Trump Aggression on Bitcoin and other Cryptocurrencies
An official statement released by the twitter account of Donald Trump on 11 July, 2019 at 5:15 PM created a suspense and excitement among the circle of investors and traders globally.
People got Attention towards Blockchain Currencies
Although, it is a negative statement about bitcoin and other cryptocurrencies but it created a positive effect on the price value of digital assets. People, who are not aware of cryptocurrency before, got attention towards digital currency after this official proclamation by Donald Trump.
Bitcoin possessors cheered after Trump’s tweet, as this added a brief surge in soul of cryptocurrency.
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
Trump Attack on Libra
Facebook’s Libra is under massive attention before its launching in 2020 with the assistance of other partners like Visa, Master Card and Uber.
It also caught the attention of Trump concern as he said, ”they must seek a new Banking Charter and become subject to all Banking Regulations”, which means transformation of decentralized currencies towards decentralization.
This could be a very lofty step towards legitimization of blockchain technology.
….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
Dream of CEO Comes True
CEO of Coinbase examined this tweet about cryptocurrency, declared it a great victory, feeling excited and expressed his thoughts by saying:
“I dreamt about a sitting U.S. president needing to respond to growing cryptocurrency usage years ago”
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
Fundstrat Global Advisor Tom Lee remarked:
“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”
Concern over Usage of Crypto Assets in unlawful Behavior
The usage of bitcoin in illegal activities is increasing day by day as Chainalysis reported that this usage of cryptocurrency in immoral acts may reach to 1$ Billion in 2019.
Trump also expressed his concern about the use of virtual currency in illegal activities:
“Assets can facilitate unlawful behavior, including drug trade and other illegal activity…”
U.S president encouraged its U.S currency over digital currency by saying:
…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
This was a criticism on bitcoin and cryptocurrency on the part of Trump but the markets remained unaffected which signaled about a bullish trend in the markets of virtual assets.
Would love to hear from you all about trump’s this stunt on cryptocurrencies 🙂
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