- The US President says, Bitcoin based in thin air, crypto community asks, What about USD?
- The running sentiment in the market is bullish, actually, the best buy signal ever
So, today, US President Donald Trump took to Twitter to talk about Bitcoin and cryptocurrencies. Trump’s views on digital assets are no different than the mainstream media or the majority of the regulators.
He isn’t a fan of cryptocurrencies that “are not money” but highly volatile and based on “thin air.”
So, it’s exactly like the US Dollar, then?
Back in March, the chief economist of ECB cleared it out that fiat money isn’t any different.
As a matter of fact, Bitcoin is far better, at least it has a hard cap, in that regard.
According to Trump, unregulated crypto assets facilitate illegal activities.
As for Facebook’s new cryptocurrency project Libra, Trump says, it will have “little standing or dependability.” And if it wants to become a bank, they will have to be subject to all banking regulations.
“First they ignore you, then they laugh at you, then they fight you, then you win”
Trump’s attack on cryptocurrencies has been rather met by positive enthusiasm.
“Bitcoin achievement unlocked,” said Vijay Boyapati adding, eventually these turn will turn positive as “it will be politically expedient to be supportive.”
“The president of the United States tweeting about Bitcoin. Who would’ve thought this project would come so far in the few years it’s been around?,” said popular crypto trader DonAlt.
The running sentiment in the market is bullish as Balaji Srinivasan, CTO of Coinbase says this would be a routine in the next ten years and every nation-state may even be holding crypto.
The Best Buy Signal Ever
“This is the best Bitcoin buy signal” is how the crypto community feels as Tuur Deemester states, “Afaik this is the first time a seating US president has publicly opined on Bitcoin.”
Crypto twitter also believes trump might be feeling FOMO because he either bought at $20k or didn’t ‘buy the dip.’
“Both the US President and the Federal Reserve’s Chair had something to say about Bitcoin today. Historic day! I bet both secretly hodl some BTC,” said economist and trader Alex Kruger.