On Thursday, 11th of July, the president of the United States, Donald Trump has tweeted that cryptocurrencies “are not money” and that the highly volatile value of them are “based on thin air”.
The president also added that crypto assets can promote “drug trade and other illegal activity”, since they are not regulated.
Then, Trump continued with criticising Facebook’s Libra project, saying it 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 […] and International.”
After sharing his point of view towards bitcoin and libra, Donald Trump continued to promote the United States Dollar, being the most dominant currency anywhere in the world and has highlighted that it will always remain to stay that way.
Bitcoin’s price did not move much, it actually bounced back from $11,000 to around $11,600 right after the tweets were released. This shows that FUD (Fear, Uncertainty and Doubt) does not affect the market as much and it sort of started reaching its’ own maturity.
On the other hand, the CEO of cryptocurrency exchange Coinbase, Brian Armstrong has said that president’s tweets about bitcoin are “Achievement Unlocked!”.
Simon Dixon has also tweeted, congratulating the bitcoin community of this great achievement. According to the analysis of Dixon, bitcoin has outperformed United States Dollar by 23,440,508%.
The response from the cryptocurrency and bitcoin community towards Donald Trump’s remarks was quite positive as it gives bitcoin free publicity and analysts were anticipating the ‘Trump pump’ occurring right after the tweets.