Former U.S. President Donald Trump has become a vocal supporter of Bitcoin, a stark reversal from his previous scepticism of Bitcoin and crypto.
In a recent interview with Bloomberg Businessweek, Trump asserted that Bitcoin is "not going away" and wants the U.S. to lead in Bitcoin and crypto innovation before China or any other country.
NEW ???????? President Donald Trump says the US must embrace #Bitcoin and crypto to compete on world stage.
— Bitcoin Magazine (@BitcoinMagazine) July 18, 2024
“China is into it. It’s not going away.” ???? pic.twitter.com/nnlmpavJC5
This embrace of Bitcoin represents a major shift for Trump. His turnaround comes after delving into crypto and accepting Bitcoin lightning donations during his 2024 campaign.
"My experience with it has been amazing," Trump said about his Bitcoin and crypto experience. "I've seen how it works. It's been really eye-opening."
Trump cited China's advances in Bitcoin and crypto as a key reason the U.S. must secure a leading position. "China is very much into it. If we don't do it, China is going to pick it up. I don't want to be responsible for allowing another country to take over this sphere," he said.
The former president wants to see Bitcoin mining thrive in America, saying "We want all the remaining Bitcoin to be mined in the USA." He also opposes a digital dollar, arguing it would "take away the importance of the dollar."
With Bitcoin supporter J.D. Vance now his running mate, Trump seems intent on making Bitcoin and crypto a signature issue. He is scheduled to give a keynote speech at the upcoming Bitcoin 2024 conference in Nashville next week.
Trump's embrace of Bitcoin indicates how far Bitcoin has come in gaining mainstream acceptance. And with his odds of retaking the presidency rising, Trump may soon be in a position to implement major pro-bitcoin policies.
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