Former President of the United States Donald Trump has become an outspoken proponent of Bitcoin, a marked turnaround from his previous skepticism about Bitcoin and crypto.
In a recent interview with Bloomberg BusinessweekTrump claimed that Bitcoin “is not going away” and wants the US to be at the forefront of Bitcoin and crypto innovation, ahead of China or any other country.
NEW 🇺🇸 President Donald Trump says the US is #Bitcoin and crypto to compete on the global stage.
“China is involved. It’s not going away.” 🔥 photo.twitter.com/nnlmpavJC5
— Bitcoin Magazine (@BitcoinMagazine) July 18, 2024
This embrace of Bitcoin represents a major shift for Trump. His about-face comes after he delved into crypto and Bitcoin lightning donations during his 2024 campaign.
“My experience with it has been great,” Trump said of his Bitcoin and crypto experience. “I’ve seen how it works. It’s been an eye-opener.”
Trump quoted China’s advancements in Bitcoin and crypto as a major reason why the U.S. needs to secure a leadership position. “China is very much into it. If we don’t do it, China will take over. I don’t want to be responsible for another country taking over this sphere,” he said.
The former president wants Bitcoin mining to flourish in America, saying, “We want all remaining Bitcoin to be mined in the U.S.” He also opposes a digital dollar, saying it would “take away the value of the dollar.”
Of Bitcoin Supporter JD Vance Now his running mate, Trump seems intent on making Bitcoin and crypto a signature issue. He will be giving a keynote speech at the upcoming Bitcoin 2024 conference next week in Nashville.
Trump’s embrace of Bitcoin is a sign of how far Bitcoin has come in gaining mainstream acceptance. And with his chances of retaking the presidency increasing, Trump may soon be in a position to implement major pro-Bitcoin policies.