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Former President Donald Trump has shifted his stance on Bitcoin, acknowledging its rising popularity.
While still favoring the traditional dollar, Trump recognized Bitcoin's appeal among youth and African American communities, suggesting potential regulatory oversight amid its growing integration into payment systems, Crypto News reported.
“Frankly, it’s taken a life of its own, you probably have to do some regulation, as you know,” Trump said in a statement during his appearance on Fox News.
“Many people are embracing it. And more and more, I’m seeing people wanting to pay [with] Bitcoin,” Trump added.
Trump’s Previous Criticisms of Cryptocurrencies
This marks a departure from Trump’s previous criticisms of Bitcoin in 2021, where he deemed cryptocurrencies as “based on thin air” and labeled Bitcoin a “scam” competing against the dollar.
"Bitcoin, it just seems like a scam," Trump said, adding, “I don't like it because it's another currency competing against the dollar."
In 2019, he claimed he was “not a fan of bitcoin and other cryptocurrencies.”
Despite his reservations, Trump has actively engaged in the cryptocurrency market, launching NFT collections and liquidating millions of dollars worth of Ethereum from NFT sales.
Trump's evolving perspective on Bitcoin could influence U.S. regulatory policies, with speculation that a Trump victory in 2024 might lead to a more crypto-friendly regulatory environment.
Trump Opposes U.S. Central Bank Digital Currency (CBDC)
Additionally, Trump has voiced opposition to a U.S. central bank digital currency (CBDC), citing concerns over government overreach and the protection of financial autonomy.
"To protect Americans from government tyranny, as your president, I will never allow the creation of a central bank digital currency," Trump said in a statement.
Trump mentioned that he sought advice on policy matters from ex-presidential candidate Vivek Ramaswamy, affirming, "Vivek's stance is clear: I will adamantly oppose the establishment of a Central Bank Digital Currency."
At the time of writing, Bitcoin (BTC) was trading at $51,050, reflecting a 0.35% increase over the past 24 hours, according to data from CoinMarketCap.
Photo: Jonahan Simcoe/Unsplash
