Turmoil in Washington only continuing to fuel Cryptocurrency demand?
Meet the man responsible for that turmoil and subsequent demand:
Donald J. Trump!
Just kidding. Well sort of.
He probably wouldn't mind having you believe he is solely responsible for the rise in Bitcoin, which he isn't. Although, surprisingly, on some levels he wouldn't be all that far off...
Demand has been skyrocketing for virtual currencies as of late.
As we noted the other day, most of the recent demand seems to be coming from Asia. As we can see here:
You can read more about that here:
https://steemit.com/cryptocurrency/@jrcornel/what-s-fueling-this-massive-rise-in-altcoin-valuations
However, there has been some recent speculation that the drama going on in Washington is also fueling the fire and is only going to continue to do so for some time to come.
Why do I say that?
In case you missed it, stock markets were rocked last week when news leaked from a James Comey Memo that President Trump had asked him to stop an investigation into former National Security Advisor Michael Flynn and his ties to Russia.
Stocks and the dollar tanked on the news as it raised doubt over whether Trump would be able to get anything meaningful accomplished amid the crisis. They have recovered somewhat, but still not to the levels where they were when the news broke.
In the past stocks and the dollar tanking has been good news for Bitcoin.
Over the last several years Bitcoin prices have done very well in times of geopolitical uncertainty. Even more so when there are questions about a major country's fiat currency.
Which is exactly the climate we are finding ourselves in presently.
Adding more fuel to the fire
Trump has openly stated that he wants the dollar weaker so that US companies can better compete with other countries.
As stated above, a weaker dollar is good for Bitcoin.
Combine that with the fact that many experts also think that Trump's spending plans will be inflationary to the US economy, further putting pressure on the dollar which would likely further put a bid under Bitcoin.
The CEO of Gerber Kawasaki, Ross Gerber tends to agree and thinks that Bitcoin could be the perfect coin for the tumultuous world we are currently living in.
Saying this:
"Bitcoin has gone insane in the insane world it was made for. Global leadership chaos pushes price to $2183 and over $35 bil market cap."
People are losing faith in governments and Bitcoin isn't directly controlled by any governments.
Now could be the time for it to stake it's claim in the global economy.
Add all this together and it doesn't look look like the cryptocurrency rally is going to be stopping any time soon.
Perhaps at some point we can even thank Mr. Trump for all the chaos and uncertainty he brings with him. It certainly bodes well for cryptocurrencies going forward! ;)
"Believe me" "We're going to make a lot of money" "We are going to start winning again"
(the above quotes all need to be read aloud in Trump's voice)
Stay safe my friends!
Sources:
http://money.cnn.com/2017/05/22/investing/bitcoin-record-high-trump/
Image Sources:
https://cointelegraph.com/news/bitcoin-price-hits-2087-trading-in-japan-south-korea-for-2350
https://giphy.com/gifs/donald-trump-thumbs-up-gopdebatenov15-JnMjpOA4t0YYU
Follow me: @jrcornel
I wonder if we can get Mr. Trump on Steemit? That would yuuuuuuuge for the platform!
That would be so great. Everything is so great. That would be YUUUUGE for all the wonderful people on here. ;)
Have you heard this? Trump is gonna come on steemit. Everyone's talking about it. The smartest people were just saying it. He's gonna come and it's gonna be beautiful, I mean the best for steemit. Absolutely beautiful.
Steemit is gonna start winning again!
I don't think we ever stopped. But we're sure gonna get tired of all of the winning.
This is the winner right here!
Trump is my Hero...
@pocketechange
me too man
Steemit is a distruptor for twitter. So potentially will see some celebs here.
That's what's up!
I'd rather have a portal in which the orange baffoon isn't a part of. Sick of listening to him waffling on tbh. I thought this place is for intelligent peoples ;)
Between this and the Asian adoption phenomenon, it's starting to feel like 2500 USD bitcoin price prediction for this year was woefully conservative.
2017: The Summer of Crypto Love
Bitcoin is Cancer to fiat and it will continue to spread slowly until every country has taken a blockchain position of some kind.
I heard bitcoin est. to hit at least $4000 in next 8-14 months...but i reckon much sooner indeed!
Wait? What bubble? You mean the USD...:)
Shhh... :)
We got our cryptos.
Here's hoping it aint stopping any timw soon. It's great stuff for all us little guys dipping our toes into the world of crypto!
Yep, great time to be in the space.
A big heartfelt thanks to The Donald :) Great post @jrcornel.
Thank you!
Your welcome man :)
It is scary how the US Dollar is crashing like crazy right now. But in return crypto is going up.
Last year the dollar made it's lows for the year in the May/June area. See if this year repeats or if this is the start of something bigger...
ill keep that in mind when deciding whether to buy more BTC. Thanks
Another option you might consider is Common Coinage or as I call it Pocket Change... When the Paper and Digital Fiat dollars crash, we'll still need a Medium of Exchange that's already available to most people... That's when I think the Buying Poser of Common Coinage will reach Fair Market Value, which in my opinion will be 100 fold what it is now...
@pocketechange
Silver dimes, pre-1965 (1964 and lower)
I have so many of those, you wouldn't believe...lol... It's not the melt value of the Pocket Change that will give it value, just like it's not the Paper value of the Debt Notes we call money...
@pocketechange
It's something bigger.. it's going to be the biggest event in human history.
For all the oooommmpphh for cryptocurrencies I do understand something called speculation, which is what is happening nowadays. People tend to forget the late 1990’s, when penny stocks, tech stocks, internet stocks, climbed in a matter of minutes by 50% or more; and this was happening with stocks that in practice represented companies in existence (on paper that is at least) ….. many companies that were doing NOTHING. Same goes for this now. One difference. If the cryptocurrency deal evolves, and we all recognize that it adds value to our trading process, banks will go broke in no time. So, have money to throw away, risk it. Bought at 700 now at +2000 - but that is me.
@indepthstory
quietly buys more bitcoin
That was good read. Thanks...
Glad you enjoyed it :)
Well, it's good to know Trump is good for something ;)
Thank you mr Trump