Donald Trump’s and Facebook’s Libra cryptocurrency tweets speculated to be positive catalysts for Bitcoin
Bitcoin and the rest of the cryptocurrency market have been waiting to break into the financial ecosystem for quite some time now. U.S President Donald Trump’s recent tweets have only fast-tracked the process.
In a tweetstorm yesterday, the President claimed that Bitcoin was not really money and that it was only used for fraudulent activities. While the tweet went viral, it did not have much of an effect on the price of the world’s largest digital asset. In a recent Bloomberg video, Ryan Selkis, Founder of Messari Capital, addressed the same and spoke about how Bitcoin has its own inherent advantages and how it is vastly different from Facebook’s Libra.
Selkis said that comparing Bitcoin to Libra was like comparing apples to oranges. However, he also admitted that Libra’s announcement had trained the spotlight on Bitcoin. In the Messari Capital Founder’s words,
“In my opinion, Bitcoin will not become a useful currency for usage in the mainstream environment. But I do think that BTC will rival gold to become a standard for a store of value and that is a sentiment that is shared by many in the space.”