Trump Has Already Made Bitcoin a Valid IssueJuly 14, 2019
Jeremy Allaire tweeted, “Crypto is now a presidential/global policy issue. People everywhere will embrace a mix of sovereign and non-sovereign digital currency.”
The price of the Bitcoin declined after it broke the $12,000 support versus the USD. The price of the Bitcoin is currently seen in the $10,800 support area. However, there are risks of more losses. If there will be a successful break below $10,800, the pair might extend the losses towards the $8,880 level. A break is noted below the bullish trend line, and support is seen at the $12,100 on the 4-hours chart of the BTC/USD pair.
Several people have taken Trump’s tweets as an endorsement of Bitcoin and the related blockchain technology. Others felt that the President did not have a sufficient understanding of the new asset class. Many are not in agreement with the anti-Bitcoin sentiments of the President either.
In response to Trump’s tweet, Brian Armstrong tweeted: “‘First they ignore you, then laugh at you, fight you, then you win.’ We just made it step three y’all.”
Mati Greenspan, the senior market analyst at eToro, wrote, “Even though Donald says he is not a fan of bitcoin, the fact that he is mentioning it is hugely bullish for the entire crypto market.”
Andrew Yang passed on his praise to the blockchain technology by stating, “The blockchain has a wealth of potential. and It could make many things more secure, transparent, and efficient.”
With Trump making the Bitcoin a valid issue, it seems that nothing will be stopping the growth of the Bitcoin.
Despite the beat from significant political figures from across the world, Bitcoin is progressing steadily.
The illegal crypto mining crackdown on Bitcoin might ignite the price of the Bitcoin rally. A gang of Bitcoin miners recently stole electricity worth $3 million for their crypto mining activities. Nearly 4,000 mining devices were being used for this illegal activity. It has been observed that unlawful Bitcoin miners are turning around insane profits. This is made possible because they incur only the price of personnel, rent, and mining rigs.
Since electricity costs will be impacting profitability to a great extent, those who are mining energy at zero cost are breaking even profits, which are at much lower prices than $8,000. This has led to illegal Bitcoin miners in the US making insane profits.
Illegal miners do not feel the pinch of crypto winter or hard times in the cryptocurrency market.