Bitcoin price saw a gain after the comment of Donald Trump as bitcoin traders and investors bet that Trump’s acknowledgment of bitcoin will bring greater awareness of crypto and could push prices up.
In the crypto world, they took Trump’s tweets as an endorsement of bitcoin and the underlying blockchain technology.
“Achievement unlocked! I dreamt about a sitting U.S. president needing to respond to growing cryptocurrency usage years ago,” Coinbase chief executive Brian Armstrong tweeted. “‘First they ignore you, then they laugh at you, then they fight you, then you win.’ We just made it to step three y’all.“
Mati Greenspan, senior market analyst at eToro wrote in a note to clients, “Even though Donald says he’s not a fan of bitcoin, the fact that he’s mentioning it at all is hugely bullish for the entire crypto market.”
Andrew Yang, has previously praised bitcoin’s underlying technology, saying: “The blockchain has a wealth of potential. [It] could make many things more secure transparent and efficient.”
Now Trump has made bitcoin a valid issue, there’s nothing stopping these and others in the race to the White House making bitcoin and crypto a bigger part of their campaigns.