Donald Trump backs away from his previous skepticism, hinting at a positive shift towards Bitcoin
In a Wednesday television interview on Fox News’ The Ingraham Angle, former US President Donald Trump articulated a more open stance toward Bitcoin, signaling a possible shift in his previously critical stance.
When asked by host Laura Ingraham about his views on being a popular digital currency, Trump acknowledged BTC growing trend adoption, despite maintaining his preference for the US dollar.
Trump’s U-turn on Bitcoin
Trump’s response to Ingraham’s question was nuanced and acknowledged the growing interest in Bitcoin. “Well, a lot of people are doing it. I always liked a coin, you could call it a coin. I liked the dollar. But a lot of people are doing it.”
He further stated the following:
“And frankly, it’s taken on a life of its own, it probably needs to be regulated a little bit, as you know. But many people are adopting it. And I see more and more people who want to pay. [with] Bitcoin. You are seeing something that is interesting. So I can live with it one way or another. I’ve always liked a really powerful thing. And that is called a dollar.”
This comment is particularly noteworthy when contrasted with Trump’s historic stance on digital currencies. As president in 2019, Trump was overly critical of BTC and other cryptocurrencies, dismissing them as non-genuine money and criticizing their volatility and “up in the air” basis.
Additionally, his administration was known for its efforts to block the approval of one-time Bitcoin ETF applications and its attempts to ban self-hosted wallets, citing concerns about the use of cryptocurrencies to facilitate illegal activities. While the precise reasons for Trump’s U-turn remain ambiguous, it seems plausible to consider the influence of Vivek Ramaswamy as a catalyst for this U-turn, given his successful efforts to persuade Trump about the potential dangers posed by cryptocurrencies. central banks (CBDC).
In January, Trump publicly opposed CBDC development, a stance that aligns with his criticism of government-controlled financial systems. He argues that CBDCs could lead to greater government oversight and a reduction in personal financial freedoms.
Bitcoin Community Reactions
The BTC community on X reacted to Trump’s comments with a mix of skepticism and optimism. Perianne Boring, founder and CEO of the Digital Chamber of Commerce, demanded a more definitive statement of support, criticizing Trump’s response as evasive:
“This is an indirect non-response. Let’s not forget that the trump admin blocked spotlight Bitcoin ETF apps and tried to ban self-hosted wallets! Trump needs to provide a clear statement of support.”
Meanwhile, Robert J Salvador, CEO of DigiBuild, noted Trump’s lack of understanding of Bitcoin, however, highlighting the importance of his commitment to the issue. “Trump doesn’t understand Bitcoin, he never has. But it’s good that the Republican candidate is talking about it,” he commented.
Tony Edward of the Thinking Crypto Podcast and Joe Consorti, an analyst at The Bitcoin Layer, noted the change in Trump’s tone, interpreting it as an acknowledgment of the growing influence and acceptance of BTC. “This is a very different tone, it’s softer, than what Donald Trump tweeted about Bitcoin when he was president. Bitcoin is breaking down psychological barriers that seep into society, pop culture, and more. You can no longer ignore it or laugh at it.” commented Edwards.
All the while, the consortia highlighted Trump’s recognition of BTC as a currency, stating that “Trump does not consider Bitcoin and the dollar to be opposed to each other, he is quite indifferent about it. He did good”. Recently, BTC was trading at $51,243.
By Leonardo Perez
