Donald Trump probably did not cause the Bitcoin crash at $ 10,500: Analytics

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Last week, the crypto market was blessed with a historic event: Bitcoin and Libra were mentioned by name by the US president in office.

Related Reading: Analyst: Bitcoin could reach $ 9,000 in case of bearish decline; here's why

In a three-part discussion thread, Donald Trump criticized crypto-currencies as a whole. According to the previous NewsBTC reports, the US leader had tried to dismantle the value proposition of decentralized crypto-currencies – such as Bitcoin -, but also Facebook's Balance.

Trump joked about the fact that he did not believe that digital assets were money, adding that they were also known to be highly volatile and "thin-layered". The president went on to explain that cryptocurrencies can and facilitate "facilitating illegal behavior", citing its use in the drug trade and "other illegal activities".

He even took a bit of time to hit the crowd in Libya, saying the association had to abide by "all banking regulations" and that the US dollar should be the strongest currency in the world.

In the wake of this sudden storm on Twitter, which some say would make Bitcoin "dangerous" in the eyes of millions of people, some have begun to be scared. In fact, some have suggested that the recent slowdown in the $ 10,500 Bitcoin transaction is the result of Trump's comments on cryptocurrency.

Trump did not trigger the sale of Bitcoin this week

According to one report since the start of Crypto Analytics The TIE, this is not the case.

The TIE acknowledges that Trump's tweet on Bitcoin sparked an increasing number of conversations in this nascent market, noting that in the hours since the message was broadcast, tweets involving "BTC" went from 35,000 to 50,000.

It was also noted that most discussions on the president's reflections on Bitcoin were "negative," suggesting that the tweet could have negative effects on cryptocurrency's reputation in the eyes of the public.

However, the TIE concludes that "although Trump remains a hot topic in BTC tweets, it does not seem to have had a significant impact on the play yet."

Always bullish in the long run

While Trump's thoughts on the nascent cryptocurrency space seemingly have no effect on short-term prices, analysts such as Fundstrat's Tom Lee suggest that the single Twitter feed is a huge bullish catalyst for Bitcoin.

Indeed, having talked recently with Yahoo Finance on a recent segment, the resident bubble of Fundstrat's resident cryptocurrency has not hesitated to assert that Trump's seemingly banal tweets on Bitcoin could allow BTC to tap 40 $ 000 in the near future.

Lee's reasons for being bullish now include Trump's tweets, in addition to growing institutional and investment uptake, accommodating central bank fiscal policy, and some macroeconomic trends that should scream "buy Bitcoin".

And as already mentioned this outlet, Max Keizer, a supporter of the anti-establishment, believes that Bitcoin could earn $ 100,000 as a result of the tweet.

The RT contributor suggests that by tweeting anti-Bitcoin ideas, Trump opens the US to the point of becoming proverbially "driven" by the foreign adoption of BTC and other cryptocurrencies.

This is not everything.

Jeremy Allaire, managing director of the Goldman Sachs-supported Circle, suggested that Trump's tweets – yes, tweets – are potentially the "biggest bull signal" of all time for Bitcoin.

Although it may seem counterintuitive, while Trump denouncing crypto-currencies may actually trigger severe regulation, Allaire says it raises cryptocurrency globally.

Bitcoin is no longer an asset for the bangs. Now, it exists in the mainstream because it is more than likely that this unique Twitter feed, exposed to more than 68 million Twitter users, will trigger a global political and economic debate on the subject. And by simple virtue of curiosity and the so-called "Lindy effect", this space could grow rapidly.

Featured image of Shutterstock



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