US President Donald Trump is not a fan of cryptocurrency as he keeps faith in reliable, lawful and reliable currency. A critique of bitcoin was made by the tweet of the president. The ignominious opinion of the sitting president from the price perspective is on equipoise which was also reflected by the tweet on Friday evening. But the summary of the tweet refers to the symbolic milestone cryptocurrency is prone to occupy.
Unable to buy Publicity
It is seen by the higher ranked people in U.S. that cryptocurrency technology poses and capable of confronting challenges. Chairman of Federal Reserve Jerome Powell considered crypto not as a payment system but an alternative to gold and after that the tweet was posted by the U.S. president. It was actually the reference to the way bitcoin’s users treat it. People who are thinking about the role of bitcoin in the 21st century to them it will be the answer that how gold has been used during the fiat currency era as security against the political risks inborn in national currencies.
Extending the descriptive
All these came from the issue of Libra. Though it’s a massive step from the colossal company so it ought to be entitled as ‘’narrative economy’’. Libra is forcibly indulging higher ranked people to ponder about cryptocurrency. In the tweet of Trump, he mentioned, ‘’Libra will have little standing or dependability and would need to seek banking charter if it is to operate. A question from Mike Crapo to Powell inspired Trump to post a tweet.
The Chairman of House Financial Services Committee, Maxine Waters has warned that Facebook’s project may not be allowed to compete with the dollar. The transcendental quote or message from the dogmas of both Trump and Waters, exposes the infrastructure of our financial system and also intermediaries who are dominating like banks.
Though fiat currencies has been already adopted by people, determination of political leaders of regulating them, made the way hard to adopt both decentralized and centralized system. It was actually highly specified by the tweet of Trump. Cryptocurrencies are based on open-source network. But many central banks are willing to join this. China is also extending its thought to create a digital currency. After the banking industry got threatened Mark Carney (Governor of Bank of England) said the BOE would provide funds to tech companies. It would hopefully squeeze banking payment service but extend Libra and other stablecoins.
Race of Stories
Exploration and inquiry will get accelerated because of the hype and hopefully people will start buffeting with the opportunities and risk. Story always adopt new ideas, creation of collective emotional tissue upon which social networks that have been pushed into overdrive. Trump is contributing to this collective storytelling exercise to his twitter followers whose position is in the opposition of crypto enthusiasts. But the tweet of Donald Trump has been given the most priority than a government official announcement which created a buzz.