The Bitcoin and cryptocurrency world are left shaking following U.S. President Donald Trump’s latest attack on bitcoin and cryptocurrencies, calling them “unregulated crypto assets” and based on “thin air.”
The bitcoin price did rise slightly following Trump’s comments as Crypto Enthusiasts believe that Trump’s acknowledging bitcoin will bring greater awareness of crypto and lead to a rise in prices.
However, Trump has turned bitcoin and cryptocurrencies into a presidential issue this is a make or break scenario for the crypto industry as we all know how volatile Trump is in his decision making.
“Possibly the largest bull signal for [bitcoin] ever. Crypto now a presidential/global policy issue. People everywhere will embrace a mix of sovereign and non-sovereign digital currency.”, Jeremy Allaire said on Twitter.
Twitter has been vibrant following the President’s stand, here is how the industry responded.
Brian Armstrong, Coinbase chief executive tweeted, “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 three y’all.”
While the market hasn’t gotten enough time to react to the news, many are suggesting a positive direction for Bitcoin and other cryptocurrencies
“Even though Donald says he’s not a fan of bitcoin, the fact that he’s mentioning it at all is hugely bullish for the entire crypto market,” said Mati Greenspan, senior market analyst at eToro in a note to clients.
Andrew Yang, a potential Democratic nominee has previously praised bitcoin’s underlying technology, saying: “The blockchain has a wealth of potential. [It] could make many things more secure transparent and efficient.”
Yang, who has focussed most of his campaigning on a universal basic income (UBI) platform that would see every adult American receive a $1,000 per month, announced last year would be accepting donations in Bitcoin, Ethereum, and other cryptocurrencies.
Another potential Democratic presidential candidate, Tulsi Gabbard, also is famous for investing in Ethereum and Litecoin in late 2017, where the bitcoin price rose from under $1,000 to almost $20,000 in merely 12 months.
Now that Trump himself has made bitcoin a valid issue, it might be the final nail in the coffin to prove that crypto is here to stay for better or worse.
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