Meet the man responsible for that turmoil and subsequent demand:

https://s10.postimg.org/vs7nz5k3d/520a7c_7ea0dd8b2bc24b62876df4df4c79ed38.jpg

Donald J. Trump!

Just kidding. Well sort of.

He probably wouldn't mind having you believe he is solely responsible for the rise in Bitcoin, which he isn't. Although, surprisingly, on some levels he wouldn't be all that far off...

Demand has been skyrocketing for virtual currencies as of late.

As we noted the other day, most of the recent demand seems to be coming from Asia. As we can see here:

https://s21.postimg.org/il6k35093/DAUAT7i_Vo_AAMZl3_1.jpg

You can read more about that here:

https://steemit.com/cryptocurrency/@jrcornel/what-s-fueling-this-massive-rise-in-altcoin-valuations

However, there has been some recent speculation that the drama going on in Washington is also fueling the fire and is only going to continue to do so for some time to come.

Why do I say that?

In case you missed it, stock markets were rocked last week when news leaked from a James Comey Memo that President Trump had asked him to stop an investigation into former National Security Advisor Michael Flynn and his ties to Russia.

Stocks and the dollar tanked on the news as it raised doubt over whether Trump would be able to get anything meaningful accomplished amid the crisis. They have recovered somewhat, but still not to the levels where they were when the news broke.

In the past stocks and the dollar tanking has been good news for Bitcoin.

Over the last several years Bitcoin prices have done very well in times of geopolitical uncertainty. Even more so when there are questions about a major country's fiat currency.

Which is exactly the climate we are finding ourselves in presently.

Adding more fuel to the fire

Trump has openly stated that he wants the dollar weaker so that US companies can better compete with other countries.

As stated above, a weaker dollar is good for Bitcoin.

Combine that with the fact that many experts also think that Trump's spending plans will be inflationary to the US economy, further putting pressure on the dollar which would likely further put a bid under Bitcoin.

The CEO of Gerber Kawasaki, Ross Gerber tends to agree and thinks that Bitcoin could be the perfect coin for the tumultuous world we are currently living in.

Saying this:

"Bitcoin has gone insane in the insane world it was made for. Global leadership chaos pushes price to $2183 and over $35 bil market cap."

People are losing faith in governments and Bitcoin isn't directly controlled by any governments.

Now could be the time for it to stake it's claim in the global economy.

Add all this together and it doesn't look look like the cryptocurrency rally is going to be stopping any time soon.

Perhaps at some point we can even thank Mr. Trump for all the chaos and uncertainty he brings with him. It certainly bodes well for cryptocurrencies going forward! ;)

https://s27.postimg.org/gy7xh8j5v/giphy_1.gif

"Believe me" "We're going to make a lot of money" "We are going to start winning again"

(the above quotes all need to be read aloud in Trump's voice)

Stay safe my friends!

Sources:

http://money.cnn.com/2017/05/22/investing/bitcoin-record-high-trump/

Image Sources:

https://www.tristatenews.us/single-post/2016/04/28/BREAKING-NEWS-Nothing-Exciting-Happened-At-Evansville-IN-Trump-Rally

https://cointelegraph.com/news/bitcoin-price-hits-2087-trading-in-japan-south-korea-for-2350

https://giphy.com/gifs/donald-trump-thumbs-up-gopdebatenov15-JnMjpOA4t0YYU

Follow me: @jrcornel