Trump lashes out at Bitcoin (BTC) but crypto community says “Thanks”

Trump lashes out at Bitcoin (BTC) but crypto community says "Thanks"

President Trump criticizes cryptocurrenies: "I am not a fan of Bitcoin and other Cryptocurrencies"

US President Donald Trump has lashed out at cryptocurrencies – focusing specifically on Bitcoin and Facebook ‘s Libra project, and insisting that the social network and other symbolic publishers “face global rules” if they intend to “become” a “bank”.

In three highly formulated tweets, Trump stated: “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.”

Some cryptocurrency lovers have used social media to expose the president’s comments, but just as many have said the outburst is likely to be a disguised blessing – helping provide cryptocurrency with further recognition and exposure.

Tron ‘s Justin Sun responded by inviting Trump to a lunch meeting with crypto leaders and Warren Buffett, saying the president was “misled by fake news.”

In both cases, Trump has recently joined the ranks of other officials who have accidentally developed a case for Bitcoin and show why it is better compared to traditional fiat money systems.

By the way, two digital coins with a Trump theme are circulating in cryptoverse:

  • TrumpCoin (TRUMP) (1,386th by market capitalization) – “TrumpCoin-helping to Make America Great Again by supporting President Trump in his fight against fake news, corruption and the deep state.” It has fallen by 8% in the last 24 hours.
  • President Trump (PRES) (2,283rd by market capitalization) – “The most current price for one President Trump [PRES] is $ 0.004386,” according to The price has fallen by 4%.

Other responses to the recent Trump tweet:

You can read more comments here.

And a few words from the Fed

Meanwhile, the Chairman of the Federal Reserve Jerome Powell said in a meeting about the US Senate Commission on Facebook and Libra that he could foresee a future where multiple currencies could be used in the country, with Bitcoin being one of these.

Powell equated the scenario with America’s national banking age – the period mid-late 1800 between the establishment of chartered banks and the launch of the Federal Reserve in the mid-1910s.

The Chairman of the Federal Reserve said, “Really almost no one uses Bitcoin for payments, they use it more as an alternative to gold. It is a store of value – a speculative store of value, like gold. ”

He said about Libra: “The size of Facebook’s network means it could be – essentially – immediately systemically important.”


About Shawn Morrison 266 Articles
One of the founders of BitzArena. Active with crypto currency since the rise of the bitcoin. Loves the innovative character of crypto and blockchain technology, and follows developments in the market closely. Likes to connect technology with business, and likes to make difficult concepts accessible to a wide audience.

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