Bitcoin and the aggregated crypto markets have been facing tremendous volatility over the past few days that has been exasperated by comments being made about BTC and the nascent crypto markets by world leaders and politicians – who undoubtedly will sway how US policy is aimed at the crypto markets from a regulatory standpoint.
Now, analysts are noting that U.S. President Donald Trump and US Federal Reserve Chairman Jerome Powell’s comments on Bitcoin are bullish, as they validate the assets and designate them as “geo-political chess pieces.”
Bitcoin Gains Significant Media Coverage as Political Heavyweights Discuss BTC
Bitcoin’s recent volatility has been widely attributed to the deluge of commentary on it by economic and world leaders, who tend to shy away from discussing nascent technologies.
Federal Reserve Chairman Jerome Powell spoke about Bitcoin during a Senate testimony earlier this week, where he noted that the advent of cryptocurrencies could put the US into a new era of banking.
“If we do see [widespread adoption] you could see a return to an era in the United States where we had many different currencies in the so-called national banking era,” Powell said during the testimony,” Powell explained.
Furthermore, Powell also noted that Bitcoin’s main use at the moment is as a “speculative store of value,” which would make it comparable to gold.
One day after these comments were made, US President Donald Trump also aired his thought on Bitcoin for the first time ever, noting in a tweet that he is not a fan of BTC due to its use for illegal activities.
“I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity,” he said.
I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity….
— Donald J. Trump (@realDonaldTrump) July 12, 2019
BTC Becomes a Chess Piece in Global Politics
Although it is clear that world leaders are split on what they think about BTC, it is also clear that what was once considered a small fad with a cult following has now found its way onto the center of the global stage, which seems to validate it as having the potential to shake up the current system.
Luke Martin, a popular cryptocurrency analyst, spoke about all the talk about Bitcoin on the global stage in a recent tweet, saying that the big question now is which country will be the first to promote BTC.
“The intriguing part about this is it creates opportunity for another nation to publicly announce support of Bitcoin. From taboo, to fringe finance, to now a geo-political chess piece that governments & central banks have to consider. Which nation will be first to promote $BTC?” Martin said.
The intriguing part about this is it creates opportunity for another nation to publicly announce support of Bitcoin.
From taboo, to fringe finance, to now a geo-political chess piece that governments & central banks have to consider.
Which nation will be first to promote $BTC? https://t.co/OhnX8jNfXs
— Luke Martin (@VentureCoinist) July 12, 2019
As Bitcoin continues to garner widespread adoption and global leaders continue to hear more about it, it is highly likely that the world will soon know whether or not BTC will begin making its way to the forefront of the political scene.
Featured image from Shutterstock.
