Mixed reactions have trailed U.S President Donald Trump’s Bitcoin and Facebook Libra Tweet, in which he said he is not a fan of either asset. Many seem not to fancy his opinions however, and as always some non-coiners share the same thoughts at his.
Here, we look at the reactions of top cryptocurrency industry figures to this news as well as other commentators.
One of the big names in the computer industry, founder of McAfee software and very avid supporter of Bitcoin and altcoins; McAfee is a one-time US Presidential candidate known in the crypto space for his bullish statements; notably one saying “Bitcoin will hit $1 million by 2020 or he’ll eat his d**k”.
In response to Trump’s tweet, McAfee made particular reference to the drug and illegal trade arguments; he responds in a video:
Crypto facilitates unlawful activities like the drug trade??? I thought the current $200 billion drug trade was priced in U.S. dollars and paid for by same??? I’m going to feel so foolish on discovering the actual currency for purchasing drugs is bananas or soy milk.
McAfee goes on to discuss the evolution of technology, risks and benefits in the 2:11 minutes video. He made references to the telephone, internet and their roles in each case.
Wall Street figure and Co-founder of the Wyoming Blockchain Coalition, Caitlin has been in the financial sphere for over 22 years with experience in traditional finance and crypto systems.
In her response, Caitlin dissects perspectives to Trump’s claims in a series of tweets. She says:
1/Mr President – Wyoming, the state that gave you the highest margin of victory in 2016 (even bigger than Reagan), welcomes law-abiding crypto companies and created a new type of bank charter to allow them to comply with the law. You are just wrong on this – your staff is misleading you.
Caitlin goes on to say that non-acceptance of crypto by the United States would hurt it. She specifically highlights that the US monetary system has had no innovation in the last 50 years; as she pitches the Bitcoin-USD benchmark as one to yield positive outcomes.
CEO of the United States largest crypto exchange says; Trump’s comments represent a psychological milestone, a ‘yuge’ one for Bitcoin. He remarks:
Achievement unlocked! I dreamt about a sitting U.S president needing to respond to growing crytpocurrency 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 3 y’all.
Armstrong’s response seems to capture majority of the opinions shared by the cryptocurrency community, with many thanking Trump for the free publicity which has prompted increased searches for Bitcoin on Google.
Simon Dixon “Bitcoin has outperformed USD by 23,440,508% since it started being priced in USD”
Max Keiser described Trump’s tweet as an “early nomination for the most bullish tweet of the year.”
@gaborgurbacs “President Trump – Approving a well-regulated Bitcoin ETF focused on investor protection may help protect the public interest and promote healthy, fair and orderly markets. A Bitcoin ETF may offer the following protections & benefits…Daily proof of reserves (NAV), transparent holding, transparent prices, high liquidity…A bitcoin ETF may provide a more transparent, liquid and regulated option.”
@StopAndDecrypt “Buy Bitcoin now, this guy is clueless…Whether you like him or not, he’s objectively wrong about this. Everything from the car, to cell phones, to boats & private jets are use to facilitate crime. The USD is used most in regards to criminal activity.”
@misty138 “Pretty sure USD is the official sponsor for gun running in almost every country in the world.”
@saifedean recommended the “Bitcoin Standard book” on Amazon as a good read for Trump
See more comments here
Few commentators rose up to Trump’s support; we highlight some of their comments here:
@RampCapitalLLC “The crypto community wants to take down our beautiful banks and short our stocks! We won’t let them.”
An anonymous commentator remarked: “President Trump, let’s have them use their fake internet money to build us the WALL.”
In the meantime, Bitcoin and altcoin prices have remained stable with flashes of green seen hours after the tweet. At extended hours, the market has been quite stable with BTC still around the $11,500 price range maintained prior to Trump’s bitcoin tweet.
Elsewhere, Trumpcoin (TRUMP) – a less popular altcoin launched in 2016; seems to have taken the incentive with gains up by 28% few hours after the tweet.