Around two weeks ago, the crypto market saw a new height of sorts in that Donald Trump dedicated a tweet to the industry, even if it wasn’t what people were hoping for…
In the three-part Twitter thread, the President did more damage than what he probably intended as he said he wasn’t a fan of Bitcoin nor the upcoming stablecoin from Facebook, Libra but he also added that Bitcoin was too volatile and that its value is basically based on nothing.
“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.”
Following the President’s harsh words on Bitcoin and cryptocurrency, some investors were scared off from such an emerging industry.
As well as other enthusiasts and crypto figures, the CEO of Binance, Changpeng Zhao isn’t worried about what Trump has said on crypto. In a recent interview with CNBC, CZ highlighted that Trump’s strong words against bitcoin are actually a bullish thing for the space.
Whilst speaking to the news outlet, the CEO also noted that the president hasn’t really done anything positive or negative but just posted the tweets. CZ goes onto say that even if Trump attempted to ban Bitcoin, the ecosystem would still fight on.
“Cryptocurrency will survive regardless of any one country.”
So essentially, Trump’s tweet should only result in stronger network effects for Bitcoin and the rest of the market rather than it be the other way round.
Speaking to Yahoo Finance, Tom Lee shares a similar sentiment in that he isn’t worried about what Trump has said on the industry. If anything, the President’s comments had made “the other 99% [of the world] more aware [of cryptocurrency].”
“It’s going to force everybody who is not involved — and remember a very small percentage actually cares about crypto and bitcoin — it’s going to force the other 98% of the world to think about what it means.”