Fundstrat Lead Analyst Thomas Lee shared his worst nightmare on Twitter and it involved the U.S. President placing a ban on Bitcoin.
Is Libra Dragging Bitcoin Down?
As the US Congress and Senate hearings on Facebook’s Libra cryptocurrency wrapped up, members of the Trump administration shifted their gaze onto Bitcoin and cryptocurrency as a whole. During both hearings a number of lawmakers openly aired their opinion that Libra should never be allowed to launch. Even more concerning, on Thursday US Treasury Secretary Steven Mnuchin made media waves when he told CNBC Squawk Box that the U.S. government intends to implement “very, very, strong” regulations on cryptocurrencies to ensure they do not become “Swiss-numbered bank accounts”.
For cryptocurrency investors, these mutterings generated mixed emotions and some are fearful that the government generated FUD could put a permanent dent in what many are interpreting as the start of a bull market.
Lee’s Worst Nightmare
Fundstrat head analyst Thomas Lee appears to share in these fears and over the past 3 days, Lee posted tweets outlining his fear that Bitcoin’s 5 minutes of fame could expose it to the ire of President Trump. According to Lee, Bitcoin price action is likely to remain “choppy” until the media and legislative focus shift on to other matters.
Lee believes that the current Bitcoin coverage is turning into “too much of a good thing” and he advised that more Bitcoin beneficial chatter surrounding Brexit, the China trade war, and European bank issues need to make news headlines. On July 13, Lee tweeted a screenshot a section of the official U.S. ban on the Venezuelan Petro and he placed extra emphasis on the following section:
any digital coin,