Blogs - Digital Ticks
July 12
2019

Bitcoin price surges despite President Trump’s Tweet On Cryptocurrency.

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The bitcoin price is already surging back from yesterday’s value of $11,565 (11th July 2019) to $11,686 as of today (12th July 2019).

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The president of the United States Mr. Donald Trump took some time out of his evening to announce to the world that he is “not a fan” of Bitcoin and other cryptocurrencies. Thishighlights his administration’s stance on crypto over a series of tweets published around 8:15 p.m. EST on July 11.

What prompted Trump to issue these tweets could be the “Social Media Summit,” a closed-door conference that brought together many right-wing social media notables. Perhaps there was some talk of Bitcoin and Libra at this meeting.

Presumably, the impending congressional hearings on Facebook’s Libra Project, scheduled for next Tuesday and Wednesday, July 16 and July 17 must have also inspired Trump to tweet on the subject. Since the tweets came one day after Federal Reserve Chairman Jerome Powell told lawmakers that Facebook's plan to build a digital currency called Libra could not move forward unless it addressed concerns over privacy, money laundering, consumer protection and financial stability.

He stated that unregulated crypto assets possess the ability to facilitate unlawful behaviour because their “value is highly volatile and based on thin air.”

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To which a user responded:

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Trump expanded his thoughts 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.

Like expected, Trump ended his crypto fireside thread with some trademark, nationalistic confidence in the United States Dollar. “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,” he wrote.

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The intended result of these tweets in terms of policy or practice remains uncertain.

Crypto Twitter Reacts to Donald Trump’s Tweet About Bitcoin Whatever the source of Trump’s sudden anger for crypto, the crowd is not particularly happy. While almost everyone had comments to make regarding Donald Trump’s tweet about Bitcoin, we picked out some of the notable ones by a few crypto industry leaders.

Mike Cernovich

Popular far right commentator Mike Cernovich wrote in a reply to Trump, “This is a major mistake on your part and shows a lack of vision.” Cernovich and others are now seemingly on a quest to re-educate Trump on the benefits of Bitcoin.

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Justin Sun

The TRON founder was even generous enough to invite Donald Trump to his $4.5 million lunch with billionaire investor Warren Buffett, to enlighten him on crypto.

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Charlie Bilello

Investor Charlie Bilello responded with a graph stating the returns during trump's presidency.

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Anthony Pompliano

The Morgan Creek Digital Founder, had always named math as the cryptocurrency’s core strength and he made sure to remind people of that.

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Whatever Donald Trump had in mind by making a tweet about Bitcoin, has apparently done nothing more than pushing the cryptocurrency into mainstream consciousness. Time will tell whether Trump’s anti-crypto sentiment is reflected in his administration’s stance.