Donald Trump On Bitcoin: It Has 'Taken A Life Of Its Own'

Former President Donald Trump said Bitcoin has "taken a life of its own" when asked whether the U.S. should embrace the cryptocurrency during a Fox News town hall event before the South Carolina Republican primary last week.

“You probably have to do some regulation. But many people are embracing it. More and more I’m seeing people wanting to pay Bitcoin, and you’re seeing something that’s interesting, so I can live with it one way or the other,” Trump said.

This is a change in his stance on crypto. In 2021, Trump said that crypto was a "disaster waiting to happen" and that he was not a "big fan." However, his most recent comments appear to imply that Trump is acknowledging how large Bitcoin has become. 

Since October, the price of Bitcoin is up more than 50%, a continuation of a strong 2023 in general. This rise in price, along with the approval of spot Bitcoin exchange-traded funds (ETFs) in January, may have been enough to cause the former president to rethink his views on Bitcoin.

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However, Trump's stance on Bitcoin is largely different from his stance on central bank digital currencies (CBDC). In late January, Trump said that he would "never allow" CBDCs during a campaign speech in New Hampshire. He said that a CBDC in the U.S. would allow the government to have "absolute control" over money, which could allow it to seize funds or monitor transactions.

Trump's stance on the different forms of crypto is becoming more relevant as states hold their Republican primary elections. Trump, whose opponent is Nikki Haley, has performed well in recent primaries, including winning the primary in Haley's home state of South Carolina. With each victory, it looks more likely that Trump will become the Republican presidential nominee. 

Trump is also in discussions with Vivek Ramaswamy regarding CBDCs and crypto in general. Ramaswamy was a former presidential candidate but dropped out of the race in January and backed Trump. Ramaswamy was outspoken about his support for crypto but was against CBDCs. Trump's change of opinion on Bitcoin could be related to conversations with Ramaswamy. 

Though Trump is seemingly warming up to Bitcoin, he reiterated that the dollar is his choice of currency. "I always liked one currency. I call it a currency. I like the dollar," he said.

As the presidential race heats up and certain issues are brought into the spotlight, it will be extremely important to watch how Trump and other candidates speak about Bitcoin and crypto in general.

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