Why Is Bitcoin Down? Blame Trump, Says Economist Paul Krugman

[Silikiem]

It is wrong for anyone to believe that bullshit .Bitcoin is  not control by anyone , infact bitcoin has appreciated in value over time without anyone. Peter Schiff has failed to understand what bitcoin is,. making this kind of statement is denying the fact that bitcoin is decentralised in nature and also the freedom its offers . Donald trump has no control over bitcoin, it is Peter Schiff misconceptions that makes him feel so.

Bitcoin is highly volatile and its price doesn’t just depend on one thing alone or individual. There are so many factors which really affects the price of bitcoin and most of these factors are unknown to us. So singling out a particular individual for the downturn or uprising of bitcoin price doesn’t really make sense to me considering the nature of bitcoin. Of course when they say bitcoin is decentralized it means that it’s not controlled by any individual.

[Fiatless]

It is wrong for anyone to believe that bullshit .Bitcoin is  not control by anyone , infact bitcoin has appreciated in value over time without anyone. Peter Schiff has failed to understand what bitcoin is,. making this kind of statement is denying the fact that bitcoin is decentralised in nature and also the freedom its offers . Donald trump has no control over bitcoin, it is Peter Schiff misconceptions that makes him feel so.

It was Paul Krugman who made the statement in the OP, not Peter Schiff. You are correct, Bitcoin has no central control. Just like other assets and currencies ot could be affected by political and economic issues around the globe. That doesn't mean that it can be controlled by an individual.

[Curious T]

It is wrong for anyone to believe that bullshit .Bitcoin is  not control by anyone , infact bitcoin has appreciated in value over time without anyone. Peter Schiff has failed to understand what bitcoin is,. making this kind of statement is denying the fact that bitcoin is decentralised in nature and also the freedom its offers . Donald trump has no control over bitcoin, it is Peter Schiff misconceptions that makes him feel so.

If something affects the price of Bitcoin, it doesn't mean that thing has control over Bitcoin. It means that thing or person has an influence to affect the price of Bitcoin, but they don't control it. Bitcoin might actually just be numbers and codes in a computer, but the people who hold it, the people who buy it, and the people who sell it are not bots or codes in a computer. They are humans who live in the same world as Donald Trump. And it is mainly what these people do that determines the price of Bitcoin. If these people live in a world where the policies of Trump affect them, then it will most likely affect Bitcoin because they react based on what they see and hear the government do.

So while I agree with you that Trump does not control bitcoin, it would be foolish of us to deny that he doesn't have any influence on bitcoin. The moment he won his election, the bitcoin price went up. Why do you think that is? It's simply because he was pro Bitcoin in his campaign, and people speculated that he would be good for Bitcoin. So if you can attribute that rise in price to his influence, you won't be far fetched if you attribute the current dip to him as well, because his policies have effects on the economy and on the players in the economy.

[davis196]

I have a post which will be a reference in the future about a man that talked about bitcoin, linking it to Trump like if people talk less of Trump and if Trump's influence reduces, that bitcoin price will also fall.

He will understand what bitcoin is later, but I know he can be like Schiff and see bitcoin price increase after Trump is no more the United States president and still talk bad of bitcoin.

Bitcoin will get to all time high again and again and so on after Trump is not more the United States president.

Krugman is not completely wrong about Trump being the major force behind the 2024-2025 Bitcoin bull run. The BTC bull run before Trump was caused by the Bitcoin ETF approvals. Even if Trump wasn't elected in November 2024, the BTC price would have probably increased up to around 70K or 80K USD at maximum. Trump being pro-crypto is what pumped the price to 125K USD. With or without Trump, the Federal Reserve money printing machine will keep injecting money into the economy and financial sector, therefore the BTC price will keep growing in the long run. Maybe a future anti-crypto US president coming from the Democratic party would push the crypto prices growth with strict regulations, but the fiat money printing machine would keep printing.

[CryptoBuds]

Krugman is not completely wrong about Trump being the major force behind the 2024-2025 Bitcoin bull run. The BTC bull run before Trump was caused by the Bitcoin ETF approvals. Even if Trump wasn't elected in November 2024, the BTC price would have probably increased up to around 70K or 80K USD at maximum. Trump being pro-crypto is what pumped the price to 125K USD. With or without Trump, the Federal Reserve money printing machine will keep injecting money into the economy and financial sector, therefore the BTC price will keep growing in the long run. Maybe a future anti-crypto US president coming from the Democratic party would push the crypto prices growth with strict regulations, but the fiat money printing machine would keep printing.

