Trump/Bitcoin tweet storm

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Originally Posted by PatColo

yeah I was watching that - his tweets began 5:15 PM Pacific - 11 Jul 2019

here's a 1 week BTC chart, with the mouse/vertical line placed @ 5 PM Pacific on 7/11, 15m before he tweeted

https://imgur.com/w7sU8CC

was as if nothing happened.


edit: OTOH, considering BTC was popping > $13K on Tue/Wed, coulda been an inside trade scam where insiders knew what/when POTUS would tweet, & they rode the short side from $13K to those subsequent lows < $11.5K just over 24h later. IE the POTUS BTC tweet storm was already baked into the price when he tweeted them. :(??

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I doubt that, but perhaps the short sellers knew that it would rebound heavily upwards without the Trump tweets and now they could cover their shorts at a lower level safely... I would more lean to the explanation that the market has gotten Trump tweet fatigue. It is certainly not a given that Trump is going to act on what he puts on Twitter.

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Originally Posted by Hitch

That actually IS bitcoins design and function. A temporary exchange, a true currency. Now, it's a speculative investment. Is it going to go up or down? :(??:(??

Bitcoin was designed for anonymous transactions. It's not a hold and hope for the future gamble. You sell a house, convert it to bitcoin, and convert it whatever currency of country you move too. That's what bitcoin is for. Now it's a huge joke and a massive bubble.

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It is actually in the design of bitcoin that you have spend more and more resources to mine a dwindling supply of coins. The first transaction was 10,000 BTC for two pizzas, now you can almost get 10,000 pizzas for two bitcoins. It isn’t a joke. Central bankers take it seriously.

Quote:

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Originally Posted by Hitch

Now, it's a speculative investment. Is it going to go up or down? :(??:(??

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Bitcoin's role has indeed changed, it is being positioned as a "store of value" i.e. Digital Gold.
It can still be used for transactions if necessary but primarily it's role is LIKE physical Gold is now.
It can only go up in the long term as Cryptos are already baked into the cake for this world's financial system.

Don't have any BTC?!?! It's not too late to get some, you'll just have to pay more than if you bought earlier like some of us have, that's all.

Last year (2018) several high profile people said that by this time next year, the average person will NOT be able to afford even ONE Bitcoin. BTC is, now as of this post $11,447 and that is at a level MOST people cannot afford anymore. Hey!! They were correct. Also said was that by NEXT year, (2020) even the richest people will struggle to buy even ONE BTC.

We shall see!

broke down < $11K https://www.coindesk.com/price/bitcoin

24 Hour Open$11,301.93
24 Hour High$11,480.97
24 Hour Low$10,560.60
Change

$605.61