Bitcoin searches on google spiked massively as a response to Trump saying that he is not a fan of bitcoin. The proponents are now thanking him for the major publicity boost so we are writing once again about what he stated in the altcoin news below.
Trump realized that he is not a fan of bitcoin nor of cryptocurrencies in general back on Friday in a series of Tweets claiming that Bitcoin is inferior to the US dollar. The classic arguments that were provided favored by many, Trump stated that the crypto market and bitcoin is too volatile and they are simply not money. The dollar, on the other hand, is a leader in that role and does not feature in criminal activity as bitcoin does. Many expected Bitcoin to nosedive after such a major public criticizing, but the opposite occurred. The BTC/USD rate was around 1.3% ten hours after the tweet. What is more interesting is that the market initially failed to react at all which proves Bitcoin’s ambivalence to attacks from centralized sources. ShapeShift CEO Erik Voorhees summarized:
“Trump tweets… BTC does nothing. Bitcoin is now less volatile than Donald Trump.’’
Other comments moved the entire BTC market in the past such as the damning report by the Bank of International Settlements and its Chief Augustin Carstens. In the end, the only increase that Trump initiated the bitcoin searches on Google Trends where the interest for ‘’Bitcoin’’ temporarily surged before leveling once again. In the long term, Trump may change his mind according to some commentators. He has already acknowledged bitcoin as a major global phenomenon and of huge importance. The CNBC host Ran Reuner commented:
“We finally got that Bitcoin tweet from Trump. They can’t shut down Bitcoin but Facebook, on the other hand, may have some issues. I say again, the more resistance Facebook face (sic), the more valuable Bitcoin becomes.”
As reported in the latest cryptocurrency news, the idea of BTC finally getting its ‘’Trump pump’’ was very irresistible for bulls. They eyed the potential for the largest cryptocurrency in order to break all-time high. Just a few days ago, the BTC/USD pair traded above $13,000 which suggests a new record that is imminent or due at some point this year.
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