Trump called Bitcoin volatile, inherently invaluable, and a medium for criminal financial activity
Thomas Lee said he’s unfazed by Trump’s impassioned roast of cryptoindustry
Lee said that the tweets were “positive” because cryptocurrencies became a relevant topic
Co-founder of a Fundstrat Global Advisers Thomas Lee recently said that the Bitcoin (BTC) pullback that happened few days ago is actually.
It’s healthy to see #bitcoin pullback here.
As for the search traffic for bitcoin being low, I also think that is a good sign. It means the rise in bitcoin has not been accompanied by massive hype.
— Thomas Lee (@fundstrat) July 14, 2019
He also addressed concerns over the recent decrease in Google searches for Bitcoin:
“As for the search traffic for bitcoin being low, I also think that is a good sign. It means the rise in Bitcoin has not been accompanied by massive hype.”
According to search analytics service Google Trends, Google searches for Bitcoin from within the United States have decreased by about 45% since their recent peak at the end of June.
eToro’s senoior analyst Mati Greenspan said for Gazette that he agrees with Tom.
“The market got too hot in June and it’s great to see it cooling off a bit.”
Trump Speaking About Crypto is a Huge Deal
But let’s start from the beginning. Last week U.S. president Donald Trump declared himself “not a fan” of “highly volatile” cryptocurrencies “based on thin air” that “facilitate unlawful behavior”. Trump added that he much more prefers a “dependable and reliable” currency “called the United States Dollar!”
First thing’s first – Donald Trump spoke about crypto! From a price perspective, Trump’s depreciating remarks are, on balance, positive for Bitcoin.
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. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity….
— Donald J. Trump (@realDonaldTrump) July 12, 2019
This tweet is just a proof that cryptocurrencies now have ever-expanding presence and are occupying the public conversation. This “shaming” is also very positive for Bitcoin’s price because it got itself an acknowledgement from the halls of power of its relevance.
Read more: Bitcoin Less Volatile than Donald Trump, BTC to Be Priced Above $160,000
By simply giving it the time of day, Trump revealed that people within the high levels of the U.S. power structure are noticing the challenge that cryptocurrency technology poses to it. Let’s just not forget that before Trump there was US Federal Reserve Chairman Jerome Powell who also rocked crypto Twitter when he suggested that Bitcoin is a speculative store of value that functions similarly to an investment in gold.
Any PR is a Good PR
Lee has, however, weighed in on the issue and, according to him Trump’s tweet will have the unintended effect of bringing more attention to Bitcoin. He noted that Trump’s disdain for Bitcoin, Facebook’s Libra and cryptocurrencies in general “makes the other 99% more aware” of Bitcoin and funny enough Trump’s signature phrase “Bad publicity is sometimes better than no publicity at all.”
On balance, it’s a positive.
– there are at most 1% of the world who really follow crypto (more like 0.1%) so 99% basically don’t care
– DJT stating he is not a fan makes the other 99% more aware.
– if 1% of those gets positive, just 2x market size. https://t.co/dz9QY3mjWP
— Thomas Lee (@fundstrat) July 13, 2019
Be it as it may, it is more than obvious that any PR is a good PR. Bitcoin gets its piece just from public attention. It doesn’t even matter if it’s FUD or bullish news. Lee says that as cryptocurrency grows in popularity and is more widely held, the macro connection of Bitcoin to commodities and traditional markets will lead to a greater correlation between cryptocurrency and the stock market.
This doesn’t seem to be a bad thing according to him because there are current exchanges and a some big fat wallets that are holding big amounts of crypto. Lee thinks that exactly this is the reason there is such violent volatility. He also predicted that more institutions engage with cryptocurrency – more the price and liquidity will increase.
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