Bitcoin was born during the perfect storm of economic recession, declining trust in banks and financial institutions, and political unrest. There was definitely skepticism when Bitcoin took off owing to its links to the darknet. However, it was thankfully just a phase and Bitcoin soon got out the trenches and into mainstream adoption during and after the 2017 bull run.
The journey has definitely been rocky for Bitcoin, but it has made it out alive and strong. A tweet by POTUS earlier today has made Bitcoin’s existence more valid, causing its roots to run deeper and secure its place among well-established currencies. While the tweet by POTUS wasn’t specifically in support of Bitcoin, people in the Bitcoin community reacted to it in all sorts of ways. Some enjoyed the comments and were optimistic. Others, not so much, as they expressed their idea of Bitcoin.
The ‘Genie’ is out of the bottle
Caitlin Long, a popular crypto-supporter and Co-founder of Wyoming Blockchain Coalition, asked the President to understand that the ‘crypto genie’ was out of the bottle and that it can’t be put back in, no matter how much the U.S. government fights it. She added,
4/ Why? Because this is the first serious payment innovation in decades. Yes, #crypto is used for illegal activities, but much less frequently than the dollar is—& crypto is easier to track (check w/ the FBI!). Mr President, you don’t need to choose between #crypto & the dollar!
— Caitlin Long ? (@CaitlinLong_) July 12, 2019
Jekyll or Hyde
Kraken CEO and Co-founder, Jesse Powell, elucidated that useful tools such as Bitcoin and fiat can be used for both good and evil. Responding to Trump who said that Bitcoin is volatile and is based on thin air,