The United States president unsuspectingly triggered a small recovery for the crypto market with his silence breaking comments about Bitcoin. Funnier yet, is the incredible response to his tweet on Social Media with posts and comments literally going crazy ever since!
Donald Trump explaining he is not an admirer of Bitcoin (BTC) and cryptocurrency is “yuge” for the industry, analysts were touting after new tweets on July 12.
In the hours after the United States' president gave his lackluster appraisal of crypto, the Bitcoin price continued to be stable, only to then commence growing to reach 1% gains Friday.
Negative or otherwise, for supporters, the event marked a psychological milestone for Bitcoin, as Trump had formerly avoided from discussing it in public.
The reality that he felt the need to slam Bitcoin publicly feeds the narrative that it is both independent of global powers and unable to be quashed by them, Coinbase CEO Brian Armstrong mentioned, leading the responses.
” 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,” he tweeted.
Armstrong exemplified the buoyant mood among Bitcoiners. Others likewise thanked Trump for the free promotion, observing a surge in interest registered by Google Trends, while the president being wrong in his point of view also became a talking point on social networks.
” Congratulations BTC community– the president of the United States feels we are worthy of a tweet now,” cryptocurrency entrepreneur, Simon Dixon, added. “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 probability of a ‘Trump pump' occurring for Bitcoin was also gaining traction amongst 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.
Meanwhile, a different, lesser-known cryptocurrency seized the day to exploit the buzz. TrumpCoin (TRUMP), an altcoin almost unknown ever since it appeared in March 2016, was up 28% Friday.