Well, it appears the weights of President Donald Trump’s most recent comments are finally being felt by bitcoin. At press time, the currency is trading for just over $10,400. This is about $1,000 less than where it stood 24 hours ago.
Bitcoin Is Hit Hard by Trump
It’s very disappointing to see volatility strike everybody’s favorite cryptocurrency in this way. After all, bitcoin has been managing to maintain its position of over $11,000, but with the President and entrepreneurs like Mark Cuban labeling crypto as something we should all be wary of, the pressure has likely become far too much to handle.
In a recent Twitter storm, the President labeled currencies like Libra as untrustworthy, saying that it holds no merit and that it doesn’t stand on a sturdy platform. He also commented that he does not care for cryptocurrencies, saying that they often attract illicit activity and that they are not real money.
Cryptocurrency lawyer Preston Byrne, in an interview, suggested that Trump wrote those tweets not necessarily because he wanted to, but because his advisors told him to. Byrne states that the U.S. government, as of late, is run by several “boomers” and older gentlemen who don’t really understand what bitcoin and crypto is. Thus, they’re not likely to realize what it can do and what it can be used for.
Either way, the comments have taken their toll on crypto, bitcoin especially, which has fallen greatly within a single day. It’s unclear how the currency will react in the coming days. Will it remain as is for some time? Are the drops coming to an end, or are we likely to see more before things turn around?
One thing’s for sure: volatility is still very much an issue, even more so than this publication has suggested in recent days. While bitcoin has undergone a new wave of maturity – reports have been published on this subject – bitcoin is still vulnerable to price swings and similar problems, and it can occur without notice.
What Will Happen Next?
Over the past two days, bitcoin has maintained its $11,000+ position despite the comments made. Nobody really expected it to fall as suddenly or as drastically as it did, but fallen it has, and the currency has hit its lowest point since late June.
One bit of news we can be excited about: bitcoin is still more than double what it was in early April. During that period, the currency rose to new heights and hit the $5,000 mark for the first time in several months, and for the most part, it has been on a role ever since. Granted it has kept some of its overall strength, perhaps we can see small, yet additional price spikes in the coming days to make up for its latest activity.