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Trump’s Voicing Against Bitcoin (BTC) Hard to Affect Its Growth

U.S. President Donald J. Trump’s aversion on Bitcoin (BTC) isn’t upsetting the cryptocurrency market sentiments, so far. In fact, Trump’s distaste to the leading digital money can play a role of a catalyst towards its adoption and allegedly treated as an endorsement for Bitcoin and blockchain technology. However, at the time of writing BTC is hovering around a price of $10,233.36 with a market dominance of 65.7% which has certainly gone down comparing last week, as per CoinMarketCap data.

There are many analysts and economists have kept on expressing their opinions on the Twitter thread which Trump has started. Since then the world of Bitcoin (BTC) and other altcoins kept on reeling far and wide.

On July 11, Trump twitted that “he is not a Bitcoin fan” and other crypto assets including “Facebook’s Libra” because these are “not money and unregulated.” Their value is “highly volatile and based on thin air” which can “facilitate unlawful behavior, including the drug trade, and other illegal activity.”

On the same day, Jeremy Allaire,  co-founder, and CEO of Circle expressed his constructive approach towards the new digital money by rewetting that, “Possibly the largest bull signal for BTC ever. Crypto now a presidential/global policy issue. People everywhere will embrace a mix of sovereign and non-sovereign digital currency.”

 On July 15, the economist and trader Alex Krueger commented in the thread by bringing various points and expressed his favoritism towards Bitcoin and digital currency.

Krueger says that Trump’s banning Bitcoin (BTC) is feasible but chances are dubious. Bitcoin is a code and U.S. government cannot ban a code. He gave a link for the explanation which shows some highlights of Jamie Dimon’s reaction on Bitcoin.

Kruger further said that through an executive order Trump could ban U.S. citizens from dealing in cryptocurrency. He gave an example of Venezuelan Petro which Trump banned and represented Petro by the Maduro government as an act of circumventing U.S. sanction against U.S. the foreign policy.  

However, Krueger also mentioned that an executive order must come after consulting with congress or federal law.He gave a link of The Heritage Foundation website which describes the key points on putting the executive orders that also shows the limit of presidential authority on issuing the executive orders. The 46 years old Heritage Foundation is an American conservative think tank based out in Washington, D.C., U.S.

There are many more points which Kruger highlighted like:

In 1933, under the authority of the Trading with the Enemy Act, President Roosevelt banned the “hoarding of gold” with an executive order. Trump possibly could ban dealing in Bitcoin while making this a valid reason.

In the 8th Point, Kruger emphasized that,

Fiat onramps could also be workable. To make it practically possible, Trump can make a clause where banks can be prohibited from service cryptocurrency exchanges until XYZ conditions would be fulfilled.

Tags:

Bitcoin (BTC), Bitcoin Regulations News, Donald Trump, Congress,Conservative, Federal Law, The Heritage Foundation, U.S. election 2020