The other shoe has dropped, and the president of the United States doesn’t like bitcoin. While disappointing, it’s not entirely shocking that a man who accumulated his wealth in the real estate market would take issue with a non-sovereign currency. His rejection of the digital currency, however, largely seemed to inspire a collective sigh of relief from the crypto community. Perhaps it has something to do with the fact that even President Trump can’t stop bitcoin.
As Gemini Co-Founders Cameron and Tyler Winklevoss pointed out earlier this week, the only way to stop bitcoin is to “shut down the internet.” While much of the World Wide Web suffered outages today, this isn’t North Korea. In response to Trump, Gemini quoted Tyler Winklevoss, saying:
“We have elected to put our money and faith in a mathematical framework that is free of politics and human error.”
“We have elected to put our money and faith in a mathematical framework that is free of politics and human error.” – @tylerwinklevoss
— Gemini (@Gemini) July 12, 2019
Kraken CEO Jesse Powell urged the president not to stifle innovation in the U.S. There are plenty of crypto-friendly jurisdictions that entrepreneurs, developers, and others can take their talents to.
Mr. President, one could say the same of unregulated fiat currencies, like the privately operated US dollar. The advantage of cryptocurrencies is that they are predictable and transparent. Regulated or not, useful tools can be used for good and evil. Don’t let the US fall behind.
— Jesse Powell (@jespow) July 12, 2019
Circle CEO Jeremy Allaire was also among the first to respond, suggesting that crypto has finally arrived now that it has become a global policy issue. He says it’s “possibly the largest bull signal for BTC ever.”