For bitcoin proponents, Trump’s critiques come as a sign of validation

Most industries fear a negative tweet from President Donald Trump, who has been known to move markets when he decides to single out a particular company, executive or product.

But not the cryptocurrency community.

Bitcoin proponents broadly celebrated after the president tweeted Thursday that he is “not a fan” of bitcoin and other digital currencies, a statement that also came as something of a surprise after some Trump associates have previously expressed approval or admiration for cryptocurrencies.

The president’s comments come amid a strong run for bitcoin and the cryptocurrency industry that has included rising prices, broader discussion in Washington, D.C., and a rare stamp of approval from the Securities and Exchange Commission.

Bitcoin is one of many cryptocurrencies that have been created in recent years using a concept known as blockchain, a system in which computers form a network to contribute to a shared ledger. Blockchain proponents boast that these systems eliminate…