Former President Donald Trump’s evolving views on cryptocurrency have caught the attention of market watchers, as highlighted by a recent tweet from economist and cryptocurrency trader Alex Krüger.
What Happened: Krüger on Monday pointed out the stark contrast between Trump’s past and present attitudes towards cryptocurrencies. In 2019, Trump expressed his skepticism about Bitcoin BTC/USD and other digital currencies, dismissing them as “not money” and “based on thin air.” Fast forward to 2024, and Krüger’s tweet suggests Trump is now encouraging the purchase of his “non fungible shitcoins” with Bitcoin.
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The tweet, posted on a Monday, underscores the former President’s shift from a vocal critic to a participant in the cryptocurrency space.
Krüger’s observation of Trump’s changing stance on Bitcoin comes as the apex cryptocurrency rose to fresh all-time new highs on Monday. BTC shot up to the $72,850.71 mark at the beginning of the week. Since the year began it has risen 69.25%.
Donald Trump’s office did not respond to Benzinga’s request for comment at the time of publishing.
Why It Matters: Trump’s admission of engaging in Bitcoin transactions and his acknowledgment of its utility mark a significant change from his previous stance. In a recent interview, he recounted allowing Bitcoin as payment for a project involving limited edition sneakers, with the last pair selling for $450,000. Despite his preference for the dollar, Trump now seems to accept the growing reality of cryptocurrencies.
Moreover, Trump’s collection of 1,000 sneakers, which could be purchased with Bitcoin, sold out quickly at Sneaker Con. This move was a departure from his 2021 view that Bitcoin was a “disaster waiting to happen.” His recent comments suggest a more neutral stance, indicating that he “can live with it one way or the other.”
It should be noted that Trump has reportedly reaped a return of over 15,000% from a meme cryptocurrency named after his movement — MAGA (TRUMP). It was reported earlier that the meme coin team sent over a $7,100 stake in TRUMP between August and October 2023, which has surged to an estimated value of over $1.07 million.
Trump’s engagement with the second-largest cryptocurrency, Ethereum ETH/USD, has also come to light, with reports of him trading the cryptocurrency in recent months.
Photo via Shutterstock
Price Action: At the time of writing, Bitcoin traded 4.2% higher at $71,538.71, according to data from Benzinga Pro.
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