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Love him or hate him, Trump’s pro-Bitcoin stance is turning heads

source-logo  cryptopolitan.com 23 February 2024 20:33, UTC

Former U.S. President Donald Trump recently commented on the growing prominence of Bitcoin, stating that the cryptocurrency has “taken on a life of its own.” Trump’s acknowledgment reflects the widespread adoption and influence of Bitcoin beyond traditional financial systems.

However, he also hinted at the necessity for regulatory measures due to its increasing prominence and impact. Trump’s remarks underscore the evolving discourse surrounding crypto regulation and its implications for the broader financial landscape.

Trump has a change of heart about Bitcoin

Following his recent characterization of Central Bank Digital Currencies as “tyranny” in a town hall address a month ago, Donald Trump has now acknowledged Bitcoin’s increasing popularity, at the very least.

Laura Ingraham, a host on Fox News, inquired about cryptocurrencies with the 77-year-old Republican front-runner prior to the South Carolina Republican primaries on February 24. She began by mentioning Central Bank Digital Currencies, which are digital renditions of fiat currencies, and then made reference to China’s endeavor to establish a digital currency as a means to enhance governmental oversight.

Trump described some intriguing occurrences involving Bitcoin, such as an increase in the number of individuals desiring to pay for services and products with the cryptocurrency.

Irrespective of the increasing acceptance and practicality of Bitcoin (BTC), the former president of the United States maintained his preference for and commitment to the United States dollar (USD).

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. I’ve always liked one really powerful thing, and that’s called the dollar.

Donald Trump

Recent remarks by Trump regarding Bitcoin stand in striking contrast to his widely held view of cryptocurrencies as a whole. He is renowned for disparaging crypto assets and has stated unequivocally that he is not a devotee of them.

What’s the difference from 3 years ago?

This represents a significant shift from Trump’s anti-Bitcoin stance in 2021 when he referred to it as a “scam” and directed the Treasury Secretary to “go after” cryptocurrencies. His recent comments reflect Bitcoin’s growing popularity.

Three years ago, Trump warned that investing in crypto was a tragedy waiting to happen. He termed Bitcoin a scam, claiming it was fake and blaming it for weakening the dollar.

Furthermore, the billionaire encouraged competent authorities to regulate cryptocurrencies “very, very high,” citing their negative impact on the dollar. He predicted severe crypto oversight would soften the dollar and revive American investment in the currency.

However, Trump’s stance began to soften in 2022 when he announced the introduction of his non-fungible token (NFT) collection, which sold out within 24 hours of its release, earning the politician about $1 million. Prior to his NFT debut, Trump’s wife, Melania, released her line on Solana the year before, using the proceeds to assist foster children’s education.

“I like the dollar, but a lot of people are doing it, and frankly it has taken on a life of its own,” Trump said. “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 with Bitcoin.”

Some suspect this pivot is a political ploy to lure crypto-focused voters for his 2024 presidential campaign. Trump is presently leading the Republican race, which includes challenger Nikki Haley.