Donald Trump saying he is not a fan of Bitcoin and cryptocurrency is "Yuge" for the industry, commentators were suggesting after new tweets on July 12.
In the hours after the United States' president delivered his lackluster appraisal of crypto, the Bitcoin price stayed stable, only to then begin growing to hit 1% gains Friday.
Negative or not, for proponents, the event marked a psychological milestone for Bitcoin, as Trump had previously held off from mentioning it in public.
The fact that he felt the need to bash Bitcoin publicly feeds the narrative that it is both independent of global powers and unable to be crushed by them, Coinbase CEO Brian Armstrong stated, leading the responses.
Armstrong exemplified the buoyant mood among Bitcoiners.
Others likewise thanked Trump for the free publicity, noting a surge in interest documented by Google Trends, while the president being wrong in his opinion also became a talking point on social media.
"Bitcoin has outperformed USD by 23,440,508% since it started being priced in USD.".
Max Keiser, the RT host and regular Bitcoin bull, considered Trump to have nullified his chances of reelection in 2020, while eToro senior analyst, Mati Greenspan, described his words as an "Early nomination for the most bullish tweet of the year."
Despite the conversely more stable price performance since the tweets, the possibility of a 'Trump pump' occurring for Bitcoin was also gaining traction among analysts.
"Trump is bullish for Bitcoin generally because his media tactics wobble geo-political uncertainty. Thanks for all the dollars flowing into Bitcoin," cryptographer and Hashcash inventor, Adam Back, added.
Bitcoin Industry Celebrates 'Achievement Unlocked' as Trump Pumps Market
Published on Jul 12, 2019
by Cointele | Published on Coinage
Mentioned in this article
Research finds Bitcoin and Litecoin halvings do not impact price
Contrary to the popular media narrative, new research finds that Bitcoin and Litecoin prices are unimpacted by block reward halvings.
Libra's Biggest Problem
Among the barrage of commentary accompanying the Libra circus on Capitol Hill last week was a single short tweet from lawyer Marco Santori that summed up the core problem confronting Facebook's cryptocurrency project - and, for that matter, any corporate-led effort of its kind.
Crypto and FB's Libra Are Bridges to a Bitcoin World, Says Tim Draper
Bitcoin will be the ultimate benefactor from interest in Facebook Libra and cryptocurrencies, billionaire Tim Draper has said.
Craig Wright's misinformed attempt at scaling Bitcoin, BSV frivolously increasing block size to 2GB
In Craig Wright's latest marketing attempt, Bitcoin SV will increase its block size cap from 128MB to 2GB. The upgrade will make BSV less secure, more centralized, and more costly for infrastructure providers to maintain.