US President Donald Trump takes a stance on cryptocurrencies admitting he’s not so much of a big fan in his tweets:
It appears that Trump is trying to re-establish the predominance of the US dollar, as if under threat. But all the praise and hail for the US dollar on the expense of cryptocurrencies doesn’t seem to bring them any harm.
Oppositely, they gained more fame, with Bitcoin’s BTC/USD rate raising up to 0.9% after Trump’s tweets, although it experienced a downturn one or two days before the tweet.
A popular response to the tweet read
Well done Donald Trump for bringing more awareness to Bitcoin
Donald Trump seems to be especially frowning upon Facebook’s cryptocurrency Libra since the tweets came the night of Trump’s “Social Media Summit”.
With this move, Trump seems to lose the support of many crypto enthusiasts for the coming presidential elections. It seems to feed the fire of the war gaining more and more recognition called the Trump VS Silicon Valley war.
Although some interpret his tweets as a between-the-lines-call for Americans to go after Cryptocurrencies that have the backing of the United States, especially with the 28% rise of TrumpCoin, an altcoin that says it “supports President Trump in his fight against fake news, corruption, and the deep state.”
However, Trump’s words were clear and seemed to bash all cryptocurrencies, US-backed or not.
One other comment on the subject in matter read:
But he has said it. He does not like bitcoin. Between the lines, I interpret that like most old-timers, he simply does not understand it and thinks it is fairy dust.
And it could be true as Trump believes that cryptocurrencies are void of value and so “are not money” and apparently disregards the fact that fiat money, US Dollar included, have no intrinsic value either.