Cryptocurrencies especially Bitcoin are usual with oppositions from the powers that be. As digital currencies race for global adoption, there are lots of huddles to beat, and little victory has seemingly been recorded since inception.
Another bump surfaced a couple of hours ago after Donald Trump, the United States President, made his stance known about Bitcoin and cryptocurrencies, leaving the crypto space with uproar. John McAfee, the 2020 hopeful President and a Bitcoin maximalist gave Trump a supposedly deserved response.
Countries like United States, China and India have constantly raised their displeasure about the utilities embedded in cryptocurrency. China keep reiterating negative effect of Bitcoin mining in its territory, India proposed Bill to outlaw digital currency trading, while United States continue to exhibit the fear of Dollar devaluation if Bitcoin and others are given free inch to thrive.
The proposed launch of Facebook’s version of cryptocurrency, Libra, became another notable cause of concern. The largest social media in the world boasts of over 2.5 million monthly active users, and this looks worrisome.
Once Libra is finally launched, users’ capacity that would possess free access to the stablecoin will vastly outnumber United States population. The fact that Facebook’s Coin is a digital currency that would operate without infiltration of the third party (government) would make it the preferable means of transaction and payment globally.
Libra will actually be pegged against USD. This makes it a stern competition for United States economy and its currency flagged as the most powerful in the world today. Facebook’s Coin was unanimously kicked against in US Congress. Citing the past breach of privacy allegation, so they believe that the social media cannot be trusted.
China is also planning to create the crypto version of its national currency, Yen, citing the power and emergence of Facebook’s Coin, Libra.
Donald Trump’s Recent Unfavourable Comment about Bitcoin and Cryptocurrencies
The crypto space has been waiting to hear the stance of the most powerful President in the world, Donald Trump on Bitcoin and cryptocurrencies even though most world leaders aloof themselves from it. Recently, he made a long note on Twitter about the growing topic, supposedly speaking in the voice of the majority of his countrymen.
In the viral tweet, Trump pointed that Bitcoin and Cryptocurrencies are highly volatile, so they don’t deserve being tagged as money. For these stated facts, he categorically stated that he’s not a fan of digital currencies.
He continued by saying that crypto assets need to be well regulated, if not, it will encourage unlawful behavior, drug trade and illegal activity.
John McAfee Responds to Donald Trump’s Tweet
Bitcoin maximalist John McAfee who has been on exile in Cuba for quite sometimes over Tax invasion saga with United States government, stated some points in response to President Donald Trump’s sentiment about cryptocurrencies.
McAfee specifically pointed to the President’s claim that Bitcoin and other cryptocurrencies will open doors for vices and irregularities, especially in terms of drug trade. He pointed that current drug trade is estimated to be $200 billion, which was clearly priced and paid with US dollars.
Crypto facilitates unlawful activities like the drug trade??? I thought the current $200 billion drug trade was priced in U.S. dollars and paid for by same?? I'm going to feel so foolish on discovering the actual currency for purchasung drugs is bananas or Soy Milk. https://t.co/eMhJRvNGbd
— John McAfee (@officialmcafee) July 12, 2019
McAfee’s response shows that he views Donald Trump’s cited points as baseless, since any form of money can be used to deal in drug, which does not exempt United States Dollar.
In conclusion, Donald Trump is the President of the most powerful country in the world, and he’s obliged to defend the interest of his citizens.
Functionalities of Bitcoin and other cryptocurrencies have not been widely adopted, more importantly in the United States, where they have to defend the value and stability of the world’s most glorified national currency, US Dollar.
Bitcoin and Other Cryptocurrencies in the Market
Bitcoin is starting to recover from its recent egregious fall in market price. BTC was widely expected to plunge more below after Trump’s negative comment, but rather consolidated its uptrend capability.
Other cryptocurrencies are also replicating Bitcoin’s upward trend in the market. At the time of filing this report, BTC is trading at $11,736.48, with about 2% price surge in the last 24 hours.