Trump Admits To Bitcoin Transactions, Acknowledges Utility: 'Not Sure That I'd Want To Take It Away'

Former President Donald Trump on Monday admitted to engaging with Bitcoin BTC/USD and cryptocurrency for transactions, including an innovative venture involving a limited edition sneaker sale.

What Happened: Known for his traditionalist views, particularly regarding the U.S. dollar's primacy, Trump recounted an instance where he allowed payments in Bitcoin for a "wild" project involving a thousand limited edition sneakers. The last pair sold for an astonishing $450,000, Trump told CNBC in an interview.

Despite his traditional preference for the dollar, Trump acknowledged the burgeoning reality and acceptance of cryptocurrencies.

"I used to say, you know, I want one currency, I want the dollar. I don't want people leaving the dollar. And although I feel that way, but I will tell you, it has taken on a life," he said, indicating a recognition of the digital currencies' growing influence and utility.

Throughout the interview, Trump emphasized his belief in the importance of maintaining the dollar as the global standard, expressing concerns over countries moving away from it.

Also Read: Bitcoin To Rival Gold? JPMorgan Says Yes, But With A Twist

"I hate when countries go off the dollar. I would not allow countries to go off the dollar because when we lose that standard, that will be like us losing a revolutionary war," he said.

However, Trump also noted the widespread use of cryptocurrencies in various transactions and expressed a degree of acceptance towards this trend.

"I have seen, there has been a lot of use of that, and I'm not sure that I'd want to take it away at this point," he said, suggesting a more open stance towards the role of cryptocurrencies alongside traditional currencies like the dollar.

The former president also took a moment to praise Federal Reserve Chair Jerome Powell for his scandal-free tenure amid managing significant financial responsibilities.

"Jay did a fantastic job, by the way, in a group where there's always scandal and problems...we had no scandals. Zero. Nothing whatsoever," Trump added, commending Powell's leadership in the financial sector.

Why It Matters: The former President seems to be warming to Bitcoin, following his recent comments that "it has taken a life of its own" and owning a multi-million dollar portfolio of the Trump-branded — but not endorsed — Maga Memecoin.   

Read Next: MicroStrategy Raises $800M, Buys More Bitcoin Amid Sizzling Rally: What Investors Need To Know (CORRECTED)

Image created using artificial intelligence with Midjourney.