Pompliano: Trump's tweet highlights the lack of confidence resolved by Bitcoin



[ad_1]

Last night, all cryptography on Twitter was electrified by gossip when US President Donald Trump tweeted about "magic money on the Internet," also known as Bitcoin and crypto-currencies.

According to Morgan Creek Digital's partner and co-founder, Anthony "Pomp" Pompliano, tweet was indeed significant, it also sheds light on how Bitcoin is designed to address the trust issues that humanity faces with governments and corporations in charge.

Pomp: Trump Tweets on Bitcoin and Crypto, highlights trust issues

In a recent interview for CNBC's Squawk Box, with host and Bitcoin advocate Joe Kernen and correspondent Morgan Creek Digital partner Anthony Pompliano, Melissa Lee, spoke about the importance of US President Donald Trump on Twitter calls them "magic internet money".

Related reading | Crypto Pundit and Goldbug Peter Schiff begin to warm up at Bitcoin

The stated Bitcoin evangelist, who recently offered Peter Schiff his first BTC, said he had never considered the day the president would have tweeted on crypto-currencies like Bitcoin.

It was not just Trump yesterday who commented on the encryption that caused an uproar. Federal Reserve Chairman Jerome Powell also compared Bitcoin to gold, which caused an explosion of confidence in the crypto industry.

Although these comments do not necessarily mean that Bitcoin is favored by these government officials, it's actually the opposite: Trump's tweet was negative with respect to cryptography, claiming that it was used for illicit activities and that his value was made from nothing. Still, the exposure that crypto-currencies have received recently is not surprising given the novelty of the asset class and the way it was handled during of the last rise.

Now he gets the respect he deserves, and it seems like governments are starting to worry what will happen now that the cat has nothing to do with crypto. Much of the negative feedback actually comes from Facebook entering the arena with Libra, which has upset the political world due to concerns about trust and privacy.

However, as Pompliano points out, Bitcoin resolves many of the trust issues that all of humanity faces, as governments and corporations such as Facebook become so powerful and dominant that they threaten freedom. Unlike Facebook's Trojan horse, designed to exploit user information and sell it to the largest, Bitcoin is fully decentralized, with no trust and no need for any controlling parts to work.

Related reading | Venture Capitalist: Bitcoin is the best protection against traditional finance

Bitcoin can not be stopped or controlled, and for many, Bitcoin is the first liberty glow released from the control governments have over them, just as Satoshi Nakamoto designed it to be at the heart of the last economic collapse.

Selected image of Shutterstock



[ad_2]

Source link