Donald Trump's stance on Bitcoin is changing, says 'many people are embracing it'
Quick Take: U.S. Presidential candidate Donald Trump appears to be warming toward Bitcoin, having previously called it a “scam.” Trump said that some regulation was likely required, but many people are embracing it, and he could “live with it one way or the other.”
In January, Trump said he'll “never allow” central bank digital currency issuance in the U.S. if elected. “Such a currency would give the federal government, our federal government, absolute control over your money… They could take your money and you wouldn’t even know it was gone,” he warned at the time.
In a recent town hall on Fox News, alongside South Carolina Senator Tim Scott, Trump was asked if the next logical step was for him to embrace Bitcoin, given that it’s decentralized, the government can't get its hands on it and all the young people who are particularly interested in it, host Laura Ingraham suggested.
“I always liked one currency. I call it a currency. I like the dollar, but a lot of people are doing it [Bitcoin] and frankly, it's taken on a life of its own,” Trump replied. “You probably have to do some regulation, as you know, but many people are embracing it. And more and more, I'm seeing people wanting to pay Bitcoin, and you're seeing something that's interesting, so I can live with it one way or the other.”
Some Bitcoiners attributed the remarks to pro-Bitcoin Vivek Ramaswamy, a former Republican candidate who backed Trump after dropping out of the U.S. Presidential race in January and contender for Trump's Vice President pick. The founder of biotech company Roivant Sciences has been both an advocate for the crypto industry and against the implementation of CBDCs.
Donald Trump's changing views on crypto
Back in June 2021, Trump seemed to be much more critical of Bitcoin, declaring that "it just seems like a scam" in another interview with Fox News.
"Bitcoin, it just seems like a scam. I was surprised — you know, with us, it was at $6,000 and, much lower. I don't like it because it's another currency competing against the dollar, essentially it's a currency competing against the dollar. I want the dollar to be the currency of the world," he said at the time.
As President in 2019, Trump also blasted Bitcoin and cryptocurrencies. "I'm not a fan of Bitcoin and other cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air," Trump said.
However, Trump has since gone on to promote his own nonfungible tokens, including a trading card collection in December 2022 and a “ Mugshot Edition ” of the collection in December last year. Blockchain analytics platform Arkham Intelligence said that a crypto portfolio it believes to be owned by Trump sold 1,075 ETH, worth about $2.4 million at the time, in the same month.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
As AI controversies escalate, hedge funds buy tech stocks at the fastest pace in 15 months
Hedge funds have recorded net purchases of US TMT stocks on 10 out of the past 11 trading days, rebuilding tech long positions at the fastest pace in 15 months. However, an AI policy storm has struck at the "worst possible time"—calls by AI giants to slow down development have been rejected, and regulatory uncertainty has directly hit Asian tech stocks such as Softbank. As the tech sector's bullish run coincides with Super Central Bank Week, the sector now faces a severe test.
Apple Pre-sale Tracker: iPhone 18 Pro Series Shows Weak Overseas Demand Signals, Duo Review Positive but Hardware Lags Behind
According to a survey by Jefferies, after the launch of the iPhone 18 Pro, delivery wait times in the four major markets—the US, UK, Germany, and Japan—have shortened by 5 to 11 days compared to last year, with no wait time in the US. Given stable production capacity, this is a clear sign of weak demand. Although the China and Hong Kong markets have performed better against the trend, there are still suspicions of speculative stockpiling. The new foldable Duo has been praised for its software experience, but its $2,000 price tag comes with a 254-gram body and dual-camera setup, leaving its hardware lagging significantly behind Android competitors. Jefferies maintains an "underperform" rating, with a target price implying a 21% downside from the current level.
SUI holds $0.71 support as analysts cite key buy signal, eyes on possible recovery
UBS Health Benefit Survey: Elevance Health (ELV.US) Leads, U.S. Employers Prepare for Rising Medical Costs
In the annual survey by UBS for employee benefits management institutions, Elevance Health (ELV.US) emerged as the highest-rated US health insurance company.
Crypto prices
More
