Bitcoin: So Popular Even the Talking Heads Are Defending It
Are we on the cusp of cryptocurrency mainstream adoption? Bitcoin has become so popular that even the talking heads at CNBC are now starting to make sense. What has the world come to. After an interesting week in which the president waded into the murky waters of Bitcoin legitimacy, even Joe Kernen of CNBC’s “Squawk Box” decided it was time to school, Mr Trump.
“I think if you gave me 10/15 minutes with Trump I think I could make the case… Here’s what you’re up against. Who has the biggest vested interest in things staying the way they are. The government. That’s the whole point of Bitcoin. Exactly.”
— Squawk Box (@SquawkCNBC) July 12, 2019
An Evolution in Thinking… or Maybe Just Common Sense
It’s no secret that Kernen, like many other TV financial commentators, used his platform to frequently bash Bitcoin. Not that long ago he was caught regurgitating the fact that Bitcoin is not backed by anything. But now, he’s made an amazing u-turn in the span of only a few months to come to cryptocurrency’s aid against none other than the U.S. president.
Perhaps we are seeing that same progression as Trump takes to Twitter to echo Kernen’s previous sentiments. The CNBC panel was quick to criticize the president. It’s not often you hear market commentators (or armchair economists as I like to put it) take a dig at the mighty U.S. Dollar:
“It’s also born out of a movement where central banks globally are all in a race to devalue their respective currencies…and president Trump is right to say the U.S. Dollar is a reserve currency but has said on a number of occasions he wants it weaker.”
A cursory glance at Kernen’s Twitter follower stats reveals something interesting. A large proportion of his followers are themselves crypto fans. From a purely marketing perspective, his turnaround is a genius move. Whether CNBC or Kernen himself woke up to the marketing potential of crypto is another question. Either way, he’s bound to get a boost as Bitcoin continues to gain momentum.
Bitcoin is So Popular – All Hail Donaldo Nakamoto
If mainstream financial media is warming up to the idea of a legitimate global currency, surely it’s only a matter of time before naysayers in the upper echelons of government and perhaps even the president climbs aboard. There are already a number of pro-crypto officials just waiting in the wings to push sentiment over the edge.
As Coinbase CEO, Brian Armstrong eloquently puts it, any fundamental change in society takes a number of steps:
Achievement unlocked! I dreamt about a sitting U.S. president needing to respond to growing cryptocurrency usage years ago. "First they ignore you, then they laugh at you, then they fight you, then you win”. We just made it to step 3 y'all. https://t.co/N3tzUKELaK
— Brian Armstrong (@brian_armstrong) July 12, 2019
When the president of the free world tweets about Bitcoin you know we’re getting deliciously close to mainstream adoption. 62 Million followers is no small number. And that’s surely only the beginning. Trump has shown on more than one occasion that he’s willing to backpedal on any statement he’s made to suit his own ends. That may very well be a boon for cryptocurrency fans come financial armageddon.
So what are the odds that a couple of years from now, re-elected or not, we have the next contender getting ready to take credit for Bitcoin’s ascendancy? I’d say pretty good. I can see it now, Donald J. Trump: “Thanks to my progressive policies on Bitcoin, the world economy is in magnificent shape. #MEGA. Make Earth Great Again.” You heard it here first.