Many people working within the cryptocurrency space seem to believe that while assets like bitcoin are falling at press time, Trump’s crypto comments could potentially catapult the asset – along with several others – into widely bullish territory.
Bitcoin Is Going to Explode Soon, Say Analysts
Bitcoin has been around for more than ten years. The initial whitepaper discussing bitcoin emerged in 2008, during the final year of President George W. Bush’s second term. This means that three sitting U.S. presidents have had the opportunity to address cryptocurrencies, which have long gone ignored until now.
Donald Trump is the first U.S. president to acknowledge crypto and its existence, and while the comments he made may have been negative in the long run, many argue that the mere mention of bitcoin by a U.S. leader is enough to catapult it into a highly competitive state.
Jeremy Allaire is the chief executive of Circle, a bitcoin and cryptocurrency exchange and payments group. He recently took to Twitter to suggest that bitcoin was about to hit a whole new benchmark thanks, in part, to Donald Trump. He states:
Possibly the largest bull signal for [bitcoin] ever. Crypto is now a presidential/ global policy issue. People everywhere will embrace a mix of sovereign and non-sovereign digital currency.
This seems to be the primary reaction amongst most individuals who see the news as positive, rather than unruly. They suggest that whether he meant to or not, Trump has ultimately made cryptocurrency a global policy issue that will no doubt take precedence in the upcoming 2020 election, and that digital assets are about to solidify their legitimacy like they never have before.
Chief executive of U.S.-based crypto exchange Coinbase Brian Armstrong commented:
Achievement unlocked! I dreamt about a sitting U.S president needing to respond to growing cryptocurrency usage years ago. First, they ignore you. Then, they laugh at you. Then, they fight you. Then, you win. We just made it to step three, y’all.
The idea of Trump bashing bitcoin is hardly the point. Many advocates say that his mere mention of it is likely to bring a whole new level of awareness to bitcoin and digital assets. The mainstream public is likely to take greater interest and potentially invest further, bringing the space to new heights.
Mati Greenspan, senior analyst at e-Toro, states:
Even though Donald says he’s not a fan of bitcoin, the fact that he’s mentioning it at all is hugely bullish for the entire crypto market.
Crypto: Solid Grounds for a Campaign?
Some presidential candidates going against Trump in 2020 have built their reputations on crypto. Among them is democratic candidate Andrew Yang, a cryptocurrency entrepreneur. Yang recently commented on the strength of blockchain technology, stating:
The blockchain has a wealth of potential. [It] could make many things more secure, transparent and efficient.