Trump Tweets about Bitcoin and Tether Accidentally Prints $5bn USDT
President of the United States over the past week, fINALLY shared his views on Bitcoin, a decimal error brought $5 billion extra Tether into existence, two sharply-dressed London tailors got mistaken for fired bankers, Binance burned employees’ token allocation and reformed ICO-shiller Ian Balina considered becoming a Bitcoin maximalist.
Binance destroys team’s tokens
CZ, the founder and CEO of Binance, is fond of surprising the market. He also knows how to keep his token holders happy. The latest announcement, that 808,888 BNB originally allocated for the Binance team would be added to the company’s latest coin burn, will no doubt appease those who’ve seen the token’s value depreciate in recent weeks.
SEC gives the go-ahead for Regulated Token Offerings
As the fallout from the 2017/18 ICO mania continues to play out in the US courts, the SEC has approveda new form of offering that may satisfy both crypto entrepreneurs and regulators. Blockstack, a promising project aiming to reconstruct the Internet (we love modest goals in crypto) received approval for a $28 million public token offering under Regulation A+.
Augur-based prediction market interface closes down
The Ethereum dApp ecosystem received a blow this week with Veil, an interface promising to offer a gateway for new users to onboard with prediction market protocol Augur – the first ever ICO on the popular blockchain – shutting down after only six months. Veil was recently criticised by Augur founder Joey Krug for forking Augur to offer DAI-based markets for the US presidential election.
It’s long been a source of debate on Crypto Twitter – what would happen if Trump tweeted about Bitcoin? We know that as a president, he’s prone to going rogue on the social media platform and firing off about a variety of subjects. He must have an opinion on Bitcoin, surely?
Well, on Friday morning we got our answer. And it wasn’t positive. Coming only a day after Federal Reserve Chairman Jerome Powell had acknowledged Bitcoin as a speculative store of value, Trump’s statement that crypto was ‘based on hot air’ and could ‘facilitate unlawful behaviour’ was hardly surprising considering his desire to maintain faith in the US dollar. What was perhaps more interesting was the response in the market. Despite the most powerful man on earth disparaging the asset, the price of Bitcoin wasn’t negatively impacted. In fact, it actually increased by around $300 over the day. Does that mean the market is unconcerned by Trump’s position?
Bitcoin bulls have good reason to be optimistic. Trump just exposed the asset to his 60 million plus following, not to mention the various news headlines that followed. All publicity is good publicity, right? More importantly, Bitcoin has survived a decade of criticism from government officials and central bankers. These institutions aren’t supposed to be pro-bitcoins, and in any case it doesn’t matter. Bitcoin continues to propagate blocks without their approval and any criticism actually galvanises support among an ever-growing community of hodlers. In short, honey badger don’t care.