Former President Donald Trump was not one to shy away from sharing his opinions on social media platform Twitter. Here’s a look at Trump’s take on Bitcoin shared on Twitter several years ago.
What Happened: The price of Bitcoin (CRYPTO: BTC) has been highly volatile over the last several years. The leading cryptocurrency hit all-time highs in November 2021 before crashing down and falling 65% in 2022 after the bankruptcies of several crypto-related companies like FTX.
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Back in 2019, Trump shared his opinion about the leading cryptocurrency.
“I am not a fan of Bitcoin and other cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air,” Trump tweeted on July 11, 2019.
Trump went on to also call out Libra, a virtual currency that Meta Platforms (NASDAQ:META) was working on at the time.
“If Facebook and other companies want to become a bank, they must seek a new Banking Charter and become subject to all Banking Regulations, just like other Banks.”
Trump said the real currency in the United States is the U.S. Dollar, which will remain the “most dominant currency anywhere in the world.”
Similar to several of Trump’s other takes, like selling shares of Apple Inc (NASDAQ:AAPL) over complaints of the size of the screen, investors who faded Trump's opinion could have racked up some profits.
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Years later, Trump would use the power of cryptocurrencies to launch his own non-fungible token collection, built on the Polygon (CRYPTO: MATIC) blockchain and using Ethereum (CRYPTO: ETH) as a payment option. Many on social media were quick to point out the president calling Bitcoin a scam previously.
Related Link: Elon Musk Welcomes Trump Back To Twitter
Investing $1,000 in Bitcoin: On the day that Trump blasted Bitcoin and cryptocurrencies, the leading cryptocurrency traded between $11,158.92 and $12,144.62.
Based on the high of the day, an investor could have purchased 0.0823 BTC.
That $1,000 investment would be worth $1,377.53 today based on a price of $16,737.95 for Bitcoin at the time of writing. This represents a return of 37.8%.
At its peak of nearly $69,000 in November 2021, the $1,000 investment would have been worth $5,661.33, up 466% from the time of Trump’s tweet.
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Photo: Created with images from Gage Skidmore on flickr.