By Hidayat Sultanli
On Sep 12, 2020
Donald Trump has always been against the use of cryptocurrencies ever since he became the president of the U.S. Recently, many cases of Bitcoin and other cryptocurrencies being used for making payments for illegal activities as well as money laundering.
President Donald Trump is always very vocal about his moves, and he prefers forecasting in front of everyone using his Twitter account. The White House has come forward as well by providing information on how drugs rings are being run using Bitcoin as the payment method for all the sales made by people. Donald Trumps Tweets attacking Bitcoin highlight his increasing interest in controlling the global currencies market.
Even though Trump cannot regulate Bitcoin because, it is an open platform and not governed by a centralized body, but still, a great impact can be made on how people can exchange Bitcoin into other currencies and assets. Trump has often made Tweets making clear that he is not a supporter of Bitcoin.
However, many people and investors think otherwise, according to them Bitcoin needs no permission from the president or any other governing body and Tweets made by Donald Trump are just making people aware of the existence of Bitcoin and making it stronger.
Bitcoin and other cryptocurrencies are present all over the world, and people still use them. Donald Trump can only control the usage of cryptocurrencies in the U.S.
If Trump plans to make bitcoin inaccessible to the people of the U.S., there will be consequences as Bitcoin will lose it’s one of the biggest markets, but this is the worst-case scenario.