When a US “president” publicly decries something, most would assume it’s only a matter of time before that thing plummets in value.
However, it’s been four days since the Orange Führer—president Trump himself—took to Twitter to spew his misguided thoughts on… Bitcoin and crypto.
“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…”
…so reads the first sentence in Old Yeller’s incoherent stream of nonsense.
Ironically, there is some truth sprinkled into his smear, so let’s break it down.
The Twitter addict was quick to assert that Bitcoin and other crypto assets are “not money”—which is actually technically true, since “money” specifically refers to the most commonly used currency in a particular region.
Yet, while cryptos are undeniably growing in popularity (so much that Trump felt the need to attack it), they haven’t reached that level just yet.
Going on to mention crypto’s volatility, the Conman-in-Chief is not incorrect here, either—it would be silly to deny this, but in all fairness, it’s typical due to the novelty of this burgeoning market.
Of course, this is where the facts abruptly come to an end—the simple assertion that cryptocurrency is “based on thin air” is beyond laughable given its competition, the fiat hoax known as the US dollar.
So, Donny Debt loves those freely-printed paper notes—stemming from the same banks that repeatedly bailed out him and his buddies.
Just look at the inflationary rate of the US dollar over the last 100 years…
“Unregulated crypto assets can facilitate unlawful behavior, including drug trade and other illegal activity.”
Again, the ignorance (willful or otherwise) is embarrassing—the US dollar is notoriously dirty, used in the drug trade and for fueling endless bloody wars.
With Don the Con dedicating three whole tweets to how “bad and scary” cryptos are, I go into more detail about where things are headed after his tirade in my latest vlog.
Let’s be real: Trump probably doesn’t know much about Bitcoin and likely posted the tweets under his handlers’ orders.
Naturally, pullback is expected, but either way, the fear mongering backfired: some cryptos even spiked in price immediately after the tweets—Bitcoin is definitely not going away any time soon.
They want you to operate out of fear—because fear is a scarcity mindset.
Back in 2011 when we featured Bitcoin in The Dollar Vigilante, BTC was only $3, and I was not operating from a place of fear.
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The emperor has no clothes.