Is Donald Trump's comments on crypto bullish or bearish for the future?

13 Jul, 2019
by Ryan Boltman
Analysis
Is Donald Trump's comments on crypto bullish or bearish for the future?

Some of the biggest news this week saw U.S President Donald Trump make comments on Bitcoin and cryptocurrencies. However, now that one of the biggest influencers in the World has commented on crypto, could this be a bullish or bearish sign for the future of cryptocurrencies? 

In an earlier tweet this week, Potus stated "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...."

While the news may seem bearish for the crypto market, the fact that one of the biggest politicians is noticing Bitcoin and the cryptocurrency market could actually be a step in the right direction. One of the other key reasons for noticing the cryptocurrency markets and commenting on them can also be attributed to the Facebook Libra project, which Trump has also had a lot to say. 

The fact that both Facebook's Libra as well as Bitcoin are being talked about by the Worlds biggest politicians could mean that they have finally realized the ability that decentralized blockchain ecosystems have. 

Trump concluded that the U.S Dollar is the only one real currency in the USA, saying "It is by far the most dominant currency anywhere in the World, and it will always stay that way."

Of course Trump was met with a huge response by the crypto community on social media. The fact that 10 years later, 'magical internet money' is now being talked about by the biggest politicians and organizations in the World is proof alone how far the industry has come. 

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