The surprise capped off a major day in the limelight for cryptocurrency. The whole crypto industry was disappointed when the president of the United States, Donald Trump tweeted saying “he doesn’t like bitcoin”. He also claimed that Bitcoin and other Cryptocurrencies, are not money, and its value is highly volatile and based on thin air.
In his series of tweets on July 12th, Trump expanded on his view on crypto, saying Facebook’s newly announced Libra virtual currency “will have little standing or dependability,” and that the company should seek a banking charter and be regulated like any other traditional financial institution.
Further, he stated that there is one real currency in the USA, and it is stronger than ever, both dependable and reliable. It is by far the most dominant currency anywhere in the World, and it will always stay that way. It is called the United States Dollar!
Crypto Influencers React
In response to this many popular faces of the crypto industry shared their point of view. Founder and CEO of Tron industry, Justin Sun invited trump to have lunch with crypto leaders along with WarrenBuffett on July 25. Also, Justin assures that, after lunch, nobody will know crypto more than trump!
Co-founder and partner at Morgan Creek Digital, Anthony Pompliano, tweeted saying that
“If your argument is that Bitcoin is based on thin air, while Bitcoin’s argument is that it is based on math, who should we believe?”
Kraken CEO Jesse Powell urged the president not to stifle innovation in the U.S. There are plenty of crypto-friendly jurisdictions that entrepreneurs, developers, and others can take their talents to.
Circle CEO Jeremy Allaire was also among the first to respond, suggesting that crypto has finally arrived now that it has become a global policy issue. He says it’s “possibly the largest bull signal for BTC ever.”
Similarly, many leaders in the crypto community expressed their concern towards cryptocurrency as mainstream adoption.
Does Trump’s statement on Cryptocurrency effect the Crypto Market?
This is the first time Trump dragged cryptocurrency on Twitter. However, this controversial statement cannot effect the bitcoin or any cryptocurrency price. The rollercoaster ride of cryptocurrencies with continue as before.