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Most industries fear a negative tweet from President Donald Trump, who has shifted markets when he decides to choose a company, a leader or a particular product.
But not the cryptocurrency community.
Bitcoin supporters widely celebrated after president tweeted On Thursday, he is "not a fan" of Bitcoin and other digital currencies, a statement that was also a surprise after Trump associates had already expressed their approval or admiration for crypto-currencies.
The president's comments are part of a fierce race for bitcoin and the cryptocurrency industry, including rising prices, a broader discussion in Washington, and a rare stamp of approval from the Securities and Exchange Commission. .
Bitcoin is one of the many crypto-currencies created in recent years using a concept called blockchain, a system in which computers form a network that contributes to building a shared ledger. Blockchain supporters boast that these systems eliminate the need for central authorities such as banks, allowing the secure exchange of digital credits, as well as other services such as contracts.
The price of Bitcoin, which has increased over the last month. was up more than 2% Friday to $ 11,636 after the president's tweets.
"I was dreaming of a US president in place to respond to the growing use of cryptocurrency years ago," commented Brian Armstrong, CEO of Coinbase, a digital currency trading system.
David Mass, chief financial officer at VisionX, a blockchain company, said Trump was providing free advertising just by talking about cryptocurrency.
"Although it may have a negative bias, it is quite clear that it is a bullish indicator because high profile people are now becoming more and more aware of the accelerated adoption of the blockchain, "Mass told NBC News.
Trump's comments come shortly after organizing an event at the White House during which he hosted a group of far-right conspiracy theorists and agitators with the goal of repelling the bias big tech companies, including Facebook, that works. to launch a new cryptocurrency called Balance.
Trump also targeted Facebook's plan to launch its Libra cryptocurrency in 2020 and suggested that the currency should be regulated like banks. Libra will have "little value or reliability," he added.
Trump's tweet was sent one day after Federal Reserve Chairman Jerome Powell told the House's Financial Services Committee that he was concerned about Libra.
"While project proponents provide for the possibility of public benefits, including improved consumer financial access, Libra raises many serious concerns regarding privacy, money laundering Money, consumer protection and financial stability, "he said. "These are concerns that need to be addressed thoroughly and publicly before proceeding."
The cryptocurrency community is used to skepticism, often viewing it as a justification that technology can no longer be ignored and is an inevitable evolution of global finance. A criticism for a president in office is only a new record.
Peter McCormack, host of the What Bitcoin Did podcast, also shared this sentiment.
The skepticism of Trump and Powell has overshadowed an important milestone for the legitimacy of the blockchain sector. On Wednesday, crypto startup Blockstack became the first company to obtain SEC approval to sell blockchain-based tokens to investors, an alternative way to raise funds from the public to finance a business.
Trump's comments were a surprise. Before Thursday, the president had not commented on technology yet, which enjoyed some support among his loved ones.
Last year, Steve Bannon, former chief strategist of the White House, said that digital currencies "are the future". The acting chief of staff of the president, Mick Mulvaney, has clearly expressed his support for cryptocurrency and the benefits of blockchain.
Pro or con, Balaki SrinivasanAn angel investor and former chief technology officer at Coinbase, tweeted that it took 10 years for cryptocurrency advocates to reach that point.
"The tone is almost not important," he says. "In ten years it will be a routine. Each nation-state may have to hold crypto. "
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