Bitcoin market price has seen more reds than greens on the chart in the past week, but in fact, the prized cryptocurrency has never had a more bullish week. It’s a known fact that in crypto, there’s no such thing as bad publicity, and although cryptocurrency holders may have had a roller coaster week, there’s no better time than now to hold on tight and wait for the bullish wave that is undoubtedly soon to come.
The highlight of the buzz created around bitcoin last week has to be Donald Trump’s open declaration of his dislike of cryptocurrency. The U.S President, who is known to be an avid tweeter, stated his opinion in a series of tweets released on July 11. He noted that cryptocurrency, and Facebook’s paraded Libra, have “little standing or dependability,” and that he would only recognize the U.S Dollar as a dominant and reliable currency.
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, including drug trade and other illegal activity….
— Donald J. Trump (@realDonaldTrump) July 12, 2019
A Trump Card For Crypto
Crypto commentators on Twitter went wild after Trump’s tweets, speculating that Trump’s open statement about crypto, albeit negative, meant enormous gains for the value of bitcoin. And just like a prophecy, BTC price grew to hit 1% gains on Friday. Data from Coinmarketcap showed BTC/USD 0.9% up over the past 24 hours after a significant plunge earlier on Thursday.
Also, the fact that the President is triggered enough to bash cryptocurrencies openly is an indicator BTC and cryptocurrencies generally, have gained recognition in the high, White places, and have become a force that cannot be ignored. Before now, Trump turned deaf ears to the goings-on in the cryptocurrency sector, and did not dignify any occurrence with as much as a comment. Now, with no apparent trigger, the POTUS is throwing a defensive tantrum against crypto, and it is such a delight.
Brian Armstrong, CEO, and co-founder of cryptocurrency exchanges, Coinbase, led the rally that followed Trump’s tweet, declaring the President’s comment a dream come true for crypto publicity and even lead more to buy cryptocurrency.
“Achievement unlocked! I dreamt about a sitting U.S. president needing to respond to growing cryptocurrency 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 tweeted.
Achievement unlocked! I dreamt about a sitting U.S. president needing to respond to growing cryptocurrency 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. https://t.co/N3tzUKELaK
— Brian Armstrong (@brian_armstrong) July 12, 2019
Renowned crypto bull and Hashcash inventor, Adam Back, also jumped on theTwitter rally wagon, stating that Trump’s tactics are potentially bullish for BTC because of the unintended publicity.
Twitter crypto-enthusiast @Rhythmtrader put the impacts more succinctly, in a tweet that reads:
“Criticize bitcoin? Thank you for the advertisement. Ignore bitcoin? Thank you for taking the time to build. Ban bitcoin? Thank you for the incentive. Buy bitcoin? Thank you for the support. Bitcoin. Always. Wins.”
More Buzz For Bitcoin
Asides the free publicity campaign that Trump put up for cryptocurrencies, lines have fallen in pleasant places for BTC lately, especially in influential quarters. On July 11, Federal Reserve Chairman Jerome Powell expressed optimism for a near future where alternative currencies are accepted in the United States.
Powell, speaking at a Senate hearing for Facebook’s Libra, stated that bitcoin is a “speculative store of value,” and is an “alternative” investment to gold. Also, Bitcoin (BTC) hash rate broke previous records on July 7, according to data from monitoring resource Blockchain.com. Hash rate determines the speed at which transactions can be completed on the network per second. It is a vital metric for miners, and a higher hash rate increases chances of sealing blocks and receiving rewards, and also means a safer network altogether.
With the media heating up with crypto news, it is hard not to envisage a raging bull run pretty soon. If the analysts are right, then a massive wave may be just around the corner. Hodl on, and hodl tight!