1kU
— Travis Kling (@Travis_Kling) July 12, 2019
To get on the action of Trump tweeting Bitcoin, scroll here.
