Former US President Donald Trump emphasized that crypto is now a big deal as people begin to leave cash behind in favor of paying with Bitcoin. Citing a tweet from the @WatcherGuru account on X, which garnered 3,968 likes and 372 retweets, Trump views the widespread use of Bitcoin as reducing the burden on the dollar and bringing a positive impact to the country. Similar attention came from Cointelegraph, which recorded 488 likes when resharing this statement.
This comment landed just as the macroeconomic foundations of the United States were shaking. The latest employment report for July revealed the economy lost 23,000 jobs. This negative figure fell far short of market expectations, which had predicted an addition of 80,000 new workers. This disappointing Non-Farm Payroll (NFP) data immediately impacted monetary policy, cutting the probability of a Fed interest rate hike in September from 55% to 46%.
It is Not Bitcoin That Needs Rules
While verbal support for crypto strengthens, regulatory moves in Washington are stagnant. The vote for the CLARITY Bill, which serves as the regulatory foundation for the crypto industry, was officially delayed until September. This unilateral postponement by the Senate sparked sharp criticism from MicroStrategy founder Michael Saylor.
“Bitcoin does not need clarity. America needs clarity,” Saylor emphasized. His statement criticized the sluggishness of lawmakers in responding to the increasingly widespread adoption of digital assets. Interestingly, the market responded calmly to this delay. The price of Bitcoin remained stable, fluctuating in the range of $64,000 to $65,000, showing no signs of panic over the stagnation of the CLARITY Bill.
A Sharp Contrast Amid Dollar Pressure
Trump’s claim that citizens are slowly forgetting cash highlights the stark gap between digital asset innovation and the real condition of the US economy. While Bitcoin begins to play a role as an alternative payment method to reduce pressure on the fiat currency, the traditional labor market has failed to meet growth targets. This weakening employment data forces market participants to adjust their expectations for the Fed’s next move next month.
The declining probability of a benchmark interest rate hike provides some breathing room for the movement of risky assets like crypto. However, this positive sentiment is once again hindered by the slow legal certainty. Supportive statements from political figures have proven unable to accelerate the legislative process, which is often held hostage by parliamentary bureaucracy.
For retail investors monitoring these developments, the situation demands extra patience. Using Bitcoin for daily transactions may begin to be recognized for its contribution to the country, but the legal framework remains in the hands of senators who have chosen to postpone their work until next month. Source: @WatcherGuru on X.
Also read: What Is Bitcoin Halving?
Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
