Bitcoin Remains Strong Despite Trump Comments
13-07-2019, 14:30 19
Copyright on text and image: LiveBitcoinNews.com
Trump Ain’t No Fan of Crypto
Even though a small drop has occurred, enthusiasts should be examining bitcoin in a whole new light. Yesterday was marred by harsh news regarding crypto. First came the comments by Donald Trump. The second negative news came in the form of Bit Point, a cryptocurrency exchange stationed in Japan. The company is the latest victim of a hack that saw more than $30 million of users’ funds disappear overnight.
These hacks don’t seem to stop. Regardless of strong regulation, particularly in Japan, attackers always seem to edge past security to get their fingers on money that isn’t theirs. In addition, it doesn’t help much to have the president of the world’s most powerful nation saying that he’s not a fan of cryptocurrency.
Yesterday could have turned out much worse than it did, and yet bitcoin has only dropped by about $200. This is quite amazing when one really considers the issues at hand. Two or three years ago, there’s no doubt bitcoin would have likely fallen by more than $1,000 just from the comments alone. Add the hacking to the mix, and there’s no telling how much could have been lost.
Yet bitcoin is maintaining its present position, for the most part. The currency has clearly shot up not only in price this year, but in overall maturity. This could not have occurred previously, but the currency appears to be stronger than ever. This may be the proof that analysts need showing bitcoin is surging thanks to legitimate market trends rather than speculation.
If You’re a Bank, You’ll Face Banking Regulations
In his Twitter rampage against crypto, Donald Trump was particularly harsh towards Libra, the cryptocurrency being developed by Facebook. He commented that the currency stood on very little ground, and would be subject to the strictest banking regulations imaginable:
Facebook’s Libra ‘virtual currency’ will have little standing or dependability. If Facebook and other companies want to become a bank, they must seek a new banking carter and become subject to all banking regulations just like other banks.
Of course, Trump isn’t the only world leader to express such skepticism when it comes to Libra and crypto. Mark Carney, the governor of the Bank of England, has commented that while regulators must have an open mind when it comes to Libra, they must not grant it any special leeway. In addition, the United Kingdom has announced that it is considering a ban on all crypto products given how volatile they are. Trump also attacked digital assets’ volatility in his recent tweets.