“Go after Bitcoin” -President Trump-
The Room Where It Happened
John Bolton, former National Security Advisor, had written a book about events that took place during his time in the Trump administration; in a book titled “The Room Where It Happened”. The journal records multiple scenarios that allegedly took place between President Trump and other diplomats.
The Bitcoin Story
President Trump had asked Mnuchin, the Secretary of the Treasury, to clamp down on Bitcoin; the internet’s favourite cryptocurrency.
Trump: “Don’t be a trade negotiator, go after Bitcoin [for fraud].”
Mnuchin: “If you don’t want me on trade, fine, your economic team will execute whatever you want.”
This was a small portion of a heated conversation prior to trade sanctions and tariffs on China.
China & Bitcoin
China is known to be the “Bitcoin epicenter” as most of the coins are mined in there; which created a large centralisation concern for many. The currency is very abundant and trading volumes in the region are very high.
The value proposition of Bitcoin and its decentralised and free nature puts the US dollar under pressure. For a very long time, the United States government has used the US dollar, the world’s reserve currency, as a tool to impose sanctions on whichever country they see fit; which paralyzed economies. Bitcoin offered a fairer monetary system completely controlled by code.