Donald Trump Criticizes Bitcoin And Cryptocurrencies- Praises US Dollar

Cryptocurrency by Blockspectator News  | 8 months ago
Donald Trump, America, Pressident, Bitcoin, Crypto
3 min read

Donald Trump, the President of the United States of America, has released a stream of tweets targeted towards Cryptocurrency. In one tweet – he mentions not being a champion of BTC or crypto in general, describing them as being extremely volatile and citing its unregulated nature as dangerous because it facilitates criminal behaviors and law-breaking activities.

He similiarly went on to criticise Facebook’s Project Libra’s ‘virtual currency’ as having no stadning or dependability.

Trump concluded by acking the United States dollar, to remain the most powerful and universal currency for a long while.

Were The Markets Affected By The Tweets?

Hours after the tweets went out; however, the Bitcoin Market hasn’t been affected. By the end of July 11, the price of Bitcoin rose from $11,187 to $11,532 before cooling to $11,400. Even hours after the tweets – the price has gone back to its local low – $11,380; showing that the tweets haven’t done any damage to the market – especially for short-term traders.

If his anti-bitcoin sentiments are projected to his administration and their attitude towards the industry as a whole; however, then we might see stricter regulations passed that directly affect Bitcoin’s price in the long term sense.

Many Crypto Personalities Responded To Trump

Justin Sun, founder and CEO of BitTorrent and crypto platform TRON, has strongly disagreed with the president’s tweets. Even inviting him, via tweet, to lunch with Crypto Leaders so he can learn about all the ways Bitcoin will be beneficial to the U.S.

Bitcoin Magazine also weighed in by emphasizing the fact that physical cash is nearly impossible to trace is what encourages criminal activities like money laundering, not a publicly accessible ledger that logs in every transaction.

The consensus is that real-world public education on Bitcoin is of vital significance – this is to ensure not only the president understands all its potential benefits, but the general population does as well.

Is There Any Truth To Trumps Tweets?

Donald Trump is no doubt an opinion-shaper, and it would be unwise to disregard his recent tweets as pure blather blatantly. There is some factual truth to his tweets. But there is a lot that is hypocritical, especially when labelling Bitcoin and crpytocurrencies as money laundering vessels, but praising the US Dollar- the most widely  laundered currency in the world.

It’s no secret that decentralized networks albeit young are the future and although it doesn’t have an accepted index because of its nascency – the president is onto something especially with his point on Bitcoin being highly volatile. Although this aspect does have a way of affecting general market adoption, the simple truth is that – setting up a adequately regulated Bitcoin ETF could help solve these issues and ultimately develop a market that’s not only fair and orderly but stable. Precisely what every economy deserves.

What do you think? Are there facts in the U.S president’s assessment of not just Bitcoin but Cryptocurrency as a whole? Let me know what you think of President Trump’s tweets. We’d love to hear your thoughts.

Featured Image Source: Hindustan Times