Commentators in the cryptocurrency industry went abuzz on July 12 after Donald Trump stated that he is not a fan of Bitcoin (BTC) and considers cryptocurrency as the industry ‘yuge.’
However, the price of bitcoin remained stable hours after United States’ president sent his lackluster crypto appraisal.
Trump had previously avoided mentioning about crypto in public, which is why proponents now suggest that comment — whether negative or not — presents a psychological milestone for Bitcoin. As a matter of fact, it even recorded a 1% gain on Friday.
Brian Armstrong Coinbase CEO stated that by bashing bitcoin publicly, it shows that the crypto industry is operating independent, meaning, that the global powers will be unable to crush it.
He expressly tweeted:
“Achievement unlocked! I dreamt about a sitting U.S. president needing to respond to growing cryptocurrency usage years ago. ‘First they ignore you, then they laugh at you, then they fight you, then you win.’ We just made it to step 3 y’ all.”
As other commentators gave a positive response to Trump’s publicity, Armstrong chose to emphasize the buoyant mood that Bitcoiners exhibited. Even when the president gave a wrong opinion, social media still took it as a major talking point, making Google Trends to document a surge in interest.
Simon Dixon — a cryptocurrency entrepreneur — added to the comments by saying that since being priced in USD, it has outperformed the pair currency by 23,440,508% which was why it was worthy of a tweet from the U.S. president.
While a regular Bitcoin bull and also the R.T. host Max Keiser was of the view that comments could nullify Trump’s 2020 reelection chances, his counterpart, senior analyst at eToro Mati Greenspan stated that his words actually formed “the most bullish tweet of the year” that could secure him an early nomination.
Interestingly, prices have remained stable since the tweets came out, and some analysts are even describing the phenomenon as a ‘Trump pump.’