President’s concerns summarize the inroads made by the alternative asset, which is widely regarded as the store of value, in the mainstream.
Furthermore, Bitcoin advocates perceive the US President’s statement as a psychological milestone for the cryptocurrency as Trump had refrained from expressing his comments about the crypto earlier in the public.
The Bitcoin price consolidated and rallied to record a gain of 1% Friday after the US president gave an unenthusiastic view of cryptocurrencies.
At the time of writing this article Bitcoin was trading at $11,720.40, up 0.2% from previous day’s close.
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….
— Donald J. Trump (@realDonaldTrump) July 12, 2019
According to Coinbase CEO Brian Armstrong, the US President’s attempt to undermine Bitcoin indicates that it is neither under the control of any global power nor can be crumbled.
Excited by Trump’s statement, Armstrong tweeted as follows:
“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.”
Armstrong highlighted upbeat sentiment of Bitcoin supporters. A few others sarcastically praised Trump for the free advertising, mentioning a spontaneous rise in interest about the cryptocurrency as indicated by Google Trends. Armstrong also pointed out that Trump’s statement has become a point of discussion on social media platforms.
Simon Dixon, who runs cryptocurrency related business, said:
“Congratulations BTC community — the president of the United States feels we are worthy of a tweet now. Bitcoin has outperformed USD by 23,440,508% since it started being priced in USD.”
Max Keiser, the RT anchor and well known Bitcoin bull, assumed that Trump has negated his odds of getting re-elected in 2020, while eToro Chief Strategist Mati Greenspan defined his comments as “early nomination for the most bullish tweet of the year.”
Analysts were also certain that a “Trump Pump” is due, after the President’s tweet, despite the cryptocurrency trading almost flat.
Adam Back, cryptographer and Hashcash creator, explained why Trump’s statement is bullish for Bitcoin:
“Trump is bullish for Bitcoin generally because his media tactics wobble geo-political uncertainty. Thanks for all the dollars flowing into Bitcoin.”
Notably, Trump Coin (TRUMP), an altcoin which uses the US President’s name, has appreciated by over 100% in the past three days before losing about 6.5% in the past 24 hours to trade at $0.03546.