US president Donald Trump’s tweet on Bitcoin has got everybody talking about it. Moreover, Bitcoin supporters are more than overwhelmed by his views.
While he apparently attacked Bitcoin, its price has gained over $400 since then. The price of Bitcoin at 13: 50 hours UTC on 12th July 2019 is 11,684.
At the time of sending his tweet, the Bitcoin markets seemed unbudged. This is primarily because his views were only rhetoric which Bitcoin investors are well aware of. The supporters of Bitcoin have more cause to invest in the cryptocurrency.
Joe Kerner, the business anchor from CNBC squawk box who very recently started supporting Bitcoin, said that he could actually sway Trump on his views if he were given 10-15 minutes with him. Meltem Demirors, the Chief Strategy Officer at Coinshares, expressed the surprise at Kerner’s comments, she said, “is this real life?”
The interview in its entirety expressed everything at Bitcoin stands for. Moreover, it was such a relieving revelation that the supporters could just sit back and Sigh!
Donald Trumps’ tweets were focused around the competition posed by cryptocurrency to the US dollar. The US dollar is undoubtedly the most popular reserve currency of the world. Trump reiterated the same belief in his tweets about Libra and Bitcoin. He said the US dollar is the most reliable and dominant currency and it will continue to be.
“But he has said on a number of occasions he wants it weaker and the quite frankly if Fed’s gonna go down on rate cut. Careful what you wish for, you might actually get.”
Nevertheless, Trump himself had also expressed his inclination on weakening the dollar to fight the ongoing currency war. Hence, while support for the sovereign currency is expected from the President of the country, his views seem paradoxical at the moment. Joe Kernen asked in a rhetoric tone,
Who has the biggest vested interest in things staying the way they are?
The answer to this is Governments. Joe Kernen is convinced with Bitcoin’s proposition of being a system free from the Governments all over the world. He quoted Tyler Winklevoss who said,
“We have elected to put our money and faith in a mathematical framework that is free of politics and human error.”
Kernen said, “It’s that simple.”
Anthony Pompliano, the founder of Morgan Creek Digital, spoke with Kernen live, and he said, “Bitcoin is too big to fail at this point.”
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Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com