Donald Trump has posted a tweet earlier today where he openly bashed Bitcoin and all other cryptocurrencies. According to him, crypto is not money, it’s based on thin air, and is highly volatile with unregulated coins facilitating illegal activities, such as drug trade.
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
Libra Is Under The Gun As Well
Trump has similar views on Facebook’s upcoming cryptocurrency, expecting Libra to have “little standing or dependability.”
According to the POTUS, Facebook has to seek a new Banking Charter, becoming subject to all national and international banking regulations in order to provide financial services.
….Similarly, Facebook Libra’s “virtual currency” will have little standing or dependability. If Facebook and other companies want to become a bank, they must seek a new Banking Charter and become subject to all Banking Regulations, just like other Banks, both National… – Trump Said
Ironically, Trump has also grabbed the chance to shill the USD, claiming that it is “stronger than ever” as well as calling it the “most dominant currency” of the world.
…and International. We have only 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!
There’s No Such Thing as Bad Publicity
Despite Trump’s crypto bash, the predominant sentiment within the cryptocurrency community is that his words were actually good news. As we all know, there’s no such thing as bad publicity.
With almost 62 million followers on Twitter, Trump has made crypto famous by getting 12,300 retweets, 41,000 likes, and 12,600 comments (and still counting) just for his first tweet.
It appears that this is one of the most powerful advertising campaigns crypto ever went through. And it was for free.
On the good side Trump has advertised crypto to the entire world practically. Thank you Mr. President.
— Kieran Kelly 🏴🇧🇧 (@kieranmlkelly) July 12, 2019
The Trump Effect
Following Trump’s tweet, all major cryptocurrencies have started an uptrend with BTC gaining over $400 in three hours after a significant downturn on Thursday.
The biggest winners of Trump’s bashing are Stellar, Cardano, and Binance Coin that gained 8.1%, 4.7%, and 8.3% in 24 hours, respectively.
Furthermore, looking at Bitcoin’s Google Trends chart, the searches for the phrase “bitcoin” have significantly increased – from 41 to 100 – after Trump’s tweets in the United States.