After Donald Trump’s negative tweets about cryptocurrency, we saw a division in the crypto community around the globe. Some predict that a ban of crypto will have a catastrophic effect on the asset, however, some including Binance CEO Changpeng Zhao (according to a CNBC report) believes it is good for the industry.
Zhao told CNBC “Trump so far has not done anything positive or negative, he’s just said he’s not a fan. The fact that he tweeted about it, and the president of the United States is talking about cryptocurrency, it’s a good thing.”
Aside from specifically pointing out his dislike for bitcoin, Trump also highlighted that Facebook’s Libra coin should be subject to federal banking regulations, but biting back, Zhao believes that even if the U.S. made it illegal to own cryptocurrency, it wouldn’t hurt the crypto space.
The media is quick to point out crypto ‘mishaps’ such as the recent bitcoin hack in May, but neglect the fact banks get hacked too and are less transparent with the scale. Cryptocurrency is also more transparent in that users can see and manage everything, and know exactly what is going on – exactly why a decentralised currency is necessary.
What are your thoughts on crypto vs fiat? Would you go all crypto? Do you think a ban will negatively impact the future of crypto??
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