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Donald Trump Rethinks Bitcoin? Ex-President Called it “Scam”, Now an “Additional Form of Currency”

Last Updated March 11, 2024 9:14 PM
Eddie Mitchell
Last Updated March 11, 2024 9:14 PM
Key Takeaways
  • Donald Trump has given cryptocurrencies a positive endorsement on CNBC.
  • The former President revealed that he has accepted crypto as a form of payment.
  • Trump appears to now recognize the legitimacy of Bitcoin and other cryptocurrencies.

U.S. Presidential candidate Donald Trump appears to now be rather fond of cryptocurrency as he has stated that he’s “having fun” with crypto, going as far as to describe it as “an additional form of currency.”

In addition, the former U.S. President has stated that if he’s re-elected, he will not be bringing regulatory authority down on Bitcoin or other cryptocurrencies. This comes in stark contrast to his comments in 2021 when he described Bitcoin as “a disaster waiting to happen.”

Trump on Crypto

Speaking with CNBC’s “Squawk Box”, Presidential hopeful Donald Trump appears to have softened his stance on cryptocurrencies, and now appears to be in favor of what he calls “crazy new currencies.”

In the interview, Trump claims that he doesn’t own or trade it (crypto), but notes that he has accepted Bitcoin (BTC) as a form of payment and that it’s “an additional form of currency.”

Trump, a staunch believer in the importance of the U.S. dollar (USD) on global markets, was quick to caveat his comments by clarifying his “traditionalist” position when it comes to the status of the USD as the de facto reserve currency.

“I would not allow countries to go off the dollar because when we lose that standard, that will be like losing a revolutionary war, that will be a hit to our country just like losing a war, and we can’t let that happen.”

However, he has realized that it’s “[…] taken on its own life,” given the heightened adoption and use of Bitcoin, stating that he is unsure if he “would want to take that away.”

“If you think of it, it’s a new form of currency. I want one currency, I want the dollar I don’t want people leaving the dollar. I feel that way, but I will tell you it has taken on a life,”

Trump Acknowledges Crypto Utility

Though he says he doesn’t hold any himself, Trump noted that some of his limited-edition “Never Surrender” sneakers we purchased with crypto.

“And I noticed so many of them were paid for with the new currency. It’s a new cryptocurrency. I couldn’t believe the amount.”

While Trump didn’t specify the frequency or how he accepts Bitcoin and other cryptocurrencies, his words are yet another signal that crypto has gone completely mainstream in America.

Seemingly, crypto technologies and products have had a great deal to prove to governments around the world, and the U.S. government hasn’t been the easiest to satisfy, but with yet another Presidential candidate once again endorsing crypto, 2024 is shaping up to be the most exciting year for crypto yet.

Crypto in America

Despite the numerous and ongoing legal battles between crypto firms and the U.S. Securities and Exchange Commission (SEC), crypto is on the up in America.

Trump’s words come at a time when major institutions and investors in the U.S. are now latching on to spot Bitcoin exchange-traded funds (ETFs) for the first time in America, and as the price of BTC skyrockets.

Whether you like him or not, Trump is incredibly influential around the world, not just in America, and his remarks may influence public perceptions of Bitcoin and crypto in general, which could spur even more adoption in the near future.

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