Trump: I won’t crack down on Bitcoin

Comprehensive sources: CNBC, Yahoo and businessinsider etc.,Compiler/Author: Qin Jin

As Bitcoin soars to all-time highs, former US President Donald Trump is keen on Bitcoin.

Trump said in an interview with CNBC yesterday that if he is re-elected as president in November, he will not crack down on Bitcoin.

When talking about Bitcoin, Trump said that Bitcoin has been used a lot and I am not sure whether it should be banned at the moment. The remarks were in stark contrast to Trump’s previous comments on Bitcoin. In 2021, Trump said that Bitcoin is "a scam against the U.S. dollar, and he doesn't like Bitcoin competing with the U.S. dollar." Last month, Trump said that Bitcoin had "taken a life of its own" and would likely need regulation.

Trump still doesn’t like Bitcoin competing with the U.S. dollar. But at this point, with Bitcoin’s market value reaching $1.4 trillion, he has come around to his use of Bitcoin.

Trump said: This is an additional form of currency. I once said, I want a currency, I want the dollar, I don’t I want people to leave the dollar, that's what I think, but I'm telling you, Bitcoin has life.

Trump said that although he does not own Bitcoin himself, he allows people to use Bitcoin to pay for Trump products, such as his recent release golden sneakers.

A few weeks ago, Trump released 1,000 pairs of Trump-branded sneakers at Sneaker Con in Philadelphia. The shoes, which can be paid for with Bitcoin, cost $399 a pair and sold out quickly. Trump said about the shoes in an interview with CNBC: Sometimes we'll have people pay in Bitcoin, which is an additional form of currency.

According to Trump, the last pair of sneakers was a special edition and sold for $450,000. People went crazy for these sneakers. A lot of (sneakers) are paid for in cryptocurrency. Bitcoin was created to be a store of value and a method of payment. However, when it comes to transactional use, Bitcoin has struggled to gain mainstream adoption. The former president’s offering of the ability to pay with Bitcoin could open the floodgates in this regard.

Trump said: I noticed that a lot of the products were paid for in this new currency, you know, Bitcoin, and I couldn't believe it. this quantity.

Still, while Trump may be warming up to Bitcoin, he still supports the dollar's continued dominance.

I am a traditionalist. I like dollars. I hate it when the country breaks away from the dollar. I will not allow the country to move away from the dollar. Because once we lose this standard, we lose a revolutionary war. This will hit our country like losing a war and we cannot let that happen.