Updates of President Trump’s series of bashing tweets on Bitcoin, Libra and other cryptocurrencies spread like wildfire. While his twitter threads invited strong backlash from crypto community-on the other hand, Bitcoin backers actually received it as a positive note.
At Least He Notices Us.!
U.S President Donald Trump’s critique of Bitcoin has been assumed as “achievement unlocked” by Brian Armstrong” founder of largest crypto exchange, Coinbase. He thinks it’s a welcome move and compares it to a famous quote “First they ignore you, then they laugh at you, then they fight you and then you win”. According to Brian, the community has just won the third step following trump’s firing tweets on Bitcoin.
Achievement unlocked! I dreamt about a sitting U.S. president needing to respond to growing cryptocurrency usage years ago. “First they ignore you, then they laugh at you, then they fight you, then you win”. We just made it to step 3 y’all. https://t.co/N3tzUKELaK
— Brian Armstrong (@brian_armstrong) July 12, 2019
Trump’s tweet quickly gotten the attention of worldwide users and few members of the crypto community thinks that it has actually brought global users to the crypto industry. In fact, few thanks Trump, citing a quick surge in the price of Bitcoin and the interest documented by Google Trends.
While the president expressed his stern opinion on Bitcoin, Libra and other cryptocurrencies, it is believed that regulators are way closer to introduce regulations around crypto. Henceforth seeking Libra to follow banking regulations over its own cryptoucrrency’s launch.
No Affect on Crypto Market
Besides this, many think Trump’s statement had no adverse effect on the price of Bitcoin. In fact, according to the data from the Coinmarketcap, the price of cryptocurrencies are actually returning to its earlier growth. At the time of writing, Bitcoin is gaining the momentum of $11689 against the US Dollar with a surge of 0.87 percent over the past 24 hours. In addition to Bitcoin, other altcoins are also experiencing a significant growth such as ETH is soaring with 1.34 percent, XRP with 3.16 percent, LTC with 2.66 percent, BCH with 2.79 percent, BNB with 6.62 percent respectively.
Crypto Leaders Responds To Trump’s Tweets
Along with Brian, other crypto leaders such as Morgan Creek’s Anthony Pompliano, Shapeshift CEO Erik Voorhees, TRON’s Justin Sun, Kraken’s Jesse Powell and many others responded to Trump’s opinion on Bitcoin.
Pomp in one of his tweet quickly troll Trump on his statement “he is not a fan of Bitcoin whose value is highly volatile and based on thin air”. Accordingly, Pomp remarks 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?
In his other tweet, Pomp again addressed Trump and wrote: “Bitcoin is the most anti-fragile asset in the world”.
At the center of the president’s criticizing comments, Justin Sun strongly made a yet another invitation for his “Buffett Lunch” and this time it wasn’t for any other crypto leaders. Sun addressed President and said that “he would love to invite Trump to have lunch with crypto leaders along with WarrenBuffett on July 25”.
Mr. President, you are misled by fake news. #Bitcoin & #Blockchain happens to be the best chance for US! I’d love to invite you to have lunch with crypto leaders along with @WarrenBuffett on July 25. I guarantee you after this lunch, nobody will know crypto more than you! https://t.co/ZpRFEbninv
— Justin Sun (@justinsuntron) July 12, 2019
Besides Sun, Jesse Powell, Co-founder, and CEO of Kraken also responded to Trump and said: “if you study crypto, you will find much to agree with”. He continued that; Crypto is about personal responsibility and choice.
Mr. President, one could say the same of unregulated fiat currencies, like the privately operated US dollar. The advantage of cryptocurrencies is that they are predictable and transparent. Regulated or not, useful tools can be used for good and evil. Don’t let the US fall behind.
Well, President’s tweets on Bitcoin and Libra became the much-concerned topic – after all, Donald Trump is the president of the United State where Libra is seen with most uncertainty. Let’s not forget that the Calibra CEO David Marcus will testify before the Senate Banking Committee on the company’s plan of launching Libra and policy concern involved on July 16, 2019.
As of now, Bitcoin price hasn’t affected – rather surges significantly higher. Let’s wait for Facebook’s respond on Trump’s demand that states “Facebook should follow all banking regulations over Libra”.
Image Source – Shutterstock
1- Do not invest in every ICO – most of them are a scam.
2- Crypto is a heavily manipulated commodity and the price can change at any moment.
3- The creation cost of a coin represents the “wholesale” price – It is always better to buy when the price is close to the creation cost.
4- Crypto has a natural cash flow that dictates the selling pressure. Like, 1800 bitcoins are mine each day so 1800 bitcoin must be bought at the current price (“means market needs new $18 millions of investment every day if the price is $10,000 to maintain the current price“).
5- Patience and timing are key to making a profit:
Buy, when the price is close to the creation cost.
Sell, when the price is way high off the creation cost.