It appears that US President Donald had been opposed Bitcoin since way back, according to a book written by John Bolton about his time during the Trump administration. This was an account to an alleged conversation between President Trump and Treasury Secretary Steven Mnuchin regarding the Us-China trade war.
Trump has never been very amiable towards Bitcoin and other cryptocurrencies. His Twitter rant in July 2019 had proved that without a doubt.
Not only did the POTUS denounce all cryptocurrencies in this tweet, but he also took a shot at Facebook’s Libra, stating that they “have little standing or dependability”. But before all this, he had told Mnuchin to “Go after Bitcoin”, allegedly for fraud.
Trump and Mnuchin on Crypto
This information was brought to light in the book The Room Where it Happened, written by Bolton. The discussion between the POTUS and Mnuchin was regarding trade sanctions and tariffs against China, back in May 2018.
Apparently, Mnuchin seemed to be in tune with Trump’s views, judging from the fact that he tweeted a year that they were “looking at all crypto assets” and insisted that Bitcoin and other cryptocurrencies have become better tools for money laundering than cash. He subsequently expressed at a hearing that he would be releasing some “significant new requirements” for digital currencies last February.
We want to make sure that technology moves forward, but on the other hand, we want to make sure that cryptocurrencies aren’t used for the equivalent of old Swiss secret number bank accounts
Steven Mnuchin
The Trump administration has been wary about cryptocurrencies and has released the new guidelines for buying and selling these digital assets earlier this year.
Bitcoin is Still Bullish Long-term
Despite the Trump administration’s negative views on Bitcoin, it appears that the biggest cryptocurrency is still on a bullish trend, being up by $2,000 since the start of 2020. Although Bitcoin hasn’t pumped substantially since the halving event last May, historically speaking, it could still be on track to go parabolic sometime in the next year considering its previous halvings.
As of now, Bitcoin is struggling through break through the $10,000 resistance level, after failing to hold its ground above it in recent weeks. Yet Blockstream CEO and old-time cypherpunk Adam Back predicts that BTC will rise to over $300,000 sometime in the next half-decade, with or without institutional support.
Furthermore, legendary hedge fund manager Paul Tudor Jones has also disclosed his plan to buy Bitcoin as a hedge against inflation, solidifying the digital currency’s “store of value” use case.
