Former President Donald Trump seems to have softened his stance on Bitcoin BTC/USD following his criticism of central bank digital currencies (CBDCs).
What Happened: During a Wednesday television appearance on Fox News, “The Ingraham Angle,” Host Laura Ingraham asked Trump if he would consider supporting Bitcoin, noting its decentralized nature and the interest it has garnered, particularly amongst the youth and African American communities.
Trump acknowledged its growing popularity, though he expressed a preference for traditional currency. “Well, a lot of people are doing it,” he said. “I always liked one currency, I could call it a currency. I liked the dollar.”
Trump noted the independent momentum of Bitcoin, suggesting a potential need for regulation. “Frankly, it’s taken a life of its own, you probably have to do some regulation, as you know."
He said that he is observing an increasing trend towards the use of Bitcoin for payments. “Many people are embracing it. And more and more, I’m seeing people wanting to pay [with] Bitcoin,” adding, “You’re seeing something that’s interesting.”
Ultimately, he maintained his long-held preference, “So I can live with it one way or the other. I’ve always liked one really powerful thing. And that’s called the dollar.”
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Why It Matters: Earlier in January, Trump had vehemently opposed the concept of the U.S. developing its own CBDC. He voiced his concerns about the freedoms it could potentially endanger, such as the government having the power to fully manage finances, from seizing funds to tracking transactions without consent.
“To protect Americans from government tyranny, as your president, I will never allow the creation of a central bank digital currency,” Trump said. He also mentioned that he agreed with former presidential candidate Vivek Ramaswamy on this issue.
Back in 2019, Trump had made it clear that he did not support Bitcoin or other cryptocurrencies. He argued they were not real money, describing them as “based on thin air." He reiterated in 2021 his belief that the use of cryptocurrencies is fraught with risks and could be considered “very dangerous.”
Price Action: At the time of writing, BTC was trading at $51,050, up 0.35% over the past 24 hours, as reported by Benzinga Pro.
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