- Former President Donald Trump said he will not crack down on the use of Bitcoin (BTC) and cryptocurrencies if he wins the coming election.
- The Grand Old Party (GOP) presidential nominee’s new pronouncements stand in opposition to his earlier stance on these digital currencies.
Trump, the presumptive Republican presidential nominee, confirmed in an interview with CNBC’s Squawk Box that he will not prohibit the use of Bitcoin and other cryptocurrencies through the exercise of regulatory authority. He said that although he strongly supports the dollar, he recognizes the strong demand for these digital assets.
“I want one currency, I want the dollar, I don’t want people leaving the dollar,” Trump stated. He cleared out that he wouldn’t let countries pivot away from the dollar because it would “be like losing a revolutionary war.”
However, he then shifted the discussion to his sneakers where he claimed, “I noticed that so many of them were paid for with this with a new currency… you know, cryptocurrency and I couldn’t believe the amount.”
When asked though whether or not he owned Bitcoin, Trump answered in the negative.
Donald Trump and Cryptocurrencies
Trump was known for his previously hostile stance on Bitcoin and cryptocurrencies during his term as the 45th President of the US. In one of his tweets, he commented that he wasn’t a fan of these digital currencies. He likewise criticized them for their volatile prices, lack of intrinsic value, and tendency to be utilized in illegal activities.
Fast-forward to 2023, a financial disclosure revealed that Trump had begun keeping a substantial amount of cryptocurrencies after his tenure in the White House. This included $4 million worth of Ethereum (ETH) and meme coins—such as WETH, MAGA, PEPE, and JESUS. His exposure to cryptos also involved non-fungible tokens (NFT), which resulted in the release of a series of digital art collections featuring his image and likeness like the infamous “Mugshot Edition.”
The exposure and experience may have helped the GOP standard bearer reconsider his position on crypto. But then again, we couldn’t also dismiss the fact that the politician may only be playing us to secure votes. Nevertheless, Trump’s all-new point of view is in stark contrast to the current treatment of President Joe Biden’s administration on crypto assets.
While the US Securities and Exchange Commission (SEC) has already greenlit spot Bitcoin exchange-traded funds (ETFs) due to institutional and public clamor, it couldn’t be denied that its treatment of BTC was not always consistent. The same held true with the way they exercised “regulation by enforcement” tactics on other cryptos.
Other government agencies have continuously attempted to exert some sort of control or intervention in the industry, too, but have often retracted their decisions due to backlash or legal intervention. The latest controversy was an effort to open the books of Bitcoin and crypto mining firms in the guise of an Energy Information Administration (EIA) survey.