By
Temitope Olatunji
April 26th, 2024
Trump’s remarks signal that he may have fully accepted the decentralized nature of Bitcoin and is ready to do what he can to help the fast-growing sector.
Recent moves by former United States President Donald Trump suggest that he may have had a change of heart regarding his Bitcoin stance. Recall that Trump has long been critical of crypto, having come out publicly to share his opposing view several times in the past.
However, his recent acquisitions and public statements show that the remarkable politician may now be growing soft on the digital asset. He has actively participated in the crypto market, launching three NFT (Non-Fungible Token) collections in the process. The latest collection, Mugshot Edition, was captured in a December 2023 report by Coinspeaker.
Trump, who recently appeared on Fox News’ “The Ingraham Angle”, noted that he still prefers the traditional dollar. However, he also shared that there is no denying the fact that Bitcoin has grown so much in acceptance and popularity over the years.
Trump to Prioritize Crypto Regulation
For what it’s worth, Trump’s recognition already represents a major boost to Bitcoin’s legitimacy. However, he also took his acknowledgment a bit further by suggesting that there might be an urgent need for regulation. In line with this, he said:
“Frankly, it’s taken a life of its own, you probably have to do some regulation, as you know.”
Trump’s remarks signal that he may have fully accepted the decentralized nature of Bitcoin and is ready to do what he can to help the fast-growing sector.
A January 8 publication by Politico even speculated that if Trump were to emerge victorious in the coming polls, the crypto industry should expect lenient regulatory policies to follow.
Similarly, former Comptroller of the Currency Brian Brooks and House Majority Whip Tom Emmer have also expressed their beliefs that Trump has the influence and capabilities to bring in a more tolerant regulatory regime for crypto.
It is worth noting that Trump has come a long way from his previous positions in 2021. At the time, the staunch politician thought Bitcoin was a scam concept that was formulated out of thin air. He certainly had legitimate concerns at the time that bordered on the various risks of crypto including its volatility and potential illicit uses by bad actors.
More Mainstream Adoption
The sharp contrast between Trump’s past and present stances on Bitcoin is a typical representation of crypto’s broader narrative. That is especially true as it concerns its acceptance and adaptation in a fast-paced world of digital finance.
Certainly, there was serious apprehension and skepticism from all sides in the early days of Bitcoin. However, there are no doubts whatsoever that Bitcoin now appears a viable currency, one that has seen mainstream acceptance with growing regulatory needs.