Trump’s Bitcoin U-Turn: Ex-President Shares New Take

In a Wednesday television interview on Fox News’ “The Ingraham Angle,” former US President Donald Trump has articulated a more open stance towards Bitcoin, signaling a potential shift in his previously critical stance.. When asked by host Laura Ingraham about his views on the popular digital currency, Trump acknowledged the growing trend of BTC adoption, despite maintaining his preference for the US dollar.

Trump’s U-Turn On Bitcoin

Trump’s response to Ingraham’s inquiry was nuanced, acknowledging the burgeoning interest in Bitcoin. “Well, a lot of people are doing it. I always liked one currency, I could call it a currency. I liked the dollar. But a lot of people are doing it.”

He further stated, “And frankly, it’s taken on a life of its own, you probably have to do some regulation, as you know. But many people are embracing it. And more and more, I’m seeing people wanting to pay [with] Bitcoin. You’re seeing something that’s interesting. So I can live with it one way or the other. I’ve always liked one really powerful thing. And that’s called the dollar.”

Donald Trump was asked about #bitcoin pic.twitter.com/bLA8TMMy5g

— Pledditor (@Pledditor) February 23, 2024

This commentary is particularly noteworthy when contrasted with Trump’s historical stance on digital currencies. As president in 2019, Trump was overly critical of BTC and other cryptocurrencies, dismissing them as not genuine money and criticizing their volatility and basis “on thin air.”

Moreover, his administration was known for its efforts to block the approval of spot Bitcoin ETF applications and attempts to outlaw self-hosted wallets, citing concerns over cryptocurrencies being used to facilitate illegal activities.

While the precise reasons for Trump’s change of stance remain ambiguous, it seems plausible to consider Vivek Ramaswamy’s influence as a catalyst for this U-turn, given his successful efforts in persuading Trump about the potential dangers posed by central bank digital currencies (CBDCs).

In January, Trump publicly opposed the development of CBDCs, echoing Ramaswamy’s concerns over potential government overreach and the implications for personal freedom and privacy.

Reactions From The Bitcoin Community

The BTC community on X has reacted to Trump’s comments with a mix of skepticism and optimism. Perianne Boring, founder and CEO of the Chamber of Digital Commerce, demanded a more definitive statement of support, critiquing Trump’s response as evasive:

This is a roundabout non-answer. Let’s not forget the Trump admin blocked spot Bitcoin ETF applications AND tried to outlaw self hosted wallets!! Trump needs to provide a CLEAR statement of support.

Meanwhile, Robert J Salvador, CEO of DigiBuild, pointed out Trump’s lack of understanding of Bitcoin, yet highlighted the significance of his engagement with the topic. “Trump doesn’t understand Bitcoin, never has. But it’s good the Republican nominee is talking about it,” he remarked.

Tony Edward of the Thinking Crypto Podcast and Joe Consorti, an analyst at The Bitcoin Layer, both noted the shift in Trump’s tone, interpreting it as an acknowledgment of BTC’s growing influence and acceptance.

“This is a very different tone, it’s softer, from what Donald Trump tweeted about Bitcoin when he was president. Bitcoin is breaking down psychological barriers seeping into society, pop culture, and more. It can no longer be ignored and laughed at,” commented Edwards.

Meanwhile, Consorti highlighted Trump’s acknowledgment of BTC as a currency, stating, “Trump doesn’t view Bitcoin and the dollar as in opposition to each other, he’s rather indifferent about it. He’s got it right.”

At press time, BTC traded at $51,243.

Featured image from Oregon Public Broadcasting, chart from TradingView.com