Topic: Why president Donald trump is not a fan of bitcoin? (Read 1157 times)

And maybe Trump only want American dollar not disrupt by anything else. Because sometime Trump always said American can be great without help from anything. But actually it is ok because a lot of countries still not make it illegal or maybe support it.

Trump is a businessman and does not trust what he cannot see or touch. This may be the reason why he criticize Bitcoin and other cryptocurrency in general.

There'll be difference of view between users. Same as that Trump has got a opinion that it is out of the thin air, another important thing it can be used much into illegal activities. As the election fever has begun in USA, every single tweet and talks get valued. This seems to the reason for Trump to reveal such statements which has some negative effects on cryptocurrencies.

“It’s above 88 [as of Thursday]. That’s not quite up to the 90 level that it reached twice in 2017, but those were followed by declines of 36% and 64%,” he said. “We’re not quite there yet, ... but as the pandemic starts to fade a little bit [and] maybe that liquidity becomes a little less plentiful, this stock could get clobbered like it has many other times in the past.”

He noted that just since 2016, bitcoin has seen 10 declines of 20% or more, seven declines of 30% or more and four declines of 48% or more, adding that investors shouldn’t underestimate its pattern of volatility.

“People need to be careful as we move into the new year,” he said. “I love it long term, but I think it’s going to be a much deeper sell-off than the 10%-15% ones we’ve seen more recently. I think you’re going to see 25%-30% easily. Again, I don’t think that really starts until early in the new year, but I do think it’s coming soon ... based on this overbought condition and the froth that we’ve seen in this asset class in the last week or two.”

Michael Bapis, managing director of Vios Advisors at Rockefeller Capital Management, said he would suggest holding on for the long term, volatility and all.

https://tyuhtyhgtyhgrf.medium.com/covid-relief-negotiations-stall-over-gop-senators-call-to-end-emergency-fed-powers-112220ea23b3

“It took me a little while to get on this train, but I think it really is the new currency,” he said in the same “Trading Nation” interview. “If you have that long-term perspective, three-, five-, seven-year perspective, you just hold onto it.”

Bitcoin has become a global currency, a hedge against inflation and something of a “new commodity” in this market environment, Bapis said, comparing its triple-digit rise this year with gold’s 24% gain.

“Lastly, it’s become a part of a balance sheet reserve for some of these big companies,” he said. “PayPal is now accepting bitcoin as a global currency ... starting in 2021. Square has made a massive investment into bitcoin, and it’s also using bitcoin for its reserve on the corporate balance sheet. ... Blockchain, we all know that that’s the real technology and it’s here to stay, and I do believe bitcoin is a leader in the global currency, cryptocurrency side of this for as far as we can see.”

“I just think you own it and put it away for a long-term investment and watch how it maybe transforms the currency and the world we live in today,” Bapis said.

The answer is simple, because Bitcoin is against any governments and their economic policy.

Trump is an old guy and old people usually hate innovations and new technologies.They prefer to stick with the status quo and the things they are familiar with.He is like Warren Buffet-a fanatic fiat money supporter.
The value of paper money isn't based on thin air,I guess.

the world is ruled by people from the past, their brain works quite differently. of course they will be against cryptocurrencies. this is a new technology and it is difficult for them to understand it

I guess he had read the understanding of blockchain and many things but we are talking about bitcoin here, Trump himself is an old man that usually against anything confronting his traditional idea while there is a new developed technology some people still lagging behind being denial about something new. It is like replacing the old tradition with a new one which elderly usually confront or against but that's just my 2 cents.

right, maybe because the decentralized system trump can't control it. moreover they do not want to lose their influence in the world, where the dollar is a reference for fiat currencies throughout the world

Maybe he hasn't read enough about the Blockchain and its benefits yet.

Well, the world be turned upside down had Trump announced that he would be supporting Bitcoin and that it would be totally all right for every american to use Bitcoin over fiat, and that it is also all right for companies to create their own unregulated cryptocurrencies. That is going to make a much bigger news than the one he just pronounced. But then, the reality is that Trump is the president of the USA, and consequently a puppet of the real rulers, the bankers.

but it is a necessity for a head of state to understand crypto, at least there will be an advisor who explains. but maybe if as an established entrepreneur, he doesn't need that. so I feel not because the school used to not introduce it.

Take my comments as opinions. Do not take it seriously or make it a factual context.

I see two reasons why Trump said this.

1. GOOD THING:
Yes, he is correct. cryptocurrencies are not MONEY but ASSETS that can be exchanged for REAL MONEY.
Volatility is also one of the bad characteristics of a cryptocurrency. Unlike fiats, cryptocurrencies doesn't have stability in terms of value. Investing in cryptocurrency is actually a bad thing to do esp. if you are using your hard-earned money (i.e. salary) for investment. Investing in cryptos is like putting your money in danger.

2. BAD THING:
The other reason that I'm thinking why Trump said that is because he might be planning to create his own cryptocurrency. ALthough it might be contrary to his latter statement (cryptos are not money), he might just want to get people's trust esp. that he's known as one of the richest people on Earth. If that's so, he can control his own crypto and might beat the bitcoin as the best crypto of all time.

Again, these are just opinions. I accept criticism, but these are my views.

Trump is just defending the US Dollar.  That is probably a good thing for the time being.

At least when he marry the girl she’s not sucking a baby bottle already 😂
Bright mind imagine you connected that link to the creator 😂

why taxis is not fun of uber hhhhhhhhhhhhhhhhhhhhhhhhh

Donald Trump is 73 years old and he is an old school businessman, who made most of his fortune from the traditional investments (such as real estate). So it is not that unusual for him to lack an interest in innovative technologies such as cryptocurrencies. But to his credit, he never said that he hates Bitcoin. He just stated that he has no interest in it. And that makes a lot of difference. Compare his stance to that of Warren Buffet, who holds a rabid hatred towards cryptocurrency.

As you said, Donald Trump is an investor and a very famous businessman, he can be old but his intelligence is always very high, updating information and understanding new technologies such as bitcoin, it is always a very normal thing. But he is not a bitcoin fan, he probably knows that if he supports it, the use of bitcoin will spread vigorously and many new problems will appear and need him to resolve, he had enough trouble, perhaps he did not want to appear other troubles, besides, maybe he realized something he didn't like from bitcoin, a personal reason we couldn't know.

very very agree, how he understands and likes Bitcoin if he doesn't like technology . people like JP MORGAN, JEFF BEZOS, MARK ZUCK might like Bitcoin because they are business people in technology, while Donald trumps are different, Donald Trump is just a politician and property businessman 

 

https://coinmarketcap.com/currencies/facebook-libra/