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Tag #DonaldTrump

New York Post want Trump to fix bitcoin

Donald has better things to do with his time, but would be upset that it’s even harder to control a decentralised online protocol than it is to get North Korea to be nice.

 

John Crudele does not like bitcoin. The chap is a ‘columnist and business journalist’ who writes for the New York Post. In the past, he has written several articles about bitcoin – or about his opinion about bitcoin, which is predictably mainstream. This conventional thinking can be seen growing increasingly shrill over the recent months, culminating in this article asking US President Donald Trump to investigate the source of manipulation in the bitcoin markets.

 

Donald probably has better things to do with his time, like the burning need to tame North Korea, and his hair, so it’s unlikely we’ll get Crudele’s wish any time yet – which is an investigation by ‘the Securities & Exchange Commission, the Justice Department, the IRS, Homeland Security and any other agency that will eventually get in on the action.’

 

But if there was an investigation, then what? The US has already legitimised bitcoin itself, with the sale of the Silk Road coins (the US government doesn’t sell illegal goods it seizes, like drugs). And it has created the BitLicense, New York’s regulatory framework for crypto, which many other states are following. So sure, it could make trouble for exchanges on which manipulation occurs, assuming they’re in its jurisdiction. But bitcoin is here to stay: that’s now the official position of the US.

 

Crudele wants bitcoin to disappear. He writes:

‘Federal Reserve Chairman Jerome Powell has said ,’There are investor and consumer protection issues as well’ with bitcoins, Powell told the House Financial Services Committee a year ago. Powell also said cryptocurrencies are not real currencies because they have no intrinsic value. I’ve said the same thing when a bitcoin was selling for $20,000. And still was saying it when it plunged to $4,000. Its real worth: $0.

 

There are always those who are going to be on the wrong side of history. Crudele can share the company of Nouriel Roubini and Warren Buffet.

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