G7 Summit: Trump Refers to Crypto-Endorsing Iran as the “Number One Nation of Terror.” What does this mean for Bitcoin?

G7 Summit: Trump Refers to Crypto-Endorsing Iran as the "Number One Nation of Terror." What does this mean for Bitcoin? 14
courtesy: The Daily Beast

The US government seems to be increasingly cracking down on exchanges and other crypto entities as of late. As 

US President Donald Trump had previously issued remarks on Bitcoin, Libra, and other cryptocurrencies over his official Twitter:

Although many saw the tweet as a blow to crypto’s reputation within the US, there’s no denying the fact that these remarks did indeed increase the publicity of crypto; by mentioning Bitcoin in a tweet, Trump prompted the inquisitive minds of many to research crypto, and form their own opinions.

However, the same may not be the case with Trump’s recent remarks.

In a statement given at the G7 summit in France, Trump explained his view of Iran, a country which recently endorsed cryptocurrency mining as its own, independent industry. Trump alleged:

[Iran] is your number one nation of terror. Not in the last two years because they can’t spend like they used to spend, but they took President Obama’s $150 billion and they doled it out to terrorists all over the place.

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Trump also noted Iran’s potential to become “a very great nation, even greater than before.”

This is despite the factual inaccuracy of referring to Iran as the “number one nation of terror”, considering the number of terrorist incidents linked to Iran is dwarfed by those of nations in its immediate vicinity.

The Implications

Unfortunately, public perception of crypto continues to be of a tool for money laundering, dark web purchases, and terrorist activities. As one Twitter user had previously described Bitcoin:

Obvious jesting aside, the underlying message here is a direct association of Bitcoin and illegal activities. This viewpoint, despite rebuttal by the ever-legitimizing crypto industry, continues to propagate among the minds of the less-informed.

While Trump’s remarks fail to mention crypto by name, the correlation to be drawn here is simple. Iran, a “nation of terror”, continues to endorse Bitcoin, leaving the layman to believe crypto to be one such tool of terror. 

In the meantime, let us hope that those viewing the summit are not entirely discouraged from future crypto endeavors by the remarks.

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Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of EWN or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.


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