Trump/Bitcoin tweet storm

https://twitter.com/realDonaldTrump/status/1149472282584072192

Donald J. Trump‏Verified account @realDonaldTrump
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....
5:15 PM - 11 Jul 2019
7,290 replies 6,859 retweets 23,810 likes


Donald J. Trump‏Verified account @realDonaldTrump 2h2 hours ago
....Similarly, Facebook Libra’s “virtual currency” will have little standing or dependability. If Facebook and other companies want to become a bank, they must seek a new Banking Charter and become subject to all Banking Regulations, just like other Banks, both National...


Donald J. Trump‏Verified account @realDonaldTrump 2h2 hours ago
...and International. We have only one real currency in the USA, and it is stronger than ever, both dependable and reliable. It is by far the most dominant currency anywhere in the World, and it will always stay that way. It is called the United States Dollar!

Trump can't stop bitcoin, he would be wise to not even try.

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Originally Posted by madfranks

Trump can't stop bitcoin, he would be wise to not even try.

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My guess is that he was instructed to say this.
His son-in-law, Jared Kushner is a vested partner in Robin Hood. (Trump knows this)
An exchange based app. aimed at mostly YOUNG people (millennials) to buy stocks, currencies and CRYPTO, primarily a way to introduce the younger generation to cryptos by weaning them off of stocks

USD is dying, it won’t be around for that much longer... I think it might be in his job description, that he has to stand up for it against the competition. Though he did argue for it devaluating a week ago...

However most of the negative remarks were directed towards facebooks Libra. Where he told them if they wanted to run a financial operation they should register as a bank and follow its regulations. Something I think makes it impossible for them to go through with their plans. Him not liking bitcoins and it’s volatility, is of no consequence...

In terms of market reaction bitcoin was extremely stable and didn’t move much at all after Trumps statement, up a bit only.

Quote:

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Originally Posted by madfranks

Trump can't stop bitcoin, he would be wise to not even try.

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Trump can't stop bitcoin, but he could 'beat' it. The way to beat it would be a gold backed USD. To be the first country to back it's currency by gold in this era, would be astounding.

Trump is all cock and balls. It would not surprise me if he dropped this on the whole world. Russia is working on a gold backed crypto, as well.

You could say, I'm quite bullish on gold in the near to long term.

The main issue to me, although I wouldn't be able to now, Is the fact you can't travel out of this cuntry with more than $999.00 without declaring it. So you want to move to africa you can only arrive with $999. The rest goes through a bunch of shit if you ever get any at all. With the cryptos you can travel freely to wherever you want long as you can cash it out. I have no idea how to do that either which is why I am still on the sidelines.

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Originally Posted by Cebu_4_2

The main issue to me, although I wouldn't be able to now, Is the fact you can't travel out of this cuntry with more than $999.00 without declaring it. So you want to move to africa you can only arrive with $999. The rest goes through a bunch of shit if you ever get any at all. With the cryptos you can travel freely to wherever you want long as you can cash it out. I have no idea how to do that either which is why I am still on the sidelines.

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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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Originally Posted by Neuro

In terms of market reaction bitcoin was extremely stable and didn’t move much at all after Trumps statement, up a bit only.

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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. :(??

Quote:

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Originally Posted by Hitch

Trump can't stop bitcoin, but he could 'beat' it. The way to beat it would be a gold backed USD. To be the first country to back it's currency by gold in this era, would be astounding.

Trump is all cock and balls. It would not surprise me if he dropped this on the whole world. Russia is working on a gold backed crypto, as well.

You could say, I'm quite bullish on gold in the near to long term.

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You can’t back USD with something you don’t have. The private federal reserve bank supposedly has around 8.400 tons of gold, but that hasn’t been audited for what 40 years? Some ten years ago Ron Paul seemed to demand an audit of the federal reserve bank, but it’s supposed gold holdings was off limit. Further even if the gold existed in Fort Knox as they say it does, you have almost $4Trillions in M1 money supply, so if you wanted to back that with the 237 million oz of the federal reserve, you’ld need to revalue gold to somewhere between $15-20,000/oz...

Quote:

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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.

Quote:

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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