US President Donald Trump’s tweets about crypto haven’t stopped the crypto community from buying. Post tweet price action has shown that his disturbing remarks had no effect whatsoever on the positive sentiment for Libra and Bitcoin. President Trump’s tweets were no surprise at all, he does prefer a “dependable and reliable” currency “called the United States Dollar” because he knows only one store of value and has no idea about Bitcoin and cryptocurrencies’ potential.
Through his remarks, he has come across as an ill-informed man whose government is stacked with former Wall Street execs, who opposes free trade and immigration, and takes a Draconian approach to a variety of civil rights and social liberties.
What’s more interesting than his tweet is the fact that he mentioned cryptocurrencies at all. His tweet reminds us that cryptocurrencies are hitting new milestones with the US President commenting on it and this will drive further adoption. Bitcoin is now making the rounds in public conversation around money and policy. While Bitcoin continues oscillating between highs and lows, bulls have not given up yet as we near the halving and it has successfully stayed relevant in the global economy.
The US President’s tweet came shortly after Federal Reserve Chairman, Jerome Powell had described Bitcoin in Senate testimony, not as a payments vehicle but as “an alternative to gold, a store of value… a speculative store of value.” Jerome Powell was referring to Bitcoin as a store of value with regards to how users look at it, this was like stating a fact. And this comment coming from him, gave permanency to the claim that it is the digital era’s store of value. After a post that attributed power to Bitcoin a President with more selfish interests than anyone else criticized it, showing us the need of cryptocurrencies and how they are even more relevant now.
These comments and remarks come at a critical moment, when Facebook’s Libra is awaiting regulatory approval. The tweet also comes right before hearings on Libra called by the House Financial Services Committee. It continues to get more confusing as private companies are joining hands to build decentralized cryptocurrencies and a parallel economy is being built on Bitcoin and other cryptocurrencies.
President Trump has over 62 M Twitter followers and his comments have made Bitcoin more popular than before. Crypto twitter, more active than any other community immediately responded with its special mix of snark, humor and passion. More interesting developments will follow in the coming weeks as Libra goes to the House for hearing.
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