YEREVAN (CoinChapter.com) — In July 2019, Donald Trump expressed strong disapproval of Bitcoin and other cryptocurrencies. He labeled them “highly volatile” and claimed they facilitated unlawful activities.
Fast-forward to 2024, and Trump’s stance has shifted. In a Fox News interview, he acknowledged Bitcoin’s growing popularity among younger people. “It’s taken a life of its own,” Trump noted, observing the increasing trend of Bitcoin usage.
Trump Supports Crypto at Mar-a-Lago, Criticizes Biden
At a recent Mar-a-Lago event, Trump showed strong support for the crypto industry, criticizing President Joe Biden’s administration for its perceived hostility toward cryptocurrencies, which he believes is driving crypto activities out of the United States. Trump stated:
“Crypto is moving out of the U.S. because of hostility towards crypto. We’ll stop it because I don’t want that — if we’re going to embrace it, we have to let them be here.”
He also announced his willingness to accept Bitcoin for campaign contributions, signaling a significant policy shift if re-elected.
Bukele’s Influence on Trump’s Crypto Views
El Salvador’s President Nayib Bukele has played a role in shaping Trump’s views on cryptocurrency. Bukele made Bitcoin legal tender in El Salvador, earning admiration from American conservatives, including Trump.
During the Conservative Political Action Conference (CPAC) in February 2024, Bukele encouraged American conservatives to fight against “global elites.” He highlighted his success in reducing crime in El Salvador, which resonated with Trump’s law-and-order narrative.
Trump and Bukele admire each other and use similar political tactics. In past meetings, Trump praised Bukele for his efforts to reduce violence in El Salvador.
“We’re working together very well,”
Trump said in a meeting.
Trump Launches NFTs and Fights CBDCs
Trump’s perspective on cryptocurrencies has evolved, leading him to launch several NFT collections, including the Trump Digital Trading Cards series, embracing digital assets.
Trump opposes central bank digital currencies (CBDCs), arguing that they pose significant threats to personal privacy and freedom. At a rally, he promised to block the introduction of CBDCs if re-elected. Trump emphasized that such digital currencies could lead to increased government surveillance and control over individual financial activities.
Trump’s Crypto Support for 2024
Recent polling data indicates strong support for Trump within the crypto community. A Paradigm poll revealed that 48% of crypto owners would vote for Trump compared to 39% for Biden. This preference highlights the growing political influence of the crypto community.
Trump’s criticism of SEC Chair Gary Gensler’s regulatory approach also underscores his alignment with pro-crypto sentiments, contrasting with the current administration’s approach.
Donald Trump has shifted from being a crypto skeptic to a supporter, aiming to win the 2024 presidential election. Global developments, such as President Nayib Bukele’s policies in El Salvador and the rising adoption of digital assets, have influenced Trump’s views. His pro-crypto position is resonating with a growing number of digital asset enthusiasts, reflecting his strategy to gain their support in the upcoming election.
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