Former President Donald Trump is not one to shy away from sharing his opinions on social media. A past take on cryptocurrency could be an issue raised during the 2024 election, with many of the candidates differing on their opinions of the crypto sector.
Here’s a look back at Trump’s past take on the leading cryptocurrency Bitcoin BTC/USD several years ago.
What Happened: The price of Bitcoin soared in 2021, hitting all-time highs and seeing many leading cryptocurrencies as trending topics throughout the year. Cryptocurrencies have faced times of turbulence since the all-time highs, with the bankruptcies and collapses of crypto-related companies like FTX sending prices down.
Back in 2019, Trump shared his opinion about Bitcoin.
“I am not a fan of Bitcoin and other cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air,” Trump tweeted on July 11, 2019.
Trump also went on to call out Libra, a virtual currency that Meta Platforms META was working on at the time.
“If Facebook and other companies want to become a bank, they must seek a new Banking Charter and become subject to all Banking Regulations, just like other Banks.”
Trump said the real currency in the United States is the U.S. Dollar, which he said will remain the “most dominant currency anywhere in the world.”
Similar to several of Trump’s other takes, like selling shares of Apple Inc over complaints of the size of the screen, investors who faded Trump’s opinion could have racked up some profits.
Years later, Trump would use the power of cryptocurrencies to launch his own non-fungible token collection. Many on social media were quick to point out that the former president had called Bitcoin a scam previously.
Presidential candidates Vivek Ramaswamy and Robert Kennedy Jr have both announced they will accept Bitcoin for campaign donations. Several candidates, including Trump’s main GOP competition Ron DeSantis, have pro-crypto stances that could become a focal point in debates and as the election nears.
Related Link: Here's How Much Donald Trump Made From NFTs, Truth Social And Other Business Ventures
Investing $1,000 in Bitcoin: on the day that Trump blasted Bitcoin and cryptocurrencies, the leading cryptocurrency traded between $11,158.92 and $12,144.62.
Based on the high of the day, an investor could have purchased 0.0823 BTC.
That $1,000 investment would be worth $2,137.55 based on a price of $25,972.61 for Bitcoin at the time of writing. This represents a return of 113.8%.
At its peak of nearly $69,000 in November 2021, the $1,000 investment would have been worth $5,661.33, up 466% from the time of Trump’s tweet.
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Photo: Created with images from Gage Skidmore on flickr.
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