G20, Trump, Mnuchin - Bitcoin levels up to the global stage

The 2019 G20 Osaka summit was the 14th meeting of a forum of 19 countries and the EU, that together represent most of the world economy. It was held on the 28th and 29th of June. Around the same time Bitcoin topped out and started to correct downward.

The US President tweeted to his 62 million followers about Bitcoin and Facebook's Libra currency, saying "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." Adding that the US dollar is stronger and more dependable than ever "and it will always stay that way."

The US Secretary of the Treasury Steven Mnuchin also addressed Bitcoin and Facebook's Libra, saying “We are concerned about the speculative nature of Bitcoin and will make sure that the U.S. financial system is protected from fraud."

While the comments were not exactly positive, it validates cryptocurrencies like Bitcoin, in a big way. It has now evolved out of the basement and into the global stage.

While Trump defends the US dollar as the reserve currency of the world, its purchasing power has dropped 20% in the last 10 years alone. $100 in 1919 was equivalent in purchasing power to about $1,480 in 2019