Is Bitcoin Quickly Becoming A 2020 Election Issue?
President Trump’s recent Bitcoin tweet might make cryptocurrency a discussion point for the 2020 election and crypto investors think this is a good thing.
Let’s Talk About Bitcoin 2020
Thanks to U.S. President Donald Trump, Bitcoin is now officially a 2020 election issue. Earlier this week Trump responded to U.S. Federal Reserve chairman Jerome Powell’s comments that Bitcoin is a speculative store of value similar to gold and this simple tweet could have catapulted Bitcoin into the lexicon of the 2020 presidential campaign.
Interestingly, Bitcoin price pumped a little after Trump’s tweet and it appears that investors believe Trump’s short-term focus on the cryptocurrency will translate to positive gains in Bitcoin price.
Institutional and Crypto Executives Swiftly Respond
Executives from the world of finance also believe Trump’s tweet could bode well for cryptocurrency over the long run and Circle CEO Jeremy Allaire tweeted that this is “possibly the largest bull signal for [Bitcon] ever.
Wall Street veteran and Blockchain Task Force member Caitlin Long also urged President Trump to bring blockchain and cryptocurrency experts onboard as part of a blockchain summit as she suspects that the president is being misadvised by his administration on the real capacity of blockchain and cryptocurrency.
Achievement unlocked…First they ignore you, then they laugh at you, then they fight you, then you win. We just made it to step 3 y’all.”
Meanwhile, eToro senior market analyst Mati Greenspan said, “Even though Donald says he’s not a fan of Bitcoin, the fact that he’s mentioning it at all is hugely bullish for the entire crypto market.” The great thing about Trump’s Bitcoin mention is that now other presidential candidates can respond with their cryptocurrency opinions. Take, for example, Democratic candidate Andrew Yang, who previously said:
The blockchain has a wealth of potential. [It] could make many things more secure, transparent, and efficient.”
Yang, who is primarily known for his universal basic income (UBI) plan that would distribute a $1,000 monthly payment to every American, also accepts campaign donations in Ethereum, Bitcoin and other digital assets.
Is Bitcoin a Debate Question?
Given that there are 22 candidates vying for the Democratic nomination, it’s possible that the Bitcoin question will surface during the upcoming Democratic debates. As P.T. Barnum famously said many years ago, “There’s no such thing as bad publicity” and history has shown that Bitcoin thrives off press regardless of it being positive or negative.
Do you think Bitcoin will be an issue that 2020 presidential candidates will have to discuss? Share your thoughts in the comments below!
Images via Shutterstock, Twitter, Source via Forbes