I also somewhat agree that Trump's support for crypto and his election is what drove Bitcoin price to $100k. And if i remember correctly, the day he officially took office the price of Bitcoin reached $109k. But since he launched the trade war in March, his influence and market confidence in him have declined significantly. Meanwhile, bitcoin hit $125k in October so I don't think this has anything to do with Trump, but more to do with macroeconomic impact.

Overall, it is undeniable that politicians like Trump or political economic policies will have some impact on bitcoin but only in the short term. In the long run, you are right that there is nothing to worry about as long as they keep printing money and the price of bitcoin will automatically increase.

[avp2306]

I have a post which will be a reference in the future about a man that talked about bitcoin, linking it to Trump like if people talk less of Trump and if Trump's influence reduces, that bitcoin price will also fall.

He will understand what bitcoin is later, but I know he can be like Schiff and see bitcoin price increase after Trump is no more the United States president and still talk bad of bitcoin.

Bitcoin will get to all time high again and again and so on after Trump is not more the United States president.

Krugman is not completely wrong about Trump being the major force behind the 2024-2025 Bitcoin bull run. The BTC bull run before Trump was caused by the Bitcoin ETF approvals. Even if Trump wasn't elected in November 2024, the BTC price would have probably increased up to around 70K or 80K USD at maximum. Trump being pro-crypto is what pumped the price to 125K USD. With or without Trump, the Federal Reserve money printing machine will keep injecting money into the economy and financial sector, therefore the BTC price will keep growing in the long run. Maybe a future anti-crypto US president coming from the Democratic party would push the crypto prices growth with strict regulations, but the fiat money printing machine would keep printing.

We see a huge rally happened on Bitcoin when Trump publicly show his support on Bitcoin. That action he made triggers for Bitcoin to reach at $100k. No one actually we can see that figure so fast, but since there's influential force joining in the scene those things they think impossible to happen actually happen and it broke for more higher ATH recorded in history.

But better for people to not rely much on what US could be done on Bitcoin since regulation is changing and provably that there's huge effect on the price if Trump will withdraw its support on Bitcoin. So to avoid blaming him or anyone much better for people to stop believing to much on what they do.

[jossiel]

Trump made so much money already after the talks he's been hyping the market and then made a token for himself, and boom the crash has came.

He influenced during his campaign about bitcoin and everything about the crypto market. But when he seems to be done from it, he's starting to lie low.

But you're right OP, Bitcoin will continue to reach new ATHs while Trump's position isn't permanent.

[Marykeller]

Krugman blaming Trump for Bitcoin crash is part of a larger propaganda of turning people hates Trump.  I have read several posts on social media blaming Trump for everything.  I think this statement is for political agenda.

But why are some people that are learned doing something like this? But I know that bitcoin is enough to prove him wrong of what it is, but just that it will take time.

Although Donald trump is part of the influences that pushed the price downward, his political development in his administration is a contributing factor, but that doesn't mean he is the cause, there are multiple factors that led to the reduction in bitcoins price, like macroeconomic pressures, market dynamics etc.

Trump is never part of the reason, do not let short time news or happenings in the world let you think Trump is. I can accept that Trump could have helped in the price to increase, but in this price fall, it is something that is normal. Just like I have said, what will happen in the future will let people know as bitcoin continue to increase in price.

Trump is never the reason for the Bitcoin price fall, but his actions, like US tariffs on China, contributed to the price volatility the market faces, causing global uncertainty.

I like the fact that the US-China tariffs are no longer considered among the causes of Bitcoin decreases, as the market has long-term stabilized to it. Whatever we take it as to be responsible for Bitcoin decreases, within a few weeks, Bitcoin will recover from it

[l99l]

Now, is Bitcoin solely dependent on one man and acting accordingly? This doesn't seem right to me.
Don't believe it, Bitcoin follows a natural cycle, it has seen both ups and downs since Trump became president.
Trump's policies, trade wars, and all of these have negatively impacted the crypto market, not just the crypto market. Because there's clear uncertainty in the markets.

[DPHOR]

There are people who are just there criticizing Bitcoin without them knowing what it is all about, again do not be surprised that such a person has accumulated enough of Bitcoin maybe he could be wanting to water down the price of Bitcoin in order for him to keep accumulating Bitcoin on the exact amount he wants. Nevertheless, I do not really give attention to such post because I know that even before Trump steps in as President of United States, Bitcoin has created several ATHs and we would keep seeing several more ATHs.

