On June 11, the cryptocurrency community was caught off guard when US President Donald Trump lambasted Bitcoin.
However, CNBC claims that cryptocurrency investors are “shrugging off” Trump’s attack since the BTC price up by more than 2 percent.
"Who has the biggest vested interest in things staying the way they are?" asks @JoeSquawk on why @POTUS may not support bitcoin and Facebook's Libra #FB #BTC pic.twitter.com/3NcfDQr3xH— Squawk Box (@SquawkCNBC) July 12, 2019
A vested interest
CNBC’s Joe Kernen, who recently turned into a Bitcoin bull, claims that he could change the President’s stance on Bitcoin if he had a chance to have a 10-15 minute conversation with him.
Kerner claims that the US government has a vested interest in keeping the status quo that Bitcoin threatens to shake up. It comes as no surprise the POTUS would turn against his own currency and embrace with open hands.
He also pointed out that there are plenty of scams that involve cash, and the fact that criminals like Bitcoin doesn’t mean that it’s not going to happen.
Thriving in chaos
His co-host Melissa Lee also shared her positive comments on Bitcoin, sticking to the narrative that it’s a safe haven asset during times of political turmoil.
Think about Bitcoin. It was born out of ‘Occupy Wall Street,’ the financial crisis. All these instances when banks and institutions, and government have been eroded.
Ironically, while President Trump decided to show the whole world that he’s not a fan of Bitcoin, he might be the reason why its price shot through the roof in Q2 2018. Bitcoin’s 2019 recent rally coincided with the escalating US-China trade war.