Trump Hints at Potential Acceptance of Cryptocurrency if Elected

Ex-President Donald Trump suggested that if he were to return to the White House, his administration might adopt a potentially favourable stance towards cryptocurrency. He discussed Bitcoin and digital currencies in an interview with CNBC on March 11.

“It’s taken [on] its own life. Sometimes I do little things for fun and, you know, make money with it,”  Trump remarked. Although he hasn’t personally invested in Bitcoin, he noted, “will sometimes let people pay through Bitcoin.” 

Describing these digital currencies as “crazy new currencies,” Trump acknowledged them as an additional form of currency. 

Despite expressing scepticism during his presidency and instructing Treasury Secretary Steve Mnuchin to “go after Bitcoin,” Trump released 1,000 branded sneakers, with many pairs being purchased using cryptocurrency. He admitted being surprised by the significant amount generated through these transactions.

You can watch the interview here. 

Former contenders for the Republican presidential nomination, including Vivek Ramaswamy and Ron DeSantis, have been notably vocal supporters of cryptocurrency. Additionally, independent candidate Robert F. Kennedy, Jr. also advocates for the digital assets.

Conversely, the Biden administration has demonstrated a less favourable stance toward crypto, particularly through actions taken by the Securities and Exchange Commission (SEC). SEC Chair Gary Gensler often faces criticism for the agency’s unclear crypto policies and the approach of “regulation by enforcement.”

There is a possibility that the Biden administration may lean more towards embracing a U.S. central bank digital currency (CBDC) compared to the Trump administration. This inclination is hinted at by President Joe Biden’s Executive Order 14067. The directive “Ensuring Responsible Development of Digital Assets” required thorough examination of the technology by various federal departments and agencies.

Contrary to other Republican candidates and Kennedy, Trump has vocally opposed the idea of a U.S. central bank digital currency (CBDC), despite earlier interpretations suggesting a more positive stance on CBDC during his tenure.