Former U.S. President Donald Trump has become a vocal supporter of Bitcoin, a stark reversal from his previous scepticism of Bitcoin and crypto.
In a recent interview with Bloomberg Businessweek, Trump asserted that Bitcoin is ânot going awayâ and wants the U.S. to lead in Bitcoin and crypto innovation before China or any other country.
NEW đșđž President Donald Trump says the US must embrace #Bitcoin and crypto to compete on world stage.
âChina is into it. Itâs not going away.â đ„ pic.twitter.com/nnlmpavJC5
â Bitcoin Magazine (@BitcoinMagazine) July 18, 2024
This embrace of Bitcoin represents a major shift for Trump. His turnaround comes after delving into crypto and accepting Bitcoin lightning donations during his 2024 campaign.
âMy experience with it has been amazing,â Trump said about his Bitcoin and crypto experience. âIâve seen how it works. Itâs been really eye-opening.â
Trump cited Chinaâs advances in Bitcoin and crypto as a key reason the U.S. must secure a leading position. âChina is very much into it. If we donât do it, China is going to pick it up. I donât want to be responsible for allowing another country to take over this sphere,â he said.
The former president wants to see Bitcoin mining thrive in America, saying âWe want all the remaining Bitcoin to be mined in the USA.â He also opposes a digital dollar, arguing it would âtake away the importance of the dollar.â
With Bitcoin supporter J.D. Vance now his running mate, Trump seems intent on making Bitcoin and crypto a signature issue. He is scheduled to give a keynote speech at the upcoming Bitcoin 2024 conference in Nashville next week.Â
Trumpâs embrace of Bitcoin indicates how far Bitcoin has come in gaining mainstream acceptance. And with his odds of retaking the presidency rising, Trump may soon be in a position to implement major pro-bitcoin policies.