Recently, former United States President Donald Trump has softened his stance on Bitcoin, shifting from a hardline position to a more moderate one. While he still favors the US dollar as a currency, he has acknowledged the growing popularity and demand for Bitcoin in a recent interview with Fox News.
This is a significant change from his previous stance in 2019, when he publicly declared himself as “not a fan” of Bitcoin and other cryptocurrencies, calling them “not money” and based on “thin air.” He even reportedly ordered the Treasury Secretary to “go after Bitcoin” and called it a fraud in another Fox interview. During his administration, efforts were made to ban spot Bitcoin ETFs and self-hosted wallets.
However, in a recent town hall meeting in South Carolina, Trump admitted that “many people are embracing” Bitcoin and that it can potentially increase revenue as more people choose to pay with BTC. He also mentioned the need for regulations in the crypto industry, stating that Bitcoin has “taken on a life of its own.”
Some speculate that this change in stance could be politically motivated, as Trump’s former Republican candidate and strong crypto advocate Vivek Ramaswamy dropped out of the White House race earlier this year. Ramaswamy has been a vocal supporter of the crypto industry and has opposed the introduction of central bank-issued digital currencies. This suggests that Trump’s U-turn on Bitcoin could be a strategy to gain support from the growing crypto community ahead of the 2024 presidential election.
However, Trump’s newfound support for Bitcoin does not mean he is anti-dollar. He still favors the US dollar as a currency and has expressed concerns about central bank-issued digital currencies, stating that he would “never allow” them to be created if re-elected.
On the other hand, Trump’s main competitor Joe Biden has shown skepticism towards Bitcoin and cryptocurrency in general. His government has proposed measures to curb crypto, such as a 30% tax for mining operations and a report criticizing crypto for its “ignorance of basic economic principles.”
It is worth noting that the Securities and Exchange Commission (SEC) has given the regulatory go-ahead for Bitcoin ETFs in the US, which could potentially lead to wider adoption and acceptance of the cryptocurrency.
