My Crypto Lawyer
Donald Trump appeared in an interview on Fox News this week as part of his presidential campaign. Among the discussed topics, the candidate shared his insights on Bitcoin (BTC) and the U.S. Dollar (USD).
In the interview, the reporter asks Trump whether embracing Bitcoin would be a logical step forward due to the growing interest. Notably, the Republican candidate agrees that “lots of people are doing it [Bitcoin]” while mentioning the dollar as the “one currency” he “calls a currency.”
“It [Bitcoin] is taking a life of its own; you probably have to do some regulation, (…) but many people are embracing it. More and more I’m seeing people wanting to pay in Bitcoin. So, I can live with it, one way or the other. I’ve always liked one really powerful thing, and that’s called the Dollar.
– Donald Trump
Bitcoin price analysis following Donald Trump’s insights
Meanwhile, BTC is trading at $50,984, still inside a range on its 4-hour chart against the USD. As of writing, Bitcoin has slightly lost the 50-period exponential moving average (EMA), challenging its ability to hold these levels.
The range has a support at $50,662 and a resistance at $52,985. Breaking any of these levels could mean continuation in the near future.
ETFs and an increased interest in paying with Bitcoin
Recently, the Securities and Exchange Commission (SEC) of the United States approved the offer of Bitcoin spot ETFs. This has already attracted a new group of investors not yet exposed to the leading cryptocurrency.
Moreover, many saw it as an indirect validation of cryptocurrencies and Bitcoin as a legitimate asset. Interestingly, such validation could have motivated people to try paying with Bitcoin, using it as a currency.
On the other hand, the European Central Bank (ECB) compared the ETFs’ approval to “the naked emperor’s new clothes,” where Bitcoin is the “naked emperor.” Additionally, the ECB believes Bitcoin has failed as a global digital currency due to its inability for efficient payments.
Not long ago, Bitcoin transaction fees reached the average global daily income, evidencing the challenges to meet this discussed demand.
In summary, Donald Trump did not show direct support for Bitcoin, although not showing resistance either. The U.S. presidential candidate defends more regulation of BTC and doubles down on his support for the Dollar as the “one powerful currency.”
Nevertheless, Donald Trump seems to believe in cryptocurrencies as an investment, considering a known portfolio of around $500,000 in crypto.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
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