Thanks to Trump's comments, Bitcoin will be a topic in the 2020 election

14 Jul, 2019 | Updated: 14 Jul, 2019
by Will Heasman
Thanks to Trump's comments, Bitcoin will be a topic in the 2020 election

While Bitcoin may appear to be down in the dumps (pun intended) things couldn't be much better for the fundamentals surrounding it right now. Recent comments from President Trump, while negative, have actually proven to be, on the whole, beneficial for Bitcoin and fairly harmful for its would-be competitor Libra…  

Trumps ‘scathing’ comments on crypto -  which, if we’re honest, seemed to highlight Trump’s insecurity of the challenge posed by crypto rather than the superiority of fiat - actually ended up being some of the best publicity that Bitcoin could hope for. This theory has been emanated by quite a few influencers within the cryptocurrency scene, including Jeremy Allaire, CEO of Circle who noted that Trump’s comment on crypto was the “largest bull signal ever”:

Just a week prior, the talk around crypto town was Facebook’s foray into the industry with its own proposed cryptocurrency, Libra, which was also mentioned by Trump, who slammed the incipient Facebook currency and gave it two options: comply or die.

While it was also highly debated whether Libra would pose a threat to the cryptocurrency industry or propagate it, ultimately the most vocal among the community suggested that all considered, Libra offered a net positive. 

However, troubles with regulation, fear from the US government and with Trump's damning appraisal, it appears as if Libra has hit a stumbling block.

Bitcoin, however, has not, and will not stumble. Instead, it will reap the rewards of free publicity from both Facebook, and Trump, while continuing to evade the necessity to comply with the whimsical demands of any government or organization.

Bitcoin 2020

Trump mentioning Bitcoin was perhaps inevitable, while the pace at which the #1 Bitcoin is growing isn’t unprecedented, the rate of adoption and recognition of the cryptocurrency industry surely is, and now that Trump’s feelings on Bitcoin and other cryptocurrencies have been aired, its likely to even become a factor within the upcoming 2020 election, which, in turn will provide an even bigger stage for the #1 cryptocurrency.  

Bitcoin has already made its mark on the 2020 US presidential election with one candidate in particular not only accepting Bitcoin as a donation but also accepting its underlying technology as a fundamental prerequisite for the future.

Democratic presidential candidate Andrew Yang recently spoke out about blockchain tech, noting that the nascent technology had a “wealth of potential,” which could “make many things more secure transparent and efficient.”

Yang also relayed that a clearer framework would be needed when interacting with cryptocurrencies:

We need to figure out which agency is going to be interacting with individual currencies. It would be unfortunate if every time a new currency comes out we then have to decide which framework applies,” he said, adding that blockchain “needs to be a big part of our future,” and that if he reached the White House that he would “have some fun in terms of the cryptocurrency community.” 

What do you think? Will Bitcoin be a topic of the 2020 election? Is Libra dead? Let us know your thoughts in the comments below!

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