Are Trump's tweets a good thing for the cryptocurrency industry

Donald Trump finally voiced his opinion on cryptocurrency, and the conclusion is: "he is not a fan of Bitcoin"

The American president said in a tweet that he does not consider cryptocurrency as money and that crypto coins are highly volatile. On the last part, we have to agree with Mr Trump.

Changpeng Zhao, the CEO of Binance, told CNBC in an interview that even though Trump has been critical of the asset class in this rhetoric, he has not done anything as of yet that damages the industry:

''Trump so far has not done anything positive or negative, he’s just said he’s not a fan. The fact that he tweeted about it, and the president of the United States is talking about cryptocurrency, it’s a good thing.”

 

Changpeng Zhao said that even if the U.S. made it illegal to own cryptocurrency — which he describes as the “worst case scenario” — it wouldn’t shatter the industry:

“Cryptocurrency will survive regardless of any one country,” he said. “Most countries that try to ban bitcoin cause their citizens to want cryptocurrency more.”

 

Even though Donald appears to be against virtual currencies, we believe it's a positive signal that the President of one of the most powerful countries in the world has mentioned BTC on social media. The amount of exposure this will bring to the blockchain industry is difficult to measure, but we believe it will most likely have a positive long term effect.