On Thursday, July 11th, 2019, a miracle happened.

Donald  Trump, the 45th President of the United States, managed to unite (however briefly) the various factions in Cryptocurrency… against him.  In a series of tweets, President Trump declared his views on Bitcoin:

Donald J. Trump (@realDonaldTrump)
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)
....Similarly, Facebook Libra’s “virtual currency” will have little standing or dependability. If Facebook and other companies want to become a bank, they must seek a new Banking Charter and become subject to all Banking Regulations, just like other Banks, both National...
Donald J. Trump (@realDonaldTrump)
...and International. We have only one real currency in the USA, and it is stronger than ever, both dependable and reliable. It is by far the most dominant currency anywhere in the World, and it will always stay that way. It is called the United States Dollar!

So, as you can imagine, that went over like a ton of bricks on Bitcoin /  Crypto Twitter, some even questioning if these tweets had been written  by Donald Trump, or whethera member of his staff was behind them. Several prominent members of the crypto community responded with  brilliant retorts.

Erik Voorhees (@ErikVoorhees)
Unlike children, Mr. President, you can’t put Bitcoin in a cage. @realdonaldtrump
Brian Armstrong (@brian_armstrong)
Achievement unlocked! I dreamt about a sitting U.S. president needing to respond to growing cryptocurrency usage years ago. “First they ignore you, then they laugh at you, then they fight you, then you win”. We just made it to step 3 y’all.
Pomp 🌪 (@APompliano)
Dear @realDonaldTrump, You can’t change Bitcoin’s monetary policy, supply schedule, interest rate, or transaction history. There is no CEO or employees. No one will answer customer service complaints. But you can always count on Bitcoin. It never goes down. Love, Pomp

But it was the response from Caitlin Long, a Wall Street veteran and a  supporter of Cryptocurrency from Wyoming who is a member of the Wyoming  Blockchain Task Force, that had the best response, one that may even  help to change President Trump's mind:

Caitlin Long 🔑 (@CaitlinLong_)
1/ Mr President—#Wyoming, the state that gave you the highest margin of victory in 2016 (even bigger than Reagan), welcomes law-abiding #crypto companies & created a new type of bank charter to allow them to comply w/ the law. You are just wrong on this—ur staff is misleading you
Caitlin Long 🔑 (@CaitlinLong_)
2/ Your staff isn’t giving you good advice (I don’t see anyone on your staff who has experience in this new asset class). The US payment system hasn’t really innovated in 50 yrs—it’s unstable & inefficient. I’ve been surprised that your administration has coddled it instead of...
Caitlin Long 🔑 (@CaitlinLong_)
3/ ...opening it up to healthy competition. The #crypto genie can’t be put back in the bottle & if the US fights this we will simply be bypassed by other countries that are welcoming it. Banks tried to shut down #crypto by shunning the industry & look what happened—it didn’t die.
Caitlin Long 🔑 (@CaitlinLong_)
4/ Why? Because this is the first serious payment innovation in decades. Yes, #crypto is used for illegal activities, but much less frequently than the dollar is—& crypto is easier to track (check w/ the FBI!). Mr President, you don’t need to choose between #crypto & the dollar!
Caitlin Long 🔑 (@CaitlinLong_)
5/ To close, pls invite #crypto experts to advise you—you need to hear the other side. And you need to understand how #Wyoming has created a regulatory-compliant framework to let this innovation thrive in a lawful manner & ensure the US keeps our lead in financial services! 🤠🇺🇸

Now, let's go back over what the President 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…."

Bitcoin  is, in fact, money. The Merriam-Webster Dictionary defines money* as: "something generally accepted as a medium of exchange, a measure of  value, or a means of payment", which fits the character of Bitcoin just  right. President Trump says that Bitcoin is based on thin air. Code is  not thin air, Mr. President, code is the internet,code is the automation  that is changing the world, code is how Visa, Mastercard, and American  Express can provide credit cards and their transactions. Code is how  Wall Street can function and move trillions of dollars around the world.  

So now we have to look at what gives the United States  Dollar its value. We have not been on the gold standard* for almost  fifty years, so what is backing the dollar? It's the word of the  government of the United States, and if I'm not mistaken, words are not  only thin, but hot air as well.

Next, we have to talk about  the "unlawful behavior" part of this tweet. Sure, people have used  Bitcoin for nefarious reasons, but not nearly as much as the United  States Dollar (USD) has. So if the measure of a currency's validity is  its use for criminal activity, the United States may need a new form of  currency.

"…Similarly,  Facebook Libra's "virtual currency" will have little standing or  dependability. If Facebook and other companies want to become a bank,  they must seek a new Banking Charter and become subject to all Banking  Regulations, just like other Banks, both National…"

We  need to understand that most politicians are not going to come out and  support Bitcoin and Cryptocurrency. They will use the threat Bitcoin  poses to US monetary dominance and how the USD will be affected by  Bitcoin, or that Bitcoin will allow countries to ignore US Sanctions  (which is all true btw), but that was the point from the beginning. And  we can never forget that the banking industry has powerful lobbyists and  lawyers to fill politicians' heads with all sort of nonsense related to  cryptocurrencies.

"…and  International. We have only one real currency in the USA, and it is  stronger than ever, both dependable and reliable. It is by far the most  dominant currency anywhere in the World, and it will always stay that  way. It is called the United States Dollar!"

This  last tweet is purely political fist pumping and quite frankly was not  unexpected from any sitting President. Why would they say anything other  than that the United States Dollar is the best currency, especially if  their platform is basically "America! F— Yeah!"?

In the end,  the crypto community is going to have to understand that it is us vs.  them. Even cryptocurrencies like XRP and BSV who claim they are bank- or  government-friendly have to realize that, if they pose a threat to USD  dominance, they will be attacked by the fiat banking system and their  cronies in government. The only reason why we are having more and more  politicians talking crypto is that Facebook's Libra scared them. Or  rather, itt scared the people funding them, so why should we be  surprised that Trump went on a Twitter rant about Bitcoin?

During  his interview at Bitcoin 2019 in San Francisco, Edward Snowden said  that Bitcoin needs a lobbyist. People to fight for Bitcoin and crypto  ingovernment. While many would argue against that, it's true. If Bitcoin  and cryptocurrencies in general want to be used as global currencies,  they will need support in governments around the world. If nothing else,  then to keep anti-crypto laws or harmful regulation from being passed.

Unpopular Opinion, I know. But that's the world we live in.

Thank you.

Jason Nelson


Twitter: @dragonwolftech

Dragonwolftech.com

"Definition of MONEY." 2019. Merriam-Webster.Com. 2019. https://www.merriam-webster.com/dictionary/money.

Wikipedia Contributors. 2019. "Gold Standard." Wikipedia. Wikimedia Foundation. July 9, 2019. https://en.wikipedia.org/wiki/Gold_standard.