Bitcoin And Ether Rise Modestly After Trump Tweets "Not A Fan" of Cryptos
Bitcoin and Ether rising, even after a Presidential zinger
It may be that any attention is better than no attention here; in the hours after President Trump tweeted the following string of thoughts on Bitcoin and currency, leading cryptocurrency networks Bitcoin and Ethereum saw modest gains in US dollar value.
“Not a fan of Bitcoin and other Cryptocurrencies, which are not money…”
The obvious reaction to these tweets would be to become bearish on crypto’s possible future in the USA, but due to the Flexa app, major US merchants including Whole Foods, Starbucks, and Barnes & Noble already accept Bitcoin, Ether, and other leading cryptos.
Market watchers may be parsing the President’s words very closely here: he didn’t say or suggest he wanted to ban these technologies, he just expressed he’s “not a fan” of them. Tolerance is bullish!
Also, he uses the word “Unregulated,” and at least for US users on a platform like Gemini or Coinbase, those are very regulated businesses, not rogue fintech startups. So, Trump could be criticizing primarily crypto activities at the fringes of the economy, and not mainstream investment in blockchain adoption, which is occurring, regardless of who is a fan of it.
People understand now that central bank fiat usury is not freedom, and that proof-of-work is one of the only valid ways to issue a token or money fairly. Big businesses seem to understand this also, or there wouldn’t be such investment and acceptance from leading merchants — no one loves fiat, they’re just forced to use it.
Modest gains for Ether in the hours after the President’s tweets regarding cryptocurrency.