- Donald Trump has hinted at a crypto-tolerant policy stance if elected.
- The suggestion comes amid the increased use of the asset class to purchase Trump merchandise.
- The former U.S. president’s statements have sparked a flurry of reactions.
As the November 2024 U.S. presidential election draws nearer, crypto continues to be a hot-button topic for candidates in a nod to the industry’s growing sway and polarizing effect. Joining the discussion in recent weeks, former president and Republican presidential candidate Donald Trump has sounded increasingly tolerant of the asset class. In the latest instance, he has suggested that he may not crack down on the industry if elected president.
Trump Leaning Pro-Crypto?
Following statements admittedly inspired by former rival Vivek Ramaswamy opposing a U.S. Central Bank Digital Currency and statements to FOX saying he could “live with” crypto, on Monday, March 11, Trump hinted that he was unlikely to crackdown on Bitcoin and other crypto assets in an interview on CNBC‘s Squawk Box.
“I’m not sure that I’d want to take it [crypto] away at this point,” the former president asserted in response to questions about his thoughts on the ongoing crypto crackdown seemingly backed by the U.S. President Joe Biden administration.
Sponsored
The former U.S. president reiterated that crypto had “taken on a life” of its own and called it “an additional form of currency.”
Trump’s seemingly softening stance on crypto, however, does not appear to be based on philosophical reasons or the technology’s perceived usefulness.
The Republican candidate expressed his recent crypto-tolerant leaning views as he noted that Bitcoin and other cryptocurrencies had become popular for persons seeking to purchase Trump merchandise.
Using his newly launched expensive line of sneakers as an example, he noted, “I noticed that so many of them were paid for with this new currency โฆ you know, cryptocurrency, and I couldn’t believe the amount.”
Still, Trump maintained that his preferred currency was still the dollar despite his potentially growing crypto tolerance.
Unsurprisingly, the former president’s recent statements have sparked mixed reactions.
A Shameless Plug?
While some have regarded Trump’s comments as potentially positive for the crypto space, most have viewed the former president’s statements as nothing more than an effort to promote his merchandise.
“shoe salesman – this is your guy? …funding his legal bills,” X user “PhotoFella” commented.
The former president has been embroiled in multiple legal actions in the past year, with fines totaling over $500 million nearly threatening to wipe out his cash reserves. These lawsuits include 34 felony counts for falsifying financial documents in New York and 40 for mishandling classified documents in Florida.
On the Flipside
- Trump maintains that he does not want to see countries moving away from the dollar.
- In 2021, the former U.S. president labeled Bitcoin a scam.
Why This Matters
The recent statements from Donald Trump highlight the growing importance of crypto in the U.S. presidential race.
Read this for more on Trump’s shifting crypto stance:
Trump Calls For Bitcoin Regulation as Holdings Soar Past $5M
Find out more about MicroStrategy’s recent Bitcoin purchase:
MicroStrategy Bitcoin Bag Nears Key Milestone With $822M Buy
