Bitcoin News

Is Bitcoin bigger than Trump? Effects of Trump’s anti-Bitcoin tweet

Donald Trump, the United States president is well known for sending messages across via Twitter. His tweets are always either slamming his opponents or passing across vital information. A few hours ago, the United States president put out an anti-Bitcoin tweet.

In his tweet, the president went ahead to say companies like Facebook have decided to position themselves as banks and will have to follow the same regulations as banks.

“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 others, both National”

He even went ahead to say the US dollar is the most powerful currency in the world, which he believes will remind that way.

Some well-known figures within the cryptocurrency space were quick in reacting to Trump’s anti-Bitcoin tweet

Reactions to Trump’s anti-Bitcoin tweet

Justin Sun, the founder of Tron and CEO BitTorrent replied to Trump’s Tweet by inviting him to his upcoming meeting with Warren Buffet assuring the president that he return with a changed perception on cryptocurrencies.

Tyler Winklevoss reacted by saying “Puting faith in math”

Caitlin Long suggests the president lacks sufficient understanding of cryptocurrencies

Preston Byrne said that despite voting for Trump, he does not support Trump’s anti-Bitcoin tweet.

What effect can we expect from Trump’s anti-Bitcoin tweet?

So far, we can see that Bitcoin is proving to be Bigger than even the president of the most powerful nation in the world. Following his tweet, the price of Bitcoin has not seen a significant drop as many would have expected.

In fact, Bitcoin’s price has seen a small gain from about $11,300 to over $11,700 since Trump’s anti-Bitcoin tweet went out.

It is common place that Bitcoin’s price drops after negative news surfaces but this has not been the case and leaves many investors thinking whether the market is now mature enough and resistant to negative influences.

Trump’s tweet also targeted Facebook’s Libra but he is not the first to have sent an early warning notice to Facebook.

Countries like China, Russia and even the UK have already shown their concern over the project with Russia saying they will boycott Libra and China planning to create its own cryptocurrency to combat the project.

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coinmag

Kinsley is an MSc student in Information Management and a blockchain consultant. He is a lover of big data with particular interests in disruptive technologies like blockchain technology and Artificial Intelligence.

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