Crypto market got its biggest shock in a long time when US President Donald Trump jumped into the crypto war, criticizing Bitcoin and other cryptocurrencies. He accused Bitcoin of helping anti-social activities like drug trafficking. The big guns of crypto fraternity took no time and reacted to Trump’s comments, some inviting him to understand crypto, while others, like John McAfee, took the not-so-subtle routes.
However, the market is at a downfall ever since Trump made the remarks, though experts are asking investors to ignore the fluctuations. In fact, the Bitcoin declined for the third consecutive day on Sunday, with prices falling to a monthly low of $10,234. John McAfee, the famous crypto promoter and computer scientist, has asked people not worry and stated that he is pretty sure of his claim about Bitcoin touching $1 million by the end of 2020. He also indicated in another tweet that privacy-focused coins have a bright future.
Bitcoin is at the mid 10's and people worry. LMFAO!! Why do you pay attention to weekly fluctuations? Look at the past few months FFS! It's rising drastically. I'm still positive about my $1 mil BTC price by the end of 2020. Alt coins like MTC and Apollo will rise ten times more.
— John McAfee (@officialmcafee) July 14, 2019
In an interview on Saturday, another major crypto influencer and Head of Research at Fund start Global Advisors, and Tom Lee predicted that Trump’s remarks could actually trigger a bull run. He stated that the President’s remarks are in fact a big positive for the markets, because the intervention, first by the Fed and then by the Congress and the President, indicates that Bitcoin and crypto are something substantial and noteworthy. Lee further added,
Bitcoin is now trading at a level that it’s only seen 3% of its historical days. If you go back to every milestone that that was achieved, Bitcoin subsequently rallied somewhere between 200% to 400% within the next four months, so I think if that’s playing out this time that means Bitcoin could be $20,000 to $40,000 sometime in the fourth quarter.
Another positive prediction came from Brain Armstrong, co-founder and chief of Coinbase, the world’s leading crypto exchange. In a tweet, he stated that Trump’s comments are in fact, a big achievement for the industry and said that he wished that a US President would talk about the growing crypto. He also quoted Mahatma Gandhi’s famous quote, “First they ignore you, and then they laugh at you, then they fight you, then you win.”
Confusion For The Investors, What Should They Do?
Even though all the big guns predict a big bull coming, the market seems to have responded negatively to Trump’s remark with the decline in three days. Does this mean that winter is approaching? Not yet. So, will bulls come roaring? Doesn’t seem so!
So what should an investor do? The best thing that an investor can do at the moment is to hold their investments. Be patient, the market has seen similar fluctuations in last month’s ending days and again picked up smoothly. In the recent past, a vast majority of industry experts have predicted that Bitcoin will at least break its all-time high of $20,000 by the end of this year, which still seems to be a possibility, while some have predicted $40,000 and $100,000 as well!
Though it cannot be denied completely that the current decline is due to Trump’s remarks, there’s a big possibility that this is just a regular adjustment before a higher-level stabilization. Also, the future of crypto is said to be on large scale adoption, which is happening outside America. For instance, countries like Russia, Venezuela, Georgia, and a few others in Europe are ready to permit regularized crypto trade, which is a big boost. If these countries accept it, the US market will lose its relevance for crypto companies.