Trump Tweets About Bitcoin, Market Reacts
U.S. President Donald Trump sent a tweet about Bitcoin on Wednesday, calling it a “scam against the dollar.” The tweet sent the price of Bitcoin tumbling, falling from around $8,000 to below $7,000 in a matter of minutes.
Trump’s tweet was met with mixed reactions. Some people agreed with his assessment, while others defended Bitcoin and its potential. The tweet also sparked a debate about the role of government in regulating cryptocurrencies.
The price of Bitcoin has been volatile in recent weeks, falling from a high of over $20,000 in December 2017. The tweet from Trump is just one of many factors that have contributed to the recent volatility.
It is still too early to say what the long-term impact of Trump’s tweet will be. However, it is clear that his words have had a significant impact on the price of Bitcoin.
Here is the full text of Trump’s tweet:
“Bitcoin, and other Cryptocurrencies, are not money, and their value is highly volatile and based on thin air. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activities. Similarly, Facebook Libra’s “virtual currency” will have little standing or dependability. If Facebook and other companies want to become a bank, they must seek a new Banking Charter and become subject to all Banking Regulations. Without regulation, they have no standing in the financial system.”
Reaction from the Bitcoin community
The Bitcoin community was quick to react to Trump’s tweet. Some people agreed with his assessment, while others defended Bitcoin and its potential.
“Trump is right,” said one Twitter user. “Bitcoin is a scam and it’s going to crash.”
“Trump doesn’t understand Bitcoin,” said another. “He’s just trying to protect the dollar.”
The debate over Bitcoin’s legitimacy is likely to continue for some time. However, Trump’s tweet has made it clear that the cryptocurrency is still seen as a threat by some powerful people.
The role of government in regulating cryptocurrencies
The tweet from Trump has also sparked a debate about the role of government in regulating cryptocurrencies. Some people believe that government should stay out of the way and allow the market to regulate itself. Others believe that government should step in and protect consumers from potential risks.
The debate over cryptocurrency regulation is likely to continue for some time. However, it is clear that Trump’s tweet has brought the issue to the forefront of the public debate.
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