[jaberwock]

Now, is Bitcoin solely dependent on one man and acting accordingly? This doesn't seem right to me.
Don't believe it, Bitcoin follows a natural cycle, it has seen both ups and downs since Trump became president.
Trump's policies, trade wars, and all of these have negatively impacted the crypto market, not just the crypto market. Because there's clear uncertainty in the markets.

You are right, it is not up to just one man to make it go up or down. While that was the case when people said trump made it up, so that is why some say if it was because of him that went up then it is because of him that went down, neither are right.

The reality is that we have seen it be different but the reality is that trump didn't make it go up and trump didn't get it go down, it's just not the case and we need to realize that's just not the reason why we have something like this. It went up because it was after the halving and four year cycle was underway which is why it went up, and it went down because it is the same cycle and we are getting to bear market and we will continue to go down. That is just the simple case, has nothing to do with trump.

[Wiwo]

Economics and Capitalists have some like mind, both like propaganda against what ever is against their monopolistic market control,  so for that reason their are always seeking to fine whatever could be use as tool to further propagate their falsehood.

Because of this mindset they failed to throughly study and understand the concepts and fundamental market behaviour of bitcoin,  most economics have proven to be the worst bitcoin analysts or speculator.

This is why, you shouldn't pay attention to whatever statement emanating from them, unless you want to get misinformed.

[Onyeeze]

All this thing that is happening in Bitcoin right now I don't have anyone to be blamed because I know that Bitcoin this has been the way it's operate even though Donald Trump did not make any declamation in Bitcoin price what is happening today will also happen because before all this politicians and the business people began to make a reference of Bitcoin this has already been the way bitcoin always act in price and that is why people say the price is not predictable, bitcoin price have never been predictable and it can't be influenced except that people at this point in time is manipulating bitcoin price with their investment power

[Accardo]

Economics and Capitalists have some like mind, both like propaganda against what ever is against their monopolistic market control,  so for that reason their are always seeking to fine whatever could be use as tool to further propagate their falsehood.

Because of this mindset they failed to throughly study and understand the concepts and fundamental market behaviour of bitcoin,  most economics have proven to be the worst bitcoin analysts or speculator.

The world economy failed right in front of the best economists in the world, if they were truly effective at market changes, economists are supposed to be responsible for saving the world's worst ever economical problems. Economics isn't the world, it can't make much impact on what happens in the world market. Just like Bitcoin it fluctuates and forever stays to make positive or negative changes.

[Nwada001]

It was Paul Krugman who made the statement in the OP, not Peter Schiff. You are correct, Bitcoin has no central control. Just like other assets and currencies ot could be affected by political and economic issues around the globe. That doesn't mean that it can be controlled by an individual.

Personal control not possible? To control the development is not possible, but when it comes to price, individuals like Trump have manipulated the price enough with their speech and influence using public office, where they're currently sitting, now that the market is less volatile compared to previous political circles; events from powerful figures now tend to affect the market to some certain level.

[Bushdark]

There are people who are just there criticizing Bitcoin without them knowing what it is all about, again do not be surprised that such a person has accumulated enough of Bitcoin maybe he could be wanting to water down the price of Bitcoin in order for him to keep accumulating Bitcoin on the exact amount he wants. Nevertheless, I do not really give attention to such post because I know that even before Trump steps in as President of United States, Bitcoin has created several ATHs and we would keep seeing several more ATHs.

People are following what other influencers feel about the market which is totally wrong. We don't have to think that because Bitcoin has fallen then there is no hope for it to rise again. Okay fine, we assume we are in the bear market and anything can happen at anytime which can make the price id Bitcoin to rise and continue to go up. The price if Bitcoin is uncertain to show us where it will go or where it will stay and we should not think that Bitcoin will not shake the market when the momentum has fully arrived.

[Rampagoe004]

All this thing that is happening in Bitcoin right now I don't have anyone to be blamed because I know that Bitcoin this has been the way it's operate even though Donald Trump did not make any declamation in Bitcoin price what is happening today will also happen because before all this politicians and the business people began to make a reference of Bitcoin this has already been the way bitcoin always act in price and that is why people say the price is not predictable, bitcoin price have never been predictable and it can't be influenced except that people at this point in time is manipulating bitcoin price with their investment power

Indeed currently no one can be blamed, including Trump, because the movement of Bitcoin can always give surprises and is difficult for us to predict in the near future. If it is a matter of price manipulation, of course this often happens and investors are the ones who are at fault, and the current price drop is indeed timed and everyone hopes that by the end of this month it can return to $100k, but we don't know if this can happen, we just have to wait because Bitcoin can always give surprises to investors.