Donald Trump slamming Bitcoin and cryptocurrencies in general is a huge moment for the space, according to Coinbase CEO Brian Armstrong.
I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity….
— Donald J. Trump (@realDonaldTrump) July 12, 2019
“Achievement unlocked! I dreamt about a sitting US 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,” Armstrong said on Twitter.
He added: “This is the common first reaction of most people when they learn about Bitcoin (yes Bitcoin Bitcoin Bitcoin) and cryptocurrency generally. It means they have begun down the path toward learning more…so it’s a good sign.”
Currencies controlled by one country are always going to be at a disadvantage vs transnational currencies, Armstrong argued. “The US could lead the world in that transition, and unlock tons of economic growth (just like the US benefitted massively from major internet companies being built here) or another country could beat us there and build the next financial centre outside of NY.”
“Bitcoin is inherently global just like the internet, so it doesn’t mind where the value is captured. Huge opportunity for those with the foresight to recognise it,” he concluded.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.