Trump can now ‘live with’ Bitcoin after once calling it a ‘scam’

Former United States president, Donald Trump seems to have to have shifted his views on Bitcoin, contrasting his previous skepticism of the crypto market.  

During a YouTube stream of “The Ingraham Angle” on Fox News, host Laura Ingraham questioned Trump about his perspective on Bitcoin. She was also intrigued to know his stance on the decentralized nature and broad appeal across different demographics.

While acknowledging Bitcoin’s rising popularity, Trump maintained a preference for traditional currency, stating,

“A lot of people are doing it. I always like the one currency. I like the dollar.”

Trump’s inclination toward fiat remains unfaded

Besides, acknowledging the growing momentum of Bitcoin, Trump also recognized the need for the potential necessity for regulatory oversight due to its mushrooming adoption.

He stated, 

“Frankly it has taken a life of its own. You probably have to do some regulations.” 

He also analyzed an increased number of people inclining towards bitcoin, as a mode of payment.

“Many people are embracing it and more and more I am seeing people wanting to pay in Bitcoin.” 

Despite witnessing increasing popularity among individuals, he maintained his longstanding position on digital assets and emphasized. 

“I can live with it one way or the other. I have always liked one really powerful thing and that’s called the dollar.” 

Trump’s criticism of CBDCs 

In January 2024, Trump strongly opposed the idea of the U.S. creating its own central bank digital currency (CBDC), citing concerns about the potential risks to individual liberties. 

He highlighted the possibility of the government gaining extensive control over financial matters, including the ability to seize funds and monitor transactions without consent.

This was highlighted by Vivek Ramaswamy, the ex-presidential candidate in his recent post on X (earlier Twitter),

“Tonight, I am also making another promise to protect Americans from government tyranny. As your president, I will never allow the creation of a Central Bank Digital Currency.”

A publicity stunt ahead of elections?

In 2019, Trump vocally opposed Bitcoin and other cryptocurrencies, asserting they lacked intrinsic value and were merely “based on thin air.” 

His stance remained consistent in 2021, when he reiterated concerns over the risks associated with cryptocurrencies, labeling their usage as “very dangerous,” and he also likened Bitcoin to a “scam.” 

Thus, his sudden change of mind before the US election might interest people in the crypto community.