Donald Trump can now ‘live with’ Bitcoin accepting growing demand, suggests further regulation Donald Trump can now ‘live with’ Bitcoin accepting growing demand, suggests further regulation
Trump's stance towards the emerging industry has drastically evolved over the past years.
1 min read
Updated: Jul. 10, 2024 at 12:55 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Former US President Donald Trump’s stance toward Bitcoin has taken a different turn, with him noting the growing demand for the flagship digital asset.
In a recent interview on Fox News, the former President acknowledged Bitcoin’s increasing popularity among younger demographics but reaffirmed his allegiance to the US dollar. Trump said:
“[Bitcoin’s] taken a life of its own. You probably have to do some regulation. But many people are embracing it. More and more I’m seeing people wanting to pay bitcoin. And you are seeing something that’s interesting. I can live with it one way or the other.”
Trump’s evolving crypto stance
This statement represents a significant shift in stance from his earlier anti-crypto rhetoric.
In 2021, the former President described Bitcoin as a “scam against the dollar” that regulators should take action to monitor. At the time, Trump’s skepticism stemmed from the perceived risks of cryptocurrencies, including their volatility and susceptibility to facilitating illicit financial activities.
However, his stance towards digital assets has generally softened since he left office. For context, the former President has launched several NFT collections, including the Trump Digital Trading Cards series 1 and 2, and an Ethereum wallet associated with him moved millions in funds last year.
Besides that, Trump has emerged as one of the strongest opponents of developing a central bank digital currency (CBDC) in the US.
According to him, CBDCs are dangerous and could enable increased government surveillance and control over individuals’ finances. Trump also argued that CBDCs pose a significant risk to personal privacy and the foundational principles of freedom and autonomy. The former President promised to prevent the introduction of such currencies if he is re-elected.
Trump is currently campaigning for the 2024 US Presidential elections and enjoys support from several other pro-crypto former candidates, including Florida Governor Ron DeSantis and Vivek Ramaswamy.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Ethereum
$3,461.01
Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
Donald John Trump was born on June 14, 1946, in Queens, New York City.
Vivek Ganapathy Ramaswamy, born August 9, 1985, in Cincinnati, Ohio, comes from a family of Indian Hindu immigrants.