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The battle for the future of Bitcoin(BTC)trade is heating up. After the involvement of US government officials in the matter and President Trump’s comments on crypto, the price of Bitcoin has taken a big dip.
Earlier this month, Trump tweeted that he was “not a fan” of cryptocurrencies as, according to him, “they just come out of thin air” and declared them as “not money.”
Since then, it has been feared that this would drive the prices of various digital assets even lower but apparently the sentiment in the crypto market has taken a complete shift, perhaps due to some statements made by the CEO of Binance, one of the largest crypto exchanges, Changpeng Zhao.
Relating to President Trump, Zhao said in an interview with CNBC, “The fact that he tweeted about it, and the president of the United States is talking about cryptocurrency, it’s a good thing.” He further asserted that he is not worried about the future of Bitcoin at all. Zhao mentioned that Trump hasn’t really said anything positive or negative about the matter, he merely expressed his dislike.
Trump’s agitation shines light on a more personal threat to the US from cryptocurrencies. It’s not Bitcoin that’s under attack here but the US dollar. This is very evident from Trump’s following statement, “We have only one real currency in the USA, and it is stronger than ever, both dependable and reliable.”
There is no doubt that US authorities believe the dollar to be in solid danger. On the contrary, leading figures in the crypto market seem to be very calm and assured about the future of crypto. Zhao added that “Cryptocurrency will survive regardless of any one country,” even if it gets banned by the US government, which he described as “the worst-case scenario.”
Does Crypto Finance Terrorism?
To some extent, the fear of cryptocurrency also stems from its unmonitored use. The US Treasury Secretary has expressed very serious concerns with cryptocurrencies in the past, as they have been exploited to support millions of dollars’ worth of illegal activity such as cybercrime, tax evasion, extortion, illicit drugs, money laundering, and even terrorism. Trump also leaned on these factors, saying, “Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity.”
However, according to Zhao, such illicit activities have been dealt and managed by the industry with complete transparency in their finances. In his own words, “Whereas with cryptocurrency there’s more transparency, which is actually good for the users because now they know what’s going on.”