HodlX Guest Blog Submit Your Post
The attention around Bitcoin and cryptocurrencies this week has been incredible. The focus on both seemed to have stepped up sometime around the time when President Donald Trump (or someone in his media team) tweeted out to the public that he was not a fan of Bitcoin or cryptocurrencies.
He continued to talk about Facebook and their plans to create their digital asset Libra.
“If Facebook and other companies want to become a bank, they must seek a new Banking Charter and become subject to all Banking Regulations, just like other Banks, both National and International.”
I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity….
— Donald J. Trump (@realDonaldTrump) July 12, 2019
After Trump’s quotes about Bitcoin, the cryptocurrency stumbled, briefly falling below $10,000. CNBC was sure that this was in direct relation to the President’s tweets.
Next was Jerome Powell’s statement before the Senate Banking Committee where he compared Bitcoin to gold.
“I think things like that [the obsolescence of today’s reserve currencies] are possible but we really […] haven’t seen widespread adoption. Bitcoin is a good example, almost no one uses it for payments […] it’s a speculative store of value like gold.”