The Donald didn't want to be left out!steemCreated with Sketch.

in #crypto5 years ago

After the FED Chairman was critical of Libra and crypto yesterday, the president decided to join in!

On Wednesday and Thursday the FED Chairman said that he wanted Facebook to put a halt to their development of the Libra crypto project.

His reasoning being that they hadn't sufficiently answered concerns raised by regulators.

More about that can be seen here:

https://steemit.com/bitcoin/@jrcornel/the-crypto-market-is-getting-thrashed-here-s-why

This was a big deal because much of recent bullish momentum in crypto was due to Facebook announcing that they were launching their own coin, Libra.

The thought was that with their 2 billion users, the crypto community would grow by leaps and bounds if potentially 2 billion more people were introduced over the coming months and years.

As you can imagine, the Libra project being halted/delayed put a bit of a damper on crypto prices.

Then, to make matters worse, the president himself felt he needed to chime in...

(Source: https://youtube)

President Donald Trump put out a series of tweets late yesterday saying how he is not a fan of bitcoin and crypto in general...

How it is mainly used by drug dealers and criminals.

Given his tremendous reach and influence, one might assume that prices would tank on that news...

However, from the time Trump made his remarks until now, prices are actually up!

Bitcoin was trading around $11,500 when Trump blasted it, and right now it is trading for $11,700, with no excessive price moves in either direction since those tweets.

Not much of a price move, yet.

I am surprised and glad bitcoin didn't see more of a negative reaction from those tweets, but I hope Trump doesn't decide to put bitcoin and crypto in his cross-hairs going forward.

Stranger things have happened before...

They banned gold ownership back in 1933, hopefully this isn't the start of something similar happening here again as it relates to bitcoin.

Normally I would say there is no chance of this happening in today's world, but with Trump as president, you just never know.

He is a wild card!

Stay informed my friends.

-Doc

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This could be the catalyst that takes it down to the 8k area again.

It very well might be. It looks like it is starting.

I'm glad to see that most crypto investors don't take investment cues from Twitter rants.

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Yep, bitcoin was surprisingly subdued.

All presidents are puppets, but Trump is the ultimate meta-puppet. Someone at the top really had a nice laugh getting him elected. It's all a grand cosmic joke.

When you look at what he said about cryptocurrency, it's very obvious he was spoon-fed this information by his masters. It's the standard go-to crypto bashing that the banks have been spewing for years.

I would say months behind, but that would be an understatement.

There also seems to be no such thing as bad publicity in this case.
Thanks to you, Trumper!

It was pretty interesting that prices went up after his tweets.

yes, everyone's a puppet of a puppet...

of a puppet?

God Bless Capitalism!

And the home of the free and the brave!

Does this mean you agree?

The harder governments crack down on things like crypto currency , the longer full adoption will take. Corrupt politicians do not want to see block chain adoption, as it exposes their own corrupt nature.

I agree. I think bitcoin would survive either way, but it would push back mass adoption by years.

I like Donald Trump, but I think he got it wrong on cryptos. It is helping some really poor countries out.

You are really funny though, saying anything is possible with Trump. That is funny. Haha haha😁

It really is! Don't you think?

Yah, he might be playing games.

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money is money. Gold, paper, crypto... all the same.

It has value because people are willing to accept it in exchange for other goods or services.

He has no option but to go with this rhetoric given the news that the debt ceiling is quickly approaching and more money will need to be printed and financed with debt! If cryptocurrencies gain traction, who will back the dollar? Never a better reason or time to diversify and store value!

Agreed. Plus if the dollar loses its reserve currency status it limits the options the FED and president have to finance things.

Trump has already presided over the longest government shutdown in US history and has presided over the fastest growing US debt in history. If people haven't abandoned the dollar yet then idk if one more shutdown is going to do anything to hurt confidence in the dollar. I think that will only come to pass when people have trouble buying food.

Posted using Partiko Android

He said other cryptocurrencies. So he knows there are other cryptos. Most people only know about Bitchcoin. He probably tried to buy some and they told him that he needs actual money to buy them.

This was a big deal because much of recent bullish momentum in crypto was due to Facebook announcing that they were launching their own coin, Libra.

No it wasn't. It had nothing to do with them. That was just the excuse articles used...just like they always come up with some dumb excuse why the market is moving this way or that.

Some people might invest in Bitcoin because of some crazy idea that Libra, which isn't even real crypto, would possibly cause the price to rise...though it was an incredibly safe bet at the prices it was at. I seriously doubt that them working on a crypto project caused that rise though...especially since it started before the announcement. In fact, it started on April Fools...right after YouTube's biggest crypto analyst DataDash said it was set for a big move. It totally was at the time...just needed a nudge. I would sooner believe he was responsible than Facebook. SEC also postponed their ETF decision.

A bunch of shit happened that day in crypto. You can pick one at random and make a compelling case of why that caused the spike.

Every day there's always a ton of awesome and horrible news about crypto. It rarely moves on it.

And any idiot that dumps BTC during a rally because Toadstool says so doesn't deserve a Lambo.

It absolutely was part of the reason for the bullish momentum. Whether you like the news or not, Facebook launching a pegged currency was just about the most bullish news crypto could get. It would introduce potentially 2 billion people to crypto. Not only that but this coin wouldn't compete with existing coins, only stable/pegged coins. Not to mention the validation it gives bitcoin/crypto. There aren't many other ways to introduce bitcoin/crypto to 2 billion people basically all at once. Libra was going to be a major on-boarding tool for bitcoin. It literally is some of the most bullish news crypto could have. The reason price ran up was because people were speculating how good this would be bitcoin. There were other contributing factors to the price rice, such as historical halving price cycles, seasonality, QE being back on the table, and trade wars to name a few... but make no mistake the news from Facebook was a major driving force behind the recent price action in bitcoin.

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