Trump Signals Shift in Stance on Cryptocurrency Amid Re-election Campaign
Summary:
Hinting at a potentially positive stance towards cryptocurrency if re-elected, former U.S. President Donald Trump shared his thoughts on Bitcoin and digital currencies in a recent interview with CNBC. Though critical of cryptocurrency during his tenure, his recent acceptance of Bitcoin for payments suggests an attitude shift. This is in contrast with the more cautious approach of the Biden administration. Notably, Trump, along with fellow Republicans, strongly opposes the idea of a U.S. Central Bank Digital Currency.
Ex-president of the United States Donald Trump has hinted that he might embody a more positive stance on cryptocurrency should he once again occupy Oval Office. He shared his insights on Bitcoin and other digital currencies during an interview with CNBC broadcasted on the 11th of March. "It has assumed an independent existence. I sometimes indulge in minor exploits with it for my own amusement and financial gain," said Trump. While he hasn't purchased Bitcoin (BTC), he revealed, “I do occasionally allow payments in Bitcoin.” He went on to say: “Consider it an alternate form of currency [...] They're these radically innovative currencies. That's my term for them. Be it Bitcoin or any other.” Loaded with his brand logo, the former president who is again bidding for presidency, rolled out a limited edition of 1,000 pairs of sneakers, most of which were paid for in cryptocurrency. He expressed disbelief at the total amount. Despite his initial skepticism about digital currencies during his tenure, Trump implied his perspective had shifted this year. He dubbed cryptocurrency a “fraud” as president and allegedly instructed Treasury Secretary Steve Mnuchin to “target Bitcoin.” (Souce: @gaborgurbacs on X) Republican presidential hopefuls Vivek Ramaswamy and Ron DeSantis were far more efficient and eloquent advocates for cryptocurrency. Independent candidate Robert F. Kennedy, Jr. is also a cryptocurrency supporter. Related: Crypto policy platform sharply criticizes mixer sanctions, revealed by Vivek Ramaswamy. However, the Biden administration demonstrated a less encouraging approach toward crypto, primarily exercised by the Securities and Exchange Commission (SEC). SEC chairman Gary Gensler often faces backlash for his organization’s vague cryptocurrency policies and attempts at regulatory enforcement. The Biden administration is likely more open to a U.S. Central Bank Digital Currency (CBDC) than Trump. Executive Order 14067, “Promoting Responsible Development of Digital Assets” issued by Biden ordered thorough technological research by numerous federal departments and entities. Unlike fellow Republicans and Kennedy, Trump has firmly expressed his disapproval of a U.S. CBDC, although prior interpretations suggested he supported it. Magazine: Unveiling the reality of AI reply enthusiasts, panic over synthesised images of Copilot, Trump artificial masquerades: AI Eye.
Published At
3/11/2024 7:36:59 PM
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