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Binance CEO: Trump Talking Bitcoin A Boost For Cryptocurrency

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July 23, 2019 | 

880 Views | 

Darryn Pollock | 

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The President of the USA took to Twitter recently to share his thoughts on Bitcoin and Facebook’s Libra. Donald Trump said he was not a fan of cryptocurrencies, instead a big believer in the power of the US Dollar. However, he may have inadvertently given the digital asset a big boost.

According to Binance CEO Changpeng Zhao, the fact that Trump shared his views about cryptocurrency, and Bitcoin, in particular, is a good thing regardless of his leanings. Trump only said he was not a fan, and did not cast any other aspersions against the coin. 

For Zhao, Bitcoin can benefit from the free publicity given by influential institutional figures like the leader of the free world, and, if there were a threat or an outright ban, it would still not be enough to slow Bitcoin.

Not affecting the industry.

President Trump has been known to act on impulse in his declarations and orders; however, his Tweet about Bitcoin has been nothing but free publicity. The president has not threatened any other kind of action against the decentralized financial system.

“Trump so far has not done anything positive or negative; he’s just said he’s not a fan. The fact that he tweeted about it, and the president of the United States is talking about cryptocurrency, it’s a good thing,” Zhao told CNBC

The CEO of one of the world’s biggest exchanges even played out the scenario were Trump could institute an outright ban cryptocurrency ownership in the US, and for Zhao, yet that is nothing to fear

“Cryptocurrency will survive regardless of any one country. Most countries that try to ban Bitcoin cause their citizens to want cryptocurrency more.”

Regulatory pressure on the market

Despite Zhao’s assertations that Trump’s regulatory displeasure in Bitcoin is only good, there has been a feeling of pressure on the Bitcoin market recently. Bitcoin’s price rocketed to $13,000 on the news of Facebook’s Libra but then fell soon after.

It was the US Senate, as well as Trump’s well-timed Tweet, that seems to have dulled the market as the price of the dominant cryptocurrency is no struggling to stay above $10,000.

With the global regulators of financial systems demanding a lot from Facebook before Libra can be launched, many feel that it could be a non-starter unless something drastic changes. However, the good news is that there are rules for Libra to follow, rather than threats of a total ban

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