Tom Lee on Donald Trump's tweet: "On balance, it's a positive"

14 Jul, 2019 | Updated: 14 Jul, 2019
by Richard Allen
Opinion
Tom Lee on Donald Trump's tweet: On balance, it's a positive

Last week, US Federal Reserve Chairman made a statement that resonated with the crypto community by referring to Bitcoin as a store of value similar to gold. US President Donald Trump then tweeted a short while later that Bitcoin is too volatile and only used for illicit activities.

In response, TRON’s Justin Sun invited Trump to join him for his lunch with Warren Buffett. Now, Fundtrat Global Advisors head of research Tom Lee has also responded to Trump’s comments and, according to him, Trump’s tweet will have the unintended consequence of driving more money into Bitcoin.

Lee stated that Trump’s dislike of Bitcoin, Facebook's Libra and every other cryptocurrency “makes the other 99% more aware” which ties in rather eloquently with one of Trump’s favorite phrases: “bad publicity is sometimes better than no publicity at all.”

As seen in the past, mainstream publicity has often resulted in a Bitcoin surge, whether the news is bullish or bearish. As such, Lee believes that the other 99% will now be more aware of Bitcoin the publicity Trump has given Bitcoin will result in a surge of interest. Furthermore, during an interview with Yahoo Finance, Lee stated that he believes the increased interest will lead to a greater correlation between Bitcoin and the stock market.

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