Trump Blasts Bitcoin For Illicit Use As NY College Is Hit With $2M Ransomware

Tony "The Bull" Severino

Last Updated: June 11, 2024 9:03 am

3 mins read

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Last night, the TV personality, businessman, president of the “free world,” Donald Trump took to twitter to blast Bitcoin, Facebook’s Libra, and the entire asset class of cryptocurrencies.

The outspoken United States president said that the asset class is “highly volatile,” “unregulated,” “based on thin air,” and “can facilitate unlawful behavior, including drug trade and other illegal activity.” While Bitcoin is so many other things, not even 24 hours after the President’s tweet, Bitcoin is being used at the center of a $2 million ransomware case involving a New York City college.

NY College Hit With Ransomware Day After Trumps Tweets of Illicit Bitcoin Usage

Federal policy makers have a sore spot when it comes to cryptocurrencies like Facebook’s Libra and Bitcoin. They represent the biggest challenge against the government’s stronghold over society afforded to them through their control of government-issued fiat currencies, such as the US dollar, Japanese yen, or the Swiss franc.

Governments also fear the anarchy it can bring due to the layer of pseudo -anonymity it offers individuals. These same qualities make crypto like “catnip” for cyber criminals according to on Google security researcher.

Criminals use Bitcoin and other cryptocurrencies in an attempt to remain hidden digitally using the asset class, and is a vehicle for money laundering and other “unlawful” activities as Trump called it.

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

But Bitcoin and crypto get an unfair rep. Fiat currencies like the US dollar that Trump is championing is used in more crimes daily than nearly any other currency in the entire world, yet Trump isn’t attacking his government-approved money.

Sadly, not even 24 hours later after Trump slamming Bitcoin for its use in crimes, Monroe College in New York City was hit with a massive ransomeware attack involving – you guessed it – Bitcoin.

The cyber criminals are demanding 170 Bitcoin, or roughly $2 million by today’s prices. Bitcoin may be a futuristic emerging technology, but its use in this crime is setting the college back decades.

“We know how to teach and educate without these tools,” Monroe College spokesperson Jackie Ruegger said referencing that the college education must go on even if the entire campus’ computer system is locked down by the ransomware.

Ransomeware is a malware script that’s sent to a computer network and attacking it, and locking out the actual owners from using their vital equipment. The issue is growing widespread, with more and more cases of the situation occurring on the regular at government offices and educators across the US.

It’s reasons like these why Trump and other policy makers can’t see Bitcoin for all the positive it brings, but because Bitcoin cannot be controlled, it’s always be free for anyone to do was they please with it – even commit crimes – and in a way that’s the beauty of Bitcoin.

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

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Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.