THELOGICALINDIAN - Fundstrat Lead Analyst Thomas Lee aggregate his affliction daydream on Twitter and it complex the US President agreement a ban on Bitcoin
Is Libra Dragging Bitcoin Down?
As the US Congress and Senate hearings on Facebook’s Libra cryptocurrency captivated up, associates of the Trump administering confused their boring assimilate Bitcoin and cryptocurrency as a whole. During both hearings a cardinal of assembly aboveboard aired their assessment that Libra should never be accustomed to launch. Even added concerning, on Thursday US Treasury Secretary Steven Mnuchin fabricated media after-effects back he told CNBC Squawk Box that the U.S. government intends to apparatus “very, very, strong” regulations on cryptocurrencies to ensure they do not become “Swiss-numbered coffer accounts”.
For cryptocurrency investors, these mutterings generated alloyed affections and some are aflutter that the government generated FUD could put a abiding cavity in what abounding are interpreting as the alpha of a bull market.
Lee’s Worst Nightmare
Fundstrat arch analyst Thomas Lee appears to allotment in these fears and over the accomplished 3 days, Lee acquaint tweets analogue his abhorrence that Bitcoin’s 5 account of acclaim could betrayal it to the ire of President Trump. According to Lee, Bitcoin amount activity is acceptable to abide “choppy” until the media and aldermanic focus about-face on to added matters.
Lee believes that the accepted Bitcoin advantage is axis into “too abundant of a acceptable thing” and he brash that added Bitcoin benign babble surrounding Brexit, the China barter war, and European coffer issues charge to accomplish account headlines. On July 13, Lee tweeted a screenshot a area of the official U.S. ban on the Venezuelan Petro and he placed added accent on the afterward section:
According to Lee, while awful unlikely, the President could calmly assurance an controlling adjustment to ban Bitcoin and cryptocurrency affairs in the United States aloof like he did for Venezuela. Without accouterment abundant explanation, Lee assured that such a desperate move would apparently aftereffect in a Bitcoin fork.
Bitcoin Shakes off the FUD
Despite these worries, Lee is still assured that now is the time to be invested in Bitcoin and he ends his cheep with #BTFD and #cryptowinter over. Interestingly, during the hearings Bitcoin boring alone to $9,100 but in the aboriginal trading hours on Thursday the agenda asset managed a $1,000 upside move in a little over 30 minutes. At the time of writing, Bitcoin trades hardly aloft $10,600 and traders are hopeful that the cryptocurrency can reenter the $11,200 to $11,500 ambit over the abutting 24-hours.
Do you anticipate the Trump Administration will accomplish cryptocurrency adjustment a priority? Share your thoughts in the comments below!
Images via Shutterstock, Twitter @SquawkCNBC
