The bitcoin price surged to an intraday high on Monday after US Treasury Secretary Steven Mnuchin made a crucial comment during his surprise press conference on cryptocurrency regulation.
Bitcoin Price Shoots to Daily High During Mnuchin Press Conference
The flagship cryptocurrency, which traded down after Mnuchin referred to it as a “national security issue,” suddenly shot higher midway through a question-and-answer session when a reporter asked him what he believed was driving its mammoth price increase.
No, Mnuchin didn’t respond by explaining that cryptocurrency will supplant gold as the world’s favorite safe haven asset, and he didn’t pull any punches about its perceived association with illicit activities.
Mnuchin: Do Your Own Research
Crucially, though, he declined to allege that illicit activity was fueling bitcoin’s bull run, nor did he state that it was his duty to stop US residents from investing in cryptocurrency for speculative reasons.
Rather, he warned them to “be careful” and do their own research – fundamentally the same advice you’d expect from any level-headed crypto insider.
wow. @stevenmnuchin1 says just said “i’m not speaking on the investment merits of bitcoin, and using it for speculation. i am speaking on stopping illicit financial activity.”
“this is a non-political situation.”
my jaw is on the floor! ?
— Meltem Demirors (@Melt_Dem) July 15, 2019
Crypto analyst Mati Greenspan extrapolated his comment a step further, stating that this means “Bitcoin trading on Wall Street is still on the table.”
Bitcoin trading on Wall Street is still on the table.