It was the tweet ‘heard around the world’… ok… maybe only within the crypto community…
Back to the news…
President Donald Trump’s use of Twitter is certainly something new to politics,however, it has also become something that it pretty much common place these days.
During his recent Twitter session, President Trump briefly touched upon the topic of Bitcoin, mostly bashing the world’s largest cryptocurrency and saying that it is ‘not money.’ He also pointed out that its value is highly volatile and ‘based on thin air.’
Binance CEO Sees a Great Victory
While there is little doubt that President Trump’s intention with this tweet was meant to discourage people from buying Bitcoin or working with it in any way, it would appear that the move had a completely opposite effect.
It’s CZ’s contention that President Trump’s critical attitude towards cryptocurrency does not matter and that it won’t damage the industry in the slightest. In fact, he believes it is far more likely to strengthen it in the long term.
President Trump’s tweet gave Bitcoin and the entire cryptocurrency space one thing that it desperately needed — publicity.
The crypto market is gaining more and more attention by the day, however, being directly talked about by the highest-ranking individual of the Western political world is a victory in itself.
CZ also allowed for some speculation, stating that even if President Trump bans cryptocurrency in the US, he would not be able to prevent it from growing rapidly.
The very nature of cryptocurrency means it does not depend on any one country; it’s not controlled by any government or any bank… banning it can only cause investors to want it more.
Some would argue that it’s President Trump’s job to ‘protect the US dollar.’
That is true… however, the erosion of the value of USD goes well beyond crypto.
If you’re interested in learning a bit more about this and the how USD is slowly loosing it’s place as the world reserve currency, we will link to videos by Mark Moss from Market Distruptors below.
They are very informative… be sure to give each video a like and subscribe to his channel… it is a great source of information.
Zhao is not the only one who shares this view of President Trump’s Bitcoin tweets. In fact, Brian Armstrong, the CEO of the largest US cryptocurrency exchange Coinbase, sees the development as ‘Achievement unlocked!’ for the crypto sector.
It should be mentioned that Trump also pointed out that his negative view of digital currencies includes Facebook’s upcoming Libra.
Capitol Hill has been grilling the social media giant for its future coin, mostly due to privacy, trust and regulatory compliance concerns. A concern shared by G7 finance ministers.
Facebook’s ‘world-uniting’ coin continues it’s fight with global regulators way before its own launch.