Donald Trump Says More People are Starting to Like Bitcoin

Donald Trump

Donald Trump, a candidate for U.S. President, seems to be changing his view on Bitcoin. While he once called it a “scam,” he now says that some rules might be needed. He also mentioned that lots of people are starting to like Bitcoin, and he could accept it in some form.

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Former U.S. President Donald Trump, who is also a top Republican candidate for the upcoming election in November, seems to be becoming more open to Bitcoin. Even though he has criticized cryptocurrencies before, he now seems to be changing his opinion.

Trump’s Shifting Stance on Bitcoin

In January, Donald Trump declared that if elected, he would never allow the issuance of central bank digital currency (CBDC) in the U.S. He argued that such a currency would grant the federal government absolute control over people’s money, raising concerns about privacy and government overreach.

However, during a recent town hall on Fox News alongside Senator Tim Scott, Trump’s stance on Bitcoin seemed to evolve. Host Laura Ingraham suggested that embracing Bitcoin, given its decentralized nature and appeal to younger generations, might be the next logical step. Trump acknowledged the growing popularity of Bitcoin, stating that while he prefers the dollar, he recognizes the increasing acceptance of Bitcoin among many people. He hinted at the need for some regulation but acknowledged that more individuals are embracing Bitcoin, indicating a willingness to accept it in some form.

Interestingly, some Bitcoin enthusiasts linked Trump’s remarks to Vivek Ramaswamy, a former Republican candidate and potential contender for Trump’s Vice President pick. Ramaswamy, known for his support of the crypto industry and opposition to CBDCs, has been viewed as a proponent for Bitcoin within Trump’s circle.

Trump’s Evolving Views on Bitcoin

In June 2021, Donald Trump expressed strong criticism of Bitcoin, labeling it as a “scam” during an interview with Fox News. He cited concerns about its competition with the dollar and its volatile value, stating his preference for the dollar to remain the world’s primary currency.

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Even earlier, during his presidency in 2019, Trump had voiced disdain for Bitcoin and other cryptocurrencies, dismissing them as not real money and attributing their value to speculation rather than tangible assets.

Despite his previous skepticism, Trump’s attitude toward cryptocurrencies appears to have shifted. He has ventured into the realm of nonfungible tokens (NFTs), promoting his own collections such as a trading card series released in December 2022 and a “Mugshot Edition” launched in the previous year. Additionally, blockchain analytics platform Arkham Intelligence reported the sale of 1,075 ETH from a crypto portfolio believed to be owned by Trump, valued at approximately $2.4 million at the time, in the same month.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.


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