Bitcoin Price Surges Toward $11,500 as Trump Eyes USD Manipulation

Bitcoin Price Surges Toward $11,500 as Trump Eyes USD Manipulation

Bitcoin Price Surges Toward $11,500 as Trump Eyes USD Manipulation

Don’t look now, but the bitcoin price is already surging back from its early July lows to trade comfortably above $11,000. And one fundamental catalyst might have come from an unlikely ally: US President Donald Trump.

 

Trump: Let’s Join the ‘Big Currency Manipulation Game’

Earlier on Wednesday, Trump accused China and Europe of playing a “big currency manipulation game,” debasing the yuan and euro by pumping large amounts of cash into the market to make their exports more attractive.

 

But then the president went a step further, calling for the US to follow suit and manipulate the US dollar to prevent it from continuing to strengthen. While a strong US dollar increases purchasing power abroad, it also makes US exports more expensive – and less competitive.

 

 

Donald J. Trump

@realDonaldTrump

 China and Europe playing big currency manipulation game and pumping money into their system in order to compete with USA. We should MATCH, or continue being the dummies who sit back and politely watch as other countries continue to play their games - as they have for many years!

 

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3:21 PM - Jul 3, 2019

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Crypto advocates seized on the tweet, arguing that proposals like that are exactly why Satoshi Nakamoto created bitcoin in the first place. They also noted that a fiat manipulation arms race would prove massively bullish for hedge assets like cryptocurrency.