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Donald Trump: Bitcoin Has a ‘Life Of Its Own’, Reverses Stance On Crypto

source-logo  cryptonews.com 23 February 2024 10:28, UTC

Former United States President Donald Trump said that Bitcoin (BTC) has taken a life of its own as the cryptocurrency continues attracting more daily users.

In a recent interview with Fox News, the Presidential Candidate revealed his position on cryptocurrency, signaling a change in his stance since his time in the White House.

Trump was asked about China’s digital currency, and the next logical step Bitcoin, as the government wouldn’t be able to control the decentralized asset as it would a government-issued CBDC.

Former US President, Donald J Trump, is asked how he feels about #Bitcoin on national television. 🤯 pic.twitter.com/1rBjkghFgy

— The ₿itcoin Therapist (@TheBTCTherapist) February 23, 2024

He noted that Bitcoin has gained more attention and seen increased adoption in recent years, with many people now invested in it. Although he mentioned the fact that he likes the dollar, he added that Bitcoin has a life of its own as more people embrace it.

I like the dollar, but many people are doing it, and frankly, it’s taken a life of its own. 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.”

Crypto Becoming A Central Theme

Trump’s comments come ahead of the upcoming United States elections in which digital assets and Central Bank Digital Currencies (CBDCs) are major themes for voters.

In recent months, the crypto community has pushed back against opponents clamping down on Bitcoin mining, trading, or similar activities. This has led to clamor from pro-Bitcoin candidates at all levels and crypto Super PAC Fairshake raising donations for pro-industry candidates.

Bitcoin and some altcoins have come under global regulatory pressure in the past months as anti-crypto lawmakers criticize digital asset use in illegal transactions. Crypto opponents also lament the industry’s use of power, citing climate concerns and stress on national electricity infrastructures.

Last year, the Biden administration proposed a 30% energy tax on Bitcoin miners, asking them to pay their “fair share.” Some U.S. lawmakers have also proposed more regulation on the sector in the aftermath of Hamas’s attack on Israel.

Although Trump’s comments encapsulated the growth of Bitcoin, statements on the dollar in the same description have seen X (Twitter) say it’s just for campaigns. Before this statement, Trump had criticized the idea of CBDC, calling it “very dangerous” and vowing to stop any attempts made so far by the government.

Similarly, Florida Governor Ron DeSantis criticized attempts at a CBDC, describing it as controlling and against freedoms. Global criticisms of CBDCs have grown despite several nations launching pilot programs.

Donald Trump Called Bitcoin A Scam

The former President was not a big fan of cryptocurrencies, particularly Bitcoin, as he reportedly asked authorities to go after the asset.

In a 2021 Fox Interview, Donald Trump restated his views on Bitcoin, saying he does not want a currency competing against the dollar adding that it seems like a scam.

Bitcoin, it just seems like a scam… I don’t like it because it is another currency competing against the dollar. Essentially, it is a currency competing against the dollar. I want the dollar to be the currency of the world, that’s what I’ve always said.”

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