President Trump’s negative tweet ‘wildly bullish’ for Bitcoin

The United States President Donald Trump is today hitting the headlines with the crypto space for tweeting “I am not a fan of Bitcoin and other Cryptocurrencies.” Trump was responding to an invite by the CEO of Tron Justin Sun to attend the highly publicized lunch with Warren Buffet on July 25.

The lunch date between Sun and Warren Buffet, the CEO of Berkshire Hathaway is open to cryptocurrency industry leaders. Sun won then lunch date after placing a $4.6 million winning bid at Buffett’s annual charity auction for Glide, a charitable foundation based in San Francisco.

The founder of Tron extended the invite to Trump in a tweet saying:

“Mr. President, you are misled by fake news. #Bitcoin & #Blockchain happens to be the best chance for US! I'd love to invite you to have lunch with crypto leaders along with @WarrenBuffett on July 25. I guarantee you after this lunch, nobody will know crypto more than you!”

However, instead of Trump simply turning down the invite, he went ahead to bash Bitcoin and other cryptocurrencies saying that they are prone to be used for illegal activities like drug trade.

“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...,” Trump said via a tweet.

Bitcoin price plummeted massively on Wednesday following the Fed’s chairman remarks on Facebook’s Libra. Jerome Powell said that the FED has no oversight over Libra but certain concerns must be addressed.

Bitcoin explored levels close to $11,000 before correcting upwards. However, the above comments by President Trump appear to have given Bitcoin a boost in the right direction. BTC/USD tested $11,800 on Friday before retracing to the current market value of $11,669.

BTC/USD 1-h chart