What Will Trump's Return to Twitter Mean for the Crypto Market?

Donald Trump's Twitter account has been restored. Elon Musk just created a poll asking the community if Donald Trump's Twitter account should be resurrected. After a close vote, 51.8% of the 15 million voters said yes. That's all there is to it. He has returned to Twitter.

Regardless of the outcome of the election, the majority of the population is dissatisfied. Many people are concerned as well. Jessica Gonzalez, co-chief executive of the media and democracy group Free News, even declared in a press release that "Elon Musk has gone back on every promise he made to civil-rights activists and advertisers in less than three weeks." So, what comes next? What effect would it have on the crypto community?

Trump's Opinion on Cryptocurrency

Donald Trump served as the 45th President of the United States from 2017 until 2021. During that time, the market saw tremendous volatility. The market was volatile, and many investors profited handsomely. However, keep in mind that Trump was never a lover of cryptocurrency. He stated on Twitter in 2019 that he was not a supporter of bitcoin and other cryptocurrencies. These are not money and are highly volatile. Furthermore, he believes bitcoin is harmful.

All of his statements on cryptocurrency on Twitter a few years ago had a direct impact on the markets, pushing them to fall. At one time, he said that cryptocurrency is a fraud. It competes with the dollar, which he believes is reviving the economy. That statement sent panic across the cryptocurrency market, causing the price to collapse. Similar concerns have surfaced since his return to Twitter.

The cryptocurrency community is concerned that Trump will cause another drop in the already volatile market. We can claim that his remarks have no weight now that he is no longer president. But don't forget that he has 87.6 million Twitter followers. In addition, he intends to run for president. That obviously has a lot of clout. Fortunately, he is no longer interested in utilizing Twitter and has instead opted to stick with his own social networking site, Truth Social.