Bitcoin price has surged past $10,000 as President Donald Trump advised the state governments to use the National Guard to assist local police forces in order to have a response to civil unrest and protests caused by the slow response to the abuse of power by the Minneapolis police department and consequent death of an African American citizen of the US, George Floyd.
The advice came in the Rose Garden on Monday, June 2nd, from the President of the United States of America once the police forces were unable to contain protests in Minneapolis and had to retreat leaving areas of the city free to some of the aggressive protesters as well as a couple of police precincts, which were subsequently burned down by the mob.
In his speech the president stated:
"Mayors and governors must establish an overwhelming law-enforcement presence until the violence has been quelled.” He added, "If a city or state refuses to take the actions that are necessary to defend the life and property of their residents, then I will deploy the United States military and quickly solve the problem for them."
Briefly, after this statement, the bitcoin price peaked at 10,380 United States dollars, breaking the descending pattern, which has plagued the cryptocurrency since its all-time high of $20,000 in early 2018. Is it related? Or is the statement and the price movement of BTC coincidental? Some people argue that this sequence of events shows how connected the bitcoin prices are to government decisions, although it does not work vice-versa. Direct support for cryptocurrency would grow the price, but the opposition does almost nothing because of all of the backdoors to use bitcoin.
Price surges are particularly important for any crypto companies trying to circumnavigate the law in countries like the United States. Take for example the gambling industry, most of it is allowed only while physically going to the casino, however, crypto “evangelists” have long been at work, developing the top gambling websites the country can offer with blockchain backends and all-rounded crypto-economy on the platform. This helps with avoiding the ever-watchful eye of the local regulators as tracking crypto transactions are still in their infancy, thus allowing Americans to access these platforms quite easily. Mostly due to these companies and the government actions, we see altcoin cryptocurrencies also rallying their prices with Ether and XLM gaining over 6% and Neo gaining more than 10% of its value.
The price jump is continuing in Bitcoin’s futures market, according to Skew, Bitcoin market analyst firm. Based on the presented data, over $1 billion has also been fed into the cryptocurrency over the last week. As many of the peaceful protests have morphed into a full-blown riot, more and more governmental forces are arriving with the National Guard stepping in numerous cities including Boston, Los Angeles, and Minneapolis to assist police departments to contain the situation.
Outside Parties in Play
Anonymous, a decentralized hacker activist, have also condoned violence against minorities and vowed to expose the Minneapolis police department on their history of systematic racism. On May 28th, Anonymous posted a video on one of their unconfirmed Facebook pages addressing this exact issue.
On June 1st, the alleged Anonymous hacker from this very same group has hacked Minneapolis PD to find out more about previous cases as the group firmly believes George Floyd to just be the latest victim and by far not the only one. We'll have to wait and see what envelops.
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