US President Donald Trump has been slammed as being out of touch on Bitcoin and the wider world of cryptocurrencies by Nigel Green, the CEO and founder of deVere Group, a leading financial advisory firm.
Green made the comments after revelations in The Room Where It Happened, the upcoming memoir by former national security adviser John Bolton about his time in the White House, which reports that Trump instructed Steve Mnuchin, the US treasury secretary, to “go after Bitcoin”.
“For the leader of the world’s largest economy to want ‘to go after’ Bitcoin paints him as King Canute trying to turn back the tide,” said Green.
“Assuming the instruction to the Treasury Secretary is true, it highlights how backward-looking and out-of-touch the current US President is on this issue.”
While Trump is making attempts to block the publication of the book, variously claiming it is inaccurate and contains classified information, Green points to anti-Bitcoin tweets by the US president that suggest the allegations on Bitcoin are true.
“It is highly likely that Trump did, indeed, launch an attack on Bitcoin. Last summer, he went on a Twitter tirade lambasting the world’s largest cryptocurrency,” he said.
Trump against the Bitcoin tide: Green
Green argues that while Trump has been vocal in his objection to Bitcoin, it and other cryptocurrencies are achieving mainstream acceptance, and their proliferation is an inevitability.
“Cryptocurrencies, such as Bitcoin, are becoming almost universally regarded the future of money,” he said.
“Why? Because of the staggering pace of the digitalisation of our lives and cryptocurrencies are digital by their very nature.
“They’re also borderless, making them perfectly suited to the world of commerce, trade, and the movement of people.”
He argues that the onset of the coronavirus pandemic has accelerated this adoption.
“The serious coronavirus-triggered global recession, like the crash of 2008/2009, has created a loss of trust in governments, central banks and legacy financial institutions, leaving the door open for the immutable blockchain technology that powers cryptocurrencies,” he said.
“In addition, it comes down to demographics. Younger generations, such as Millennials and Gen Z, are digital natives and more likely to hold crypto assets. If demographics are on your side, the future probably is, too.”