The crypto sector has been fighting for being recognized and acknowledged for quite a long time now. While the regulators did start paying attention a few years back, all eyes were on the White House, wondering when and if would the US President ever address it. Now, it finally happened, and Donald Trump’s tweets from July 12th finally acknowledged Bitcoin’s existence.
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
Despite the fact that Trump bashed Bitcoin, and cryptocurrencies in general — including Facebook’s Libra — many still view this as an important event for the crypto world. Only a few hours after the US president spoke about the coin, BTC price started seeing a sudden rise, with Bitcoin trading following soon enough. In other words, many consider this to be a psychological milestone for Bitcoin, which certainly raised its price.
Acknowledging the coin means hitting a new milestone
For a long time, people suspected that Trump has purposefully avoided talking about Bitcoin, mentioning it, or acknowledging its existence in public. Now he finally spoke about it, and his bashing of it only served as further confirmation that BTC is independent of global powers, as well as unable to be shut down by them.
In fact, Brian Armstrong, the CEO of the country’s largest crypto exchange, Coinbase, called this an ‘Achievement Unlocked.’ He added that it was his dream to see the US president respond to the growing crypto usage. This did not happen for years, as they kept ignoring the cryptocurrency. But, he points out that this is how it starts — First they ignore you, then they laugh at you, then they fight you, then you win.’ Finally, he made his point, stating that Trump’s move means that the crypto sector made it step 3.
Armstrong was not the only one to view the situation in this light, and many others went as far as to thank the President for free publicity. Google Trends immediately noted a surge in Bitcoin-related terms. Meanwhile, the social media exploded with discussions regarding whether or not the US President’s opinion is wrong, and why.
A known crypto entrepreneur, Simon Dixon, congratulated the rest of the crypto community, jokingly saying that the US President deems them worthy of a tweet. He also added that BTC had outperformed USD by 23,440,508% since it started being priced in USD.
@realDonaldTrump does not like #Bitcoin – Congratulations $BTC community – the president of the United States feels we are worthy of a tweet now. Bitcoin has outperformed $USD by 23,440,508% since it started being priced in $USD https://t.co/teQrz2Xjph
— Simon Dixon (@SimonDixonTwitt) July 12, 2019
Others were considering how this might reflect on Trump himself. Max Keiser, for example, believes that Trump’s move has just nullified his chances of being reelected.
#Bitcoin is code.
Code is text.
Text is speech.
And speech is protected in America, Mr. President.
You may have just lost 2020.
$100,000 is now in play.
Not for riches, but to protect the Constitution of the United States of America.
— Max Keiser, tweet poet. (@maxkeiser) July 12, 2019
As for the coin itself, many have undoubtedly rushed to buy Bitcoin after the tweet, expecting a massive surge. Meanwhile, BTC performance has been rather stable since the tweet. Some analysts believe that it might be a part of a ‘Trump pump,’ while some claim that Trump is bullish for Bitcoin due to the fact that his media tactics wobble geopolitical uncertainty.
But, BTC was not the only cryptocurrency to see great performance as a consequence of Trump’s tweets. It also brought quite a bit of popularity and attention to TrumpCoin (TRUMP), which surged by 28% in hours following the tweet.
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