The bitcoin and cryptocurrency world has been left reeling after U.S. president Donald Trump unleashed a scathing attack on bitcoin and cryptocurrencies, branding them “unregulated crypto assets” and based on “thin air.”
The bitcoin price rose slightly following Trump’s comments as bitcoin traders and investors bet that Trump’s acknowledgment of bitcoin will bring greater awareness of crypto and could push prices up.
However, far more importantly, Trump has inadvertently catapulted bitcoin and cryptocurrencies into a presidential issue and given valuable recognition to the burgeoning bitcoin technology—with some 2020 U.S. presidential election hopefuls already bitcoin and cryptocurrency fans.
“Possibly the largest bull signal for [bitcoin] ever,” the chief executive of bitcoin and crypto exchange and payments group, Jeremy Allaire, said via Twitter. “Crypto now a presidential/global policy issue. People everywhere will embrace a mix of sovereign and non-sovereign digital currency.”
Elsewhere, the bitcoin and cryptocurrency community took Trump’s tweets as an endorsement of bitcoin and the underlying blockchain technology.
“Achievement unlocked! I dreamt about a sitting U.S. president needing to respond to growing cryptocurrency usage years ago,” Coinbase chief executive Brian Armstrong tweeted. “‘First they ignore you, then they laugh at you, then they fight you, then you win.’ We just made it to step three y’all.”
While the market has barely reacted to Trump’s bitcoin and crypto tweets, market watchers still expected there to be a positive boost from Trump giving bitcoin and crypto airtime.
“Even though Donald says he’s not a fan of bitcoin, the fact that he’s mentioning it at all is hugely bullish for the entire crypto market,” Mati Greenspan, senior market analyst at eToro wrote in a note to clients.
Those presidential hopefuls who have already spoken of bitcoin now have an opportunity to respond to Trump’s bitcoin and cryptocurrency opposition.
One candidate vying for the Democratic nomination, Andrew Yang, has previously praised bitcoin’s underlying technology, saying: “The blockchain has a wealth of potential. [It] could make many things more secure transparent and efficient.”
Yang, who has mostly campaigned on a universal basic income (UBI) platform that would see every adult American receive a $1,000 per month, announced last year would be accepting campaign donations in bitcoin, ethereum, and other cryptocurrencies.
Meanwhile, another Democratic presidential hopeful, Tulsi Gabbard, invested in ethereum and litecoin in late 2017, at the peak of the bitcoin and cryptocurrency epic bull run that saw the bitcoin price soar from under $1,000 to almost $20,000 in under 12 months.
Now Trump has made bitcoin a valid issue, there’s nothing stopping these and others in the race to the White House making bitcoin and crypto a bigger part of their campaigns.