Trump Softens Stance on Bitcoin, Prefers Traditional Currency

Former US President Donald Trump has shown a shift in his attitude towards Bitcoin during a recent interview on Fox News. When asked by the host Laura Ingraham about his stance on potentially supporting Bitcoin, Trump acknowledged its decentralized nature and the interest it has generated, particularly among young people and African American communities. Despite recognizing the increasing popularity of digital assets, Trump maintained his preference for traditional currency.

Trump acknowledged Bitcoin's independent nature but hinted at the potential need for regulation. He also noted the growing trend of using Bitcoin for payments, stating, "Many companies already accept Bitcoin. And I see more and more people wanting to pay with cryptocurrency." However, he ultimately reiterated his preference for traditional fiat currency, particularly the dollar.

In January 2024, Trump vehemently opposed the concept of the United States developing its own central bank digital currency (CBDC). He expressed concerns about the threats it could pose to citizens' freedom, including potential government overreach in monitoring financial transactions without users' consent. As early as 2019, Trump made it clear that he did not support Bitcoin or other cryptocurrencies, labeling them as "air-based" and emphasizing their risks, which he deemed very dangerous.

At the time of writing, BTC is trading at $51,200, down by 0.77% over the last 24 hours, with a market capitalization of $1 trillion.