Trump went on record to say he’s “not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air,” during an interview on Yahoo Finance’s YFi PM.
Fundstrat Global Advisors Head of Research Tom Lee took these attacks as a positive sign. He commented that “On balance, it’s a positive because cryptocurrencies and bitcoin really are in the main stage now — Congress, the Fed, the president weighing in.’’ He goes on to make the point that Bitcoin is finally grabbing the world stage … at least in terms of acknowledgment. The theory being that since President Trump has such a wide reach… his comments will at least make people curious..and may lead some to even buy a little ‘just in case there is something to it.’
Tom Lee goes on to note that Federal Reserve Chair Jay Powell mentioned bitcoin and Facebook’s Libra crypto project several times in a hearing. Mr. Lee says “It’s going to force everybody who is not involved — and remember a very small percentage actually cares about crypto and bitcoin — it’s going to force the other 98% of the world to think about what it means.”
And it isn’t just crypto analysts and influencers weighing in. The CEO of Coinbase, Brian Armstrong was quick to see Trump’s tirade as a win by saying he “dreamt about a sitting U.S. president needing to respond to growing cryptocurrency usage years ago.” He also tweeted ‘’First they ignore you, then they laugh at you, then they fight you, then you win.’’
So will people in crypto be winning? According to Mr. Lee…yes…to the tune of $20,000 to $40,000 by the end of 2019. He argues that all this press about BTC…both good and bad…will generate FOMO like we’ve never seen before. Perhaps he might be onto something. Only time will tell.