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Crypto Ban Is Not Likely After Trump Reversed Course on Vaping: Fundstrat's Tom Lee

utoday

20d ago

Fundstrat's boss Tom Lee says that US President Donald Trump shelving the infamous vaping ban is a positive thing for Bitcoin. In his recent tweet, the prescient bull explains that there is no even "a remote possibility" that the POTUS can sign an executive order to ban cryptocurrencies.

Oddly, I view this as a marginal positive for #bitcoin... the (ever remote) risk of a ‘executive order’ ban of crypto is diminished if @realDonaldTrump is backing off a vaping ban. cc: @carlquintanilla @nytimes $BTC #vaping https://t.co/E70PSVNyGy

As reported by U.Today, the White House prohibited certain e-flavored cigarettes due to an outburst of related lung illnesses in September. Back then, Lee suggested that it could be a precursor to a potential ban on cryptocurrencies.

Federal regulators had already cleared the ban before Trump decided to reverse his stance.

The vaping ban, which was the idea of First Lady Melania Trump, could reportedly hurt Trump's re-election chances since some industry members in battleground states vehemently opposed it.

Back in July, Trump claimed that he wasn't a fan of Bitcoin, taking a stand for the US Dollar that he considers to be the only reliable currency in the US. Given that China, the second largest economy in the world, already banned Bitcoin in September 2017, Trump's tweet gave a breeding ground for fearful speculations about the consequences of the US outlawing crypto.

However, as Trump's 2020 re-election campaign is picking up pace, it seems unlikely that he would want to throw part of his base under the bus. According to Coinbase data, the number of US Bitcoin owners now surpasses the coin's maximum circulating supply.

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