The President of the United States spoke about Bitcoin [BTC] and cryptocurrencies for the first time via a twitter thread. While any trader would anticipate a big move in Bitcoin, his unbiased views hardly caused any change in Bitcoin price. Furthermore, it has turned the belief of a Bitcoin supported stronger than ever.
Asiff Hirji, the Founder and COO of one of the largest US-based Exchange, Coinbase, noted that Trump’s tweet is proof that Facebook’s entry with Libra is good for the crypto community. However, he also acknowledged the need for development and growth in the space, he tweeted,
“Crypto will (eventually) create an open financial system, crash the costs of financial transactions and bring financial inclusion to billions. It is also going to be a contender for the reserve currency of the future global economy But crypto needs to deliver a lot more utility before it is a true order magnitude improvement.”
Crypto-Trader and Analyst, Dovey Wan also perceived the tweets from Trump as a bullish signal for Bitcoin. However, she said that it raises significant concerns on the launch of Libra, she said,
BULLISH for Bitcoin and bearish for libra.
The people’s currency won’t seek bank charter and can’t be banned
Gold Buff, Peter Schiff Agrees to Disagree
Peter Schiff, the Chairman of Euro Specific Capital, has been an eternal basher of Bitcoin. He has been and remains to be a strong supporter of Gold.
Interestingly enough, Peter Schiff also replied to Trumps’ tweets in support and agreement. However, there was also a hint of disagreement with Trump about the nature of the arguments. While Trump dislikes the unregulated nature of Bitcoin, he actually appreciates the decentralization. He said,
I’m not a fan of Bitcoin either, but not because it’s unregulated. That is actually one aspect that I like… It’s a confidence game, and those who put their faith in it have been conned.
However, while he still believes Bitcoin has “no real value”, his recent engagement with crypto-twitter might suggest that he is coming around on it. Schiff has also agreed to debate on the propositions for Gold and Bitcoin with Bitcoin bull, Anthony Pompliano with “an open mind.”
US Fed Chairman on Bitcoin
Recently, Fed’s Chairman, Jerome Powell also spoke about Libra and Bitcoin at a congressional meeting. His comments against Libra had a negative impact on the cryptocurrency markets. Nevertheless, there was also a silver lining to it. In in arguments, Powell spoke about Bitcoin’s utility as “digital gold.”
Moreover, the committee also addressed the questions regarding the future of the banking and payments industry “IF” cryptocurrencies become prevalent. To this Chairman Powell Said,
“People have been talking about this since cryptocurrencies emerged. But we haven’t seen it [any threat to the Reserve Currency], that is not to say we won’t see it. And if we do it, you could see a return to an era in the United States where we had many different currencies – National Banking era”
Meltem Demirors, the Chief Strategy Officer at Coinshares, was very bullish on this comparison between Gold and Bitcoin, pointed out by Powell. According to her, this is an iconic moment when the Feds are finally turning to cryptocurrencies. She tweeted,
nuanced response from Powell is intelligent, informed, and balanced. after five painful years, slowly but surely, bitcoin is becoming mainstream
Do you agree that Bitcoin is becoming mainstream? Please share your views with us.
Nivesh from Engineering Background is a full-time Crypto Journalist 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