The fact that President Donald Trump is now talking about crypto can only be a good thing according to Binance CEO “CZ” after Trump says that he is “not a fan.” Mr Trump made it clear that he was not a fan of cryptocurrencies and bitcoin claiming that they were “not money.” Zhao says the recent comments do now worry him. The comments by the US President, the fact that the US president is talking about cryptocurrencies is actually a good thing. But note that Trump directed his ire at Facebook and the new digital currency Libra.
Now that these comments have come to market, the price of Bitcoin has been somewhat subdued since last week amid heightened regulatory concerns. Authorities have frequently sounded the alarm over cryptocurrencies, worried about their potential use in illicit activities like fraud and money laundering, according to an article by Ryan Browne on CNBC. Note that Binance is one of the largest cryptocurrency exchanges in the world by trading volume.
Our Views: The world of cryptocurrencies will become more mature and as we have stated in our comments, the year 2018 is important as crypto was made more important not by the number of digital currencies in the market, clearly that part of the market shrank, but because so many major institutions built infrastructure that support cryptocurrencies – this is the key factor in making these assets legitimate.