Who knew the secret to spike Google searches about the most famous cryptocurrency in the market was to have the president of the United States make negative comments about it? It seems that Bitcoin jumped a lot in searches after Donald Trump, the U. S. president, talked about it.
Recently, Trump affirmed that he was “not a fan” of Bitcoin. He tweeted affirming that it was a very inferior asset when compared to the U. S. dollar. He also used the popular argument that BTC is only used in illicit markets and that it is simply too volatile to be considered money.
To him, the USD fulfilled the role of being an actual currency much better than Bitcoin ever did and was not used in criminal activities, which meant that it was an as considerably more powerful and solid asset.
The cryptocurrency, which is currently being traded at $11,575 USD, did not see any impact in price (both good or bad) after the allegations, but it seems that him mentioning the asset sparked some curiosity among internet users.
Some people even expected the price of the token to go down after the comments were made, but it doesn’t seem that the Bitcoin community gives a damn about what Trump has to say. Right now, BTC is trading 1.3% up since the tweets.
Erik Voorhees, the CEO of ShapeShift, joked by affirming that Bitcoin was less volatile than Trump after the market completely ignored the situation.
While some comments from other people were really impactful in the market and actually provided any kind of change in prices, the only thing that Trump’s tweets caused was for BTC to see a spike in Google Trends. Soon after the tweets, however, the number of searches went back to normal.
Trump Only Managed To Put Bitcoin on the Spotlight
It is kind of interesting to see the president of the world’s most powerful economy simply try to defend the fiat currency by affirming that it was better than BTC. In most situations so far, it would be expected that the important figures would not even pay attention to Bitcoin, but it seems that this has changed quite a bit recently.
When Bitcoin is acknowledged this way, especially as a threat, something important is happening. Bitcoin is getting legitimacy despite how many people claim that it is not useful and that only scammers use it.
This is actually a great moment for Bitcoin, which now has the chance to prove Trump wrong by becoming a free currency outside of the centralized control of the government and actually being successful, which is exactly what the critics are afraid of.
Trump also talked about Facebook’s new Libra project on the social media network. He was also not in favor of it, which is more dangerous to Facebook, which is centralized and actually needs permission to work than in the case of BTC, which is free from this kind of problem.
CNBC’s Ran Neuner also talked about the situation, affirming that the more people hated Libra, the stronger Bitcoin would get because Libra was one of the biggest threats faced by the cryptocurrency now.
In any case, the rest of the year will tell how much the dislike of the president will affect any of the two currencies. Probably not a lot, as Facebook’s biggest challenge with Libra will continue to be how to actually convince regulators to let it move forward.