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Trump dramatically changes stance on Bitcoin and signals support for the crypto

By:
on Feb 23, 2024
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  • Trump says he can live with Bitcoin in one way or another.
  • The former US president was initially critical of Bitcoin and blocked spot ETF products.
  • The Chamber of Commerce founder has cautioned about Trump’s Bitcoin endorsement.

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Former US president Donald Trump is now receptive to the idea of Bitcoin. In an interview with Fox News, Trump said he can “live with it, (Bitcoin), in one way or the other,” in a powerful position after initially being critical of the cryptocurrency.

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Trump acknowledged the increasing growth and adoption of Bitcoin (BTC), although he did not hide his admiration for the US dollar. He said:

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.

The former US president described Bitcoin and adoption trends as “something that’s interesting.” He, however, thinks Bitcoin needs “some regulation,” as many people embrace it and want to pay using the cryptocurrency.

The industry needs a clear answer

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It is not evident what prompted the ex-US president to change his position on Bitcoin. Chamber of Commerce founder Perianne Boring states that the industry must wait for a clear answer, terming Trump’s reactions as a “roundabout non-answer.”

Trump, who eyes a Republican ticket for the US president, has, in the past, refuted the idea of Bitcoin and cryptocurrencies. He cited potential uses of crypto in illegal activities.

During his reign as the US president, Trump was also pivotal in blocking the approvals of the spot Bitcoin ETFs and attempted to stop self-hosted wallets. Earlier this year, Trump was also overly critical of Central Bank Digital Currencies (CBDC), saying he would never allow its development if reinstated as the US president.

Meanwhile, Trump’s comments seem to have caused little impact on Bitcoin price, which marginally lost in the intra-day trading. At the time of this publication, the cryptocurrency was exchanging hands at $51,000.

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