Key Points
- Former US President Donald Trump has expressed enjoyment in trading Bitcoin and acknowledged its growing significance.
- Trump’s remarks have seemingly contributed to Bitcoin’s new high of over $72,200.
Donald Trump, former US President and potential Republican candidate for the 2024 general elections, has revealed his interest in Bitcoin trading. In a recent interview with CNBC “Squawk Box”, Trump disclosed that he occasionally profits from Bitcoin transactions.
He admitted that cryptocurrency has become a parallel currency, sometimes even earning him returns in Bitcoin. This is a stark contrast to his previous stance in 2021, where he labeled the crypto space as fraudulent.
Trump’s Changing Views on Cryptocurrency
The former president’s recognition of Bitcoin’s increasing importance suggests that cryptocurrency is becoming mainstream. Its acceptance by institutional investors and large corporations is making it difficult to ignore its role in the global economy.
Trump’s recent statements align with his comments made at a Fox News town hall in February, where he expressed an openness towards Bitcoin’s popularity, despite potential regulatory needs. Historically a supporter of the US dollar’s dominance, Trump now seems increasingly interested in cryptocurrencies.
Trump’s comments appear to have positively influenced Bitcoin, pushing it towards a new high of over $72,200. Other cryptocurrencies like Ethereum, Solana, Dogecoin, and others have also seen a price increase.
Despite his positive remarks about Bitcoin, Trump was quick to add that he is a traditionalist and still values the dollar as an international reserve currency. He compared the potential loss of the dollar’s status as a reserve currency to losing a war, stating that it would be a significant blow to the American economy.
Trump also shared a story about acquiring limited edition sneakers using Bitcoin, expressing his surprise at the use of the new currency. This is not the first time Trump has made new comments about Bitcoin. He previously suggested that some regulation was needed on cryptocurrencies during a Fox News town hall event before the Republican primary in South Carolina. He had a more negative view of Bitcoin earlier that year, describing it as a disaster waiting to happen.
While Trump’s final position on Bitcoin may be uncertain, his recognition of its growing popularity and willingness to “deal with it” is a first in political discourse about cryptocurrency.
