Donald Trump Could Eliminate Bitcoin, But He Will Not

1 min reading

According to economist Alex Krüger, the president of the United States, Donald Trump, has means required to eliminate Bitcoin. Nevertheless, it is not very likely that he could accomplish it.

President's actions

Donald Trump is famous for sharing his thoughts on Twitter. This time he caused a lot of confusion in the cryptocurrency industry when he wrote about his scepticism about Bitcoin and cryptocurrencies in general. It is not entirely clear what caused the president to post this entry, but there are many theories - one of them says that it is a dispute over Libra, the Facebook's cryptocurrency, which is still causing controversy. The important fact is that initially, the president's tweet did not trigger a huge shock on the cryptocurrency markets. It's only been three days since the publication of this entry, and Bitcoin's price dropped again.

Alex Krüger's opinion

The economist and stockbroker Alex Krüger reacted strongly to Trump's entry. He published a number of posts on Twitter in which he proposed an interesting thesis: the president of the US has the ability to even eliminate Bitcoin, but it is highly unlikely. Krüger believes that BTC would collapse at a deadly rate. According to Krüger, the easiest way to stop Bitcoin's activity is to prohibit banks from running cryptocurrency services. Possibly, Trump could just prohibit conducting transactions based related to cryptocurrencies. However, in one of his entries, the economist counteracts this thesis; he notes that the United States could thus lose the ability to impose economic sanctions. It would mean a huge loss of importance of the US in international politics. The fact is that every law introduced in the US must go through Congress. Convincing it to pass such a radical solution seems to be almost impossible.