Trump’s Bitcoin instruction shows he is ‘out of touch’, says deVere CEO
Trump’s reported instruction to the U.S Treasury Secretary to ‘go after Bitcoin’ highlights how “backwardlooking and out-of-touch” he is, according to Nigel Green, CEO of financial advisory and fintech deVere Group.
The slamming indictment from Nigel Green, the chief executive and founder of deVere Group, follows revelations in the new book by former national security adviser John Bolton.
In the controversial revelations published by John Bolton in his book ‘The Room Where It Happened’, the former national security adviser said he heard Donald Trump tell Treasury Secretary Steven Mnuchin to “go after Bitcoin.”
“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,” Green said.
“Assuming the instruction to the Treasury Secretary is true, it highlights how backward-looking and out-of-touch the current U.S. President is on this issue.”
He added that cryptocurrencies, such as Bitcoin, are becoming almost universally regarded the future of money.
“Why? Because of the staggering pace of the digitisation 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.”
The deVere CEO further said that the serious coronavirustriggered 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 immutable blockchain technology that cryptocurrencies.
“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.
“Another important indicator is that institutional investors are increasing their exposure to crypto all the time, bringing with them their institutional expertise, clout and capital.”
Green concluded that “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.” for the powers