There’s No Such Thing as Bad Publicity: Trump Bashes Bitcoin

Will Crypto Markets Crash?

Crypto Markets / Will Crypto Markets Crash? 67 Views

Donald Trump posted a tweet earlier today in which he openly bashed Bitcoin and all other cryptocurrencies. According to the US president, crypto is not money, it’s based on thin air, it’s highly volatile, and it facilitates illegal activity like drug trade.

Libra Is in the Spotlight As Well

Trump has similar views on Facebook’s upcoming cryptocurrency, expecting Libra to have “little standing or dependability.”

According to the POTUS, Facebook must seek a banking charter, becoming subject to all national and international banking regulations in order to provide financial services.

Ironically, Trump also grabbed the chance to shill the dollar, claiming that it is “stronger than ever” as well as the “most dominant currency” in the world.

There’s No Such Thing as Bad Publicity

Despite Trump’s crypto bash, the predominant sentiment within the cryptocurrency community is that his words were actually good news. As we all know, there’s no such thing as bad publicity.

With almost 62 million followers on Twitter, Trump has made crypto famous by getting 12,300 retweets, 41,000 likes, and 12,600 comments (and counting) just from his first tweet.

It appears that this is one of the most powerful advertising campaigns crypto has ever benefited from. And it was completely free.

The Trump Effect

Following Trump’s tweet, all major cryptocurrency markets experienced an uptrend, with BTC gaining over $400 in three hours after a significant downturn on Thursday.

The biggest winners from Trump’s bashing are Stellar, Cardano, and Binance Coin which gained 8.1%, 4.7%, and 8.3% in 24 hours, respectively.

Furthermore, according to Google Trends, US searches for the term “bitcoin” significantly increased – from 41 to 100 – after Trump’s tweets.

Trump bitcoin google trends

Google searches for the phrase “bitcoin” has shot up after Trump’s tweets.
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