Despite President Trump's criticism of cryptos, Bitcoin and its allies are bid this morning...
Trump voiced his opposition to cryptocurrencies as a whole, citing Bitcoin and Libra specifically, in a series of tweets published around 8:15 p.m. EST on July 11.
The full text of the three tweets reads:
“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....
“...Similarly, Facebook Libra’s ‘virtual currency’ will have little standing or dependability. If Facebook and other companies want to become a bank, they must seek a new Banking Charter and become subject to all Banking Regulations, just like other Banks, both National…
“...and International. We have only one real currency in the USA, and it is stronger than ever, both dependable and reliable. It is by far the most dominant currency anywhere in the World, and it will always stay that way. It is called the United States Dollar!”
Of course this sparked chaos on social media - likely exactly what Trump wanted - as Crypto friends and foes went to battle.
Negative or not, for proponents, the event marked a psychological milestone for Bitcoin, as Trump had previously held off from mentioning it in public.
The fact that he felt the need to bash Bitcoin publicly feeds the narrative that it is both independent of global powers and unable to be crushed by them, Coinbase CEO Brian Armstrongstated, leading the responses.
“Achievement unlocked! I dreamt about a sitting U.S. president needing to respond to growing cryptocurrency usage years ago. ‘First they ignore you, then they laugh at you, then they fight you, then you win.’ We just made it to step 3 y'all,” he tweeted.
Armstrong exemplified the buoyant mood among Bitcoiners. Others likewise thanked Trump for the free publicity, noting a surge in interest documented by Google Trends, while the president being wrong in his opinion also became a talking point on social media.
“Congratulations BTC community - the president of the United States feels we are worthy of a tweet now,” cryptocurrency entrepreneur, Simon Dixon, added.
“Bitcoin has outperformed USD by 23,440,508% since it started being priced in USD.”
Max Keiser, the RT host and regular Bitcoin bull, considered Trump to have nullified his chances of reelection in 2020, while eToro senior analyst, Mati Greenspan, described his words as an “early nomination for the most bullish tweet of the year.”
Despite the conversely more stable price performance since the tweets, the possibility of a ‘Trump pump’ occurring for Bitcoin was also gaining traction among analysts.