What Effects Will Trump's Return to Twitter Have on the Crypto Market?
Elon Musk just created a poll asking the public whether Donald Trump's Twitter account should be restored. In a close result, 51.8% of the 15 million votes cast were in favor. There you go, then. He has returned to Twitter.
The bulk of the population is dissatisfied despite the votes for Trump. Many others are also concerned. Elon Musk has broken every promise he made to civil rights activists and advertisers in less than three weeks, according to Jessica Gonzalez, co-chief executive of the media and democracy organization Free Press. What follows, then? What effects would it have on the crypto community?
Trump's Position on Bitcoin
Donald Trump served as the 45th President of the United States from 2017 until 2021. The market saw unusual volatility during that time. The market was in a constant state of flux, and many investors earned enormous gains. Trump, on the other hand, was never a lover of cryptocurrencies. He stated on Twitter in 2019 that he wasn't a supporter of bitcoin and other cryptocurrencies. These items are highly volatile and not money. Additionally, he believes bitcoin to be risky.
A few years ago, many of his tweets regarding cryptocurrency had an immediate negative impact on the markets. He said that cryptocurrency is a scam. The dollar, which he believes is good for the economy, is in competition with it. The price fell after that comment spread panic throughout the whole cryptocurrency market. Similar worries are emerging now that he is back on Twitter.
The cryptocurrency sector is concerned that Trump may cause the already-fractured market to fall much worse. We might contend that since he is no longer president, his comments have no influence. But don't forget that he has 87.6 million Twitter followers. In addition, he intends to run for president. That undoubtedly has a significant impact. Thankfully, he has opted not to use Twitter at this time and will instead stick with his own social media network, Truth Social.
The future is impossible for us to predict. We should remain vigilant and wish for the best. Everyone is currently impatiently anticipating a few things. First, Trump's Twitter replies to other users' tweets. Number 2, the verdict in the XRP v. SEC litigation. What will happen in the future?