Home / World / Donald Trump Likely Didn’t Cause Bitcoin Crash to $10,500: Analytics

Donald Trump Likely Didn’t Cause Bitcoin Crash to $10,500: Analytics



Last week, the cryptography market was blessed by a historic event: Bitcoin and Libra were named after the US president.

Related reading: Analyst: Bitcoin could reach $ 9,000 in the event of a bearish break; This is why

In a three-part thread, Donald Trump criticized the cryptocurrencies as a whole. According to previous reports by NewsBTC, the US leader tried to dismantle the value proposition not only of decentralized cryptocurrencies, such as Bitcoin, but also of Facebook's Libra.

Trump said he does not believe digital assets are money, adding that they are also known to be very volatile and "air based." The president continued arguing that cryptocurrencies can and "facilitate illegal behavior," citing their use in the drug trade and "other illegal activity."

It even took time to push the Libra crowd, claiming that the association should comply with "all Bank Regulations", and that the US dollar should be the strongest currency in the world.

As a result of this sudden storm, which many say would cement Bitcoin as "dangerous" in the eyes of millions, some began to run scared. In fact, some have suggested that the recent fall of Bitcoin to $ 10,500 is the result of Trump's comments on the cryptocurrency.

Trump did not activate this week's Bitcoin sale

According to a report Since the beginning of crypto analytics The TIE, this is not the case.

The TIE acknowledges that Trump's tweet regarding Bitcoin caused an increase in conversations about this budding market, and noted that in the hours after the message spread, the tweets related to "BTC" went from 35,000 to 50,000.

It was also pointed out that most of the conversation about the President's thoughts on Bitcoin is "negative", implying that the tweet could have negative effects on the reputation of the cryptocurrency in the eyes of the public.

However, the TAR concludes that "although Trump remains a hot topic in BTC's tweets, at this time, it does not appear to have had a significant impact on the currency."

Still bullish long term

While Trump's thoughts on the nascent space of the cryptocurrency apparently had no effect on the short-term price action, analysts, such as Fundstrat's Tom Lee, suggest that the only thread on Twitter represents a huge bullish catalyst for Bitcoin. .

In fact, talking to Yahoo Finance in a recent segment, the bull of the Fundstrat resident cryptocurrency was not shy about claiming that Trump's tweets, apparently direct from left field, about Bitcoin and its type could help BTC reach the $ 40,000 in the near future.

Lee's reasons for optimism now include Trump's tweets in addition to the growing adoption and institutional investment, the moderate fiscal policy of central banks and certain macroeconomic trends that should shout "buy Bitcoin."

And as this media explains earlier, Max Keizer, anti-establishment advocate, believes that Bitcoin could increase to $ 100,000 as a result of the tweet.

The RT contributor suggests that by tweeting anti-Bitcoin thoughts, Trump is opening the US. until it is proverbially "kicked" by the foreign adoption of BTC and other cryptocurrencies.

Thats not all.

Jeremy Allaire, the Circle's executive director backed by Goldman Sachs, suggested that Trump's tweets, yes, the tweets, are potentially the "biggest bull sign" for Bitcoin of all time.

While this may seem counterintuitive, since Trump, by denouncing cryptocurrencies can actually trigger a heavy-handed regulation, Allaire explains that this raises the cryptocurrency to the global scenario.

Bitcoin is no longer an asset for the strip. Now, it exists in the mainstream, and most likely, this single thread of Twitter, exposed to more than 68 million Twitter users, provokes a worldwide political and economic discussion on the subject. And by simple virtue of curiosity and the so-called "Lindy Effect", this space could grow rapidly.

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