While some cryptocurrency fans may have been dismayed to see U.S. President Donald Trump criticize Bitcoin and other cryptocurrencies yesterday, leading advocates like Coinbase CEO Brian Armstrong and Fundstrat’s Tom Lee appear to disagree. Both men highlighted the benefits of having one of the world’s most high-profile personalities talking about the technology.
The President offered his criticism on Twitter Thursday night, in a series of tweets that mentioned cryptocurrency risks, the importance of complying with banking regulations, and the strength of the U.S. dollar:
“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.
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 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!”
Armstrong responded by noting that he has long hoped to see a U.S. President give cryptocurrency serious attention. He responded by tweeting:
“Achievement unlocked! I dreamt about a sitting U.S. president needing to respond to growing cryptocurrency usage years ago. "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.”
In an interview with Yahoo Finance, Tom Lee clearly agreed, and said, “On balance, it’s a positive because cryptocurrencies and bitcoin really are in the main stage now — Congress, the Fed, the president weighing in. It’s going to force everybody who is not involved — and remember a very small percentage actually cares about crypto and bitcoin — it’s going to force the other 98% of the world to think about what it means.”
Lee also cited historical price trends following major milestones, and suggested that Bitcoin could see its price rise to between $20,000 and $40,000 in the last quarter of 2019.