US President Donald Trump, who is more vocal about his feelings and thoughts than many, finally spoke about Bitcoin and cryptocurrencies. He not only gave his views in general but also spoke negatively about Facebook’s cryptocurrency plans with Libra.
While his views were not favorable towards Bitcoin or any cryptocurrency, it hardly had an effect on prices over more than $50. The price of Bitcoin at 2: 45 Hours UTC on 12th July 2019 is 11,380. It is trading 4.72% lower on a daily scale.
Richard Heart, angel investor and trader noted,
Trump speaks ill of #Bitcoin at $11,295. Price pumps 2% in an hour. 1.5 hours later it’s now sitting at $11,344.
BTC/USD 1-Hour Chart on Bitstamp (TradingView)
This is probably the first time that the President of the United States has spoken about Bitcoin and cryptocurrencies. Facebook’s crypto plans with Libra have primarily influenced it. The announcement has shaken the Financial Services industry. However, his views also had a silver lining to it – that he did not announce any sanctions or propose any strict laws over cryptocurrencies.
Moreover, while he spoke against Bitcoin and cryptocurrencies, it cannot be entirely seen as a regulatory threat – his views summarized the general rhetoric against Bitcoin’s volatility and intrinsic value.
Donald Trump noted in his tweet that “he is not a fan of Bitcoin or cryptocurrencies.” According to him, their value is based on “thin air,” and it is “highly volatile.”