The president’s latest tweet signals doom for Bitcoin and cryptocurrencies. No surprises there, then
Hear This, People!
Of course, he wouldn’t. It’s obvious, isn’t it? Anything that goes against his power base, his place in the world, and there’s hell to pay.
So no-one was surprised at President Trump’s latest tweetstorm about cryptocurrencies and Bitcoin in particular:
‘I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity….’
Doesn’t money do that, too?
While he might be right about its volatility, he is definitely wrong about how it facilitates unlawful behavior (it does, but no more than fiat), and like always in the Trumpster universe, it’s 100% clean and utter bullshit, recycled from some other financial guru who he’s stolen inspiration off.
And he went further, criticizing Facebook’s Libra virtual currency, commenting ‘it will have little standing or dependability’ before vehemently defending the US dollar, but that had to be expected, didn’t it?
Notwithstanding the president’s grievance against Facebook for its left-wing bias, it could also be interpreted as just a case of smoke and mirrors. Facebook could be accused of being the NSA’s biggest lapdog, a tool in the shed to spy on the American populace, and in reality a Trump kingmaker.
Without the social media empire’s assistance, would he have become president?
Let’s ignore conjecture for now, though.
Because maybe Trump doesn’t matter at all when it comes to Libra. The politician Trump will be gone one day, to live out the rest of his life in retirement or carry on with his business empire until his golden locks fall out and he drops down dead, while the Zuck will, if the next president and the president after that one allow him to, continue with his world domination of the digital sphere.
The anti-Trump band, libertarians and just those normal folks sick and tired of being screwed by the freeloaders who work in banks and other financial institutions aside, this is a sign of Trump’s discomfort at changes ahead, a shift in the status quo that has gone on for far too long and has taken advantage of people’s trust in the establishments that are supposed to be looking out for them.
Now there’s a ‘currency’, a mode of exchange that is independent of the global game of political cat and mouse, a decentralized population of nodes standing firm against the bullshit they’ve been listening to since fiat’s inception.
Enough is enough.
Whatever his opinion, it ended up good for Bitcoin.
Soon after Trump’s pronouncement, Bitcoin grew by one percent from the previous day.
Many in the industry are calling it a Trump-pump, a fortuitous bullish boost to the price from the gilded tweets of Jamaica Estates’ favourite moron — I mean son.
More criticism, Mr President, please! The Bitcoin nation cries at the free publicity gifted them from his tweet.
Trump’s obviously heard enough from the whispers of his advisers down the White House halls to know when something’s rocking the boat, destabilizing a modality of thinking that has stood firm for generations.
While many advocates of fiat, the dollar and Donald Trump feel Bitcoin and cryptocurrency’s community and use-cases are not big enough to cause a seismic shift to occur, with more politicians, business people and Hollywood influencers jumping on the crypto bandwagon all the time, it could see changes in the future political landscape.
Although the president’s attitude to cryptocurrency is unsurprising, this could be the start of other world leaders following suit, fighting tooth and nail to regulate Satoshi’s legacy into the centralist control they desire.
Yet there are lemmings on both sides, risking falling off the cliff for the sake of a future that none of us know.
Or maybe Trump does know.
I wouldn’t put it past him.