The bitcoin and cryptocurrency world has been left floundering after U.S. President Donald Trump unleashed a brutal attack on bitcoin and cryptocurrencies, marking them “unregulated crypto assets” and based on “thin air.”
The bitcoin price rose barely following Trump’s feedback as bitcoin merchants, and buyers bet that Trump’s acknowledgment of bitcoin will deliver greater awareness of crypto and could push prices up.
Nonetheless, much more importantly, Trump has inadvertently catapulted bitcoin and cryptocurrencies into a presidential problem and given useful recognition to the burgeoning bitcoin technology—with some 2020 U.S. presidential election hopefuls already bitcoin and cryptocurrency followers.
“Presumably the most important bull signal for [bitcoin] ever,” the chief executive of bitcoin and crypto exchange and payments group, Jeremy Allaire, mentioned through Twitter. “Crypto now a presidential/global policy problem. Individuals in all places will embrace a mixture of sovereign and non-sovereign digital currency.”
Elsewhere, the bitcoin and cryptocurrency group took Trump’s tweets as an endorsement of bitcoin and the underlying blockchain technology.
“Achievement unlocked! I dreamt a few sitting U.S. president needing to respond to rising cryptocurrency usage years in the past,” Coinbase chief executive Brian Armstrong tweeted. “First they neglect you, then they laugh at you, then they fight with you, then you win.’ We simply made it step three y’all.”
Whereas the market has barely reacted to Trump’s bitcoin and crypto tweets, market watchers still expected there to be an optimistic boost from Trump giving bitcoin and crypto airtime.