Trump’s remarks seemed to have been supportive in pushing Bitcoin towards a new high of more than $72,200.
The former US President Donald Trump, who is also the leading contender for the Republican nomination of the 2024 general election, disclosed that he enjoys trading in Bitcoin and does get some returns occasionally. In an interview with CNBC “Squawk Box” on March 11th, 2024, Trump said:
“You know, I do little things sometimes for fun and, you know, make money with it and have fun with it.”
He acknowledged that crypto had ‘taken on a life of its own’ as a parallel currency to interact with,’ sometimes paying him in Bitcoin. This was quite a distance from his previous comments, where he’d outright called the crypto space a scam in 2021.
The former president’s acknowledgment of the growing significance of Bitcoin is indicative that the acceptance of cryptocurrency has moved into the mainstream. The recognition by more institutional investors and big business houses is making it difficult to ignore its position in the global economy.
Trump’s Evolving Bitcoin and Wider Crypto Views
Trump’s latest remarks align with comments made at a Fox News town hall in February, where he expressed openness to Bitcoin’s popularity despite likely needing some regulation. Historically, as a champion of the US dollar’s dominance, Trump now seems increasingly intrigued by cryptocurrencies.
Trump’s remarks seemed to have been supportive in pushing Bitcoin towards a new high of more than $72,200. Furthermore, Ethereum, Solana, Dogecoin, and other competing cryptocurrencies have registered higher prices as well.
The former president of the US had to limit his positive remarks about Bitcoin by quickly adding that he was just a traditionalist and that keeping the dollar as an international reserve currency still matters. In terms of the blowback on the American economy, losing the dollar’s status as a reserve currency is similar to losing a war.
“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. […] 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 said.
The former president also told a story about his limited edition sneakers that were obtained using Bitcoins. I saw a lot of them being paid for using the latest currency… I couldn’t believe it, Trump explained.
This wasn’t the first time Trump said something new about Bitcoin. He had earlier advised of some regulations needed on cryptos during a Fox News town hall event prior to the Republican primary in South Carolina. He described Bitcoin more negatively earlier that year, referring to it as waiting for disaster in 2021.
Trump’s final stance on Bitcoin may be unclear, though his recognition of its increasing popularity and his preparedness to “deal with it” is undoubtedly a first in the political discourse regarding cryptocurrency.
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