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Pompliano: Trump’s Tweet Puts Spotlight on Lack of Trust Bitcoin...

newsbtc

3mon ago

Last night, the entire crypto Twitter became electrified with chatter when United States President Donald Trump tweeted about “magic internet money,” also known as Bitcoin and cryptocurrencies.

According to Morgan Creek Digital partner and co-founder Anthony “Pomp” Pompliano, while Trump’s  tweet was indeed significant, it also sheds a light on how Bitcoin is designed to address the trust issues that humanity faces with governments, and corporations in charge.

In a recent interview appearance on CNBC’s Squawk Box with host and recent Bitcoin supporter Joe Kernen and correspondent Melissa Lee, Morgan Creek Digital partner and co-founder Anthony Pompliano discussed the significance of United States President Donald Trump tweeting about Bitcoin and cryptocurrencies, or as he calls them “magic internet money.”

Related Reading | Crypto Pundit and Goldbug Peter Schiff Begins to Warm Up to Bitcoin

The outspoken Bitcoin evangelist who recently gifted goldbug Peter Schiff his first BTC says he never envisioned the day when the president would be tweeting about cryptocurrencies like Bitcoin.

"If you said 10.5 years ago the President of the United States is going to be tweeting about magic internet money, we would have never envisioned that day," says @APompliano on bitcoin #btc pic.twitter.com/lQQY46kZUl

— Squawk Box (@SquawkCNBC) July 12, 2019

It wasn’t just Trump yesterday that made comments about crypto that caused an uproar.  The Federal Reserve chairman Jerome Powell also made a comparison of Bitcoin to gold, which caused the crypto industry to erupt with bullish sentiment.

While these comments don’t necessarily mean that Bitcoin is favored by these government officials, in fact it’s the opposite – Trump’s tweet was negative toward crypto, saying its used for illicit activities and its value is made of thin air. Still, the exposure cryptocurrencies have received lately is nothing short of amazing considering how new the asset class is and how it was treated during the last bull run.

Now, it’s getting the respect it deserves, and it appears governments are starting to fear what comes next now that the cat is out of the bag with crypto. Much of the negative comments actually come from Facebook entering the arena with Libra, which has shaken up the political world over concerns of trust and privacy.

No turning back! https://t.co/VBc8INJHHz

— Joe Kernen (@JoeSquawk) July 12, 2019

However, as Pompliano points out, Bitcoin addresses many of the trust issues all of humanity faces with governments and major corporations like Facebook becoming so powerful and so controlling, freedom is in jeopardy. Unlike Facebook’s trojan horse, designed to mine user date that can be sold to the highest bigger, Bitcoin is entirely decentralized, trustless, and needs no controlling party for it to operate.

Related Reading | Venture Capitalist: Bitcoin is the Single Best Hedge Against Traditional Finance

Bitcoin cannot be stopped or controlled, and to many, Bitcoin is the first glimmer of freedom from the control governments have over them, just as Satoshi Nakamoto designed it to be amidst the last economic collapse.

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