Donald Trump is not a big fan of crypto. But that’s totally fine, says CEO of Coinbase Bryan Armstrong. Others echo his stance.

Donald Trump likes to tweet. He also likes to tweet things that some might find as offensive and controversial. In his recent post on Twitter, he accused cryptocurrencies of being made from thin air. Then he suggested that it enhances unlawful behavior and sort of criticized Libra. Particularly, he said that if Libra wants to operate as a bank, then it should get a bank license.

So, are these comments doom and gloom for crypto?

No, the cryptocommunity thinks differently. In fact, the consensus is that Trump’s tweet will  boost the sector and provide it with free publicity. Bryan Armstrong, CEO of Coinbase, for instance, believes that Trump’s comment shows that the crypto issue has become conspicuous. Armstrong confessed that he “dreamt about a sitting U.S. president needing to respond to growing cryptocurrency usage years ago.” Thus an achievement has been unlocked.

Other crypto personas joined the party. Simon Dixon, a cryptocurrency entrepreneur, congratulated the whole cryptocommunity, noting that the president of the United States feels “we are worthy of a tweet now.”

Concurrently, Mati Greenspan, eToro senior analyst, said that Trump’s words are an “early nomination for the most bullish tweet of the year.”

It is true that following Trump’s tweet, crypto has become more popular in Google Trends.

An air of discomfort

It is indeed hard to disagree that cryptocurrencies, especially Libra, has stirred the traditional financial sector. The reason is simple: digital currencies might seriously affect their profits and render the industry obsolete (at least to some extent). It is thus unsurprising that many countries, like France and India, are giving Libra a bit of the cold shoulder. Nor is it shocking that banks are extremely skeptic of it. Some outlets are even scaremongering about Libra, presenting bizarre arguments about its potential dangers.

That said, Donald Trump’s comments are hardly surprising. The man is a classic Wall Street Republican, safeguarding the interests of big shots who happen to despise cryptocurrencies. However, there is not much he and the likes of him can do about projects like Libra. The industry has grown and  functions relatively well even without regulatory clarity. And nothing suggests that FB will abandon its project just because Trump dislikes it.

Previously, Altcoin Buzz reported that founder of Tron Justin Sun has invited Trump to attend a lunch with Warren Buffett. The latter is a well-known “fan” of crypto.

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Lesia Dubenko
A warm hello from Ukraine! My name is Lesia, I am a journalist, writer, political scientist, and crypto enthusiast. Before joining AltcoinBuzz in May I knew nothing about crypto, I was in the dark (it was very gloomy indeed). I was all skeptic and suspicious. But then one day, probably in June-July when I was doing a podcast with James and Matt, I finally grasped the concept in full. That is when I truly started to enjoy it thoroughly. I am a big believer in crypto and blockchain. There is no doubt that it is the future. But be patient, it needs time, like a fine Chardonnay. However, if you want to know when the next bull run is happening, I highly recommend asking Luc Lammers. He will definitely spill the beans! xxx

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