Trump supports cryptocurrency
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Yerevan (CoinChapter.com) – In July 2019, Donald Trump expressed strong disapproval of Bitcoin and other cryptocurrencies. He called them “highly volatile” and claimed that they facilitated illegal activities.
Trump's anti-cryptocurrency tweet. Source: @realDonaldTrump
Fast forward to 2024, and Trump’s stance has changed. In an interview with Fox News, he acknowledged the growing popularity of Bitcoin among young people. “It has taken on a life of its own,” Trump noted, observing the increasing trend in Bitcoin usage.
Trump supports cryptocurrencies at Mar-a-Lago, criticizes Biden
At a recent Mar-a-Lago event, Trump expressed strong support for the cryptocurrency industry, criticizing President Joe Biden’s administration for its hostility toward cryptocurrencies, which he believes is driving crypto activity out of the United States. Trump said:
He also announced his willingness to accept Bitcoin as campaign donations, which would mark a major policy shift if he is successfully re-elected.
Trump's cryptocurrency views influenced by Bukele
Salvadoran President Nayib Bukele played a role in shaping Trump’s views on cryptocurrencies. Bukele adopted Bitcoin as legal tender in El Salvador, winning praise from U.S. conservatives, including Trump.
At the Conservative Political Action Conference (CPAC) in February 2024, Bukele encouraged American conservatives to fight the "global elites." He highlighted his own success in reducing crime in El Salvador, resonating with Trump's law-and-order narrative.
Trump and Bukele admire each other and use similar political strategies. In past meetings, Trump praised Bukele's efforts to reduce violence in El Salvador.
Trump launches NFT and fights central bank digital currency
Trump’s changing views on cryptocurrencies have led him to launch several NFT collections, including the Trump Digital Trading Card Collection, which accepts digital assets.
Trump opposes central bank digital currencies (CBDCs), arguing that they pose a major threat to personal privacy and freedom. At a rally, he promised to block the introduction of central bank digital currencies if he is re-elected. Trump stressed that such digital currencies could lead to increased government monitoring and control of personal financial activities.
Trump's support for cryptocurrency in 2024
Recent polling data shows that the cryptocurrency community's support for Trump is very strong. A Paradigm poll showed that 48% of cryptocurrency holders would vote for Trump, while 39% would vote for Biden. This preference highlights the growing political influence of the cryptocurrency community.
2024 presidential election odds. Source: Polymarket
Trump’s criticism of SEC Chairman Gary Gensler’s regulatory approach also highlighted his alignment with pro-cryptocurrency sentiment, contrasting with the current administration’s approach.
Donald Trump has transformed from a cryptocurrency skeptic to a supporter, aiming to win the 2024 presidential election. Trump's views have been influenced by global developments such as the policies of Salvadoran President Nayib Bukele and the popularity of digital assets. His supportive stance on cryptocurrencies has resonated with a growing number of digital asset enthusiasts, reflecting his strategy to gain their support in the upcoming elections.