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Trump Embraces Bitcoin and “Crazy New Currencies”

Trump Embraces Bitcoin and "Crazy New Currencies"

TL;DR

  • Trump’s Endorsement of Cryptocurrencies: Former U.S. President Donald Trump has endorsed cryptocurrencies, revealing that he has personally profited from them, particularly Bitcoin, and would support the industry if re-elected.
  • Trump’s Crypto Assets: Trump has crypto assets valued at around $8.7 million, accumulated through the sale of his NFT trading cards and contributions from the cryptocurrency community. A significant portion of these assets is in the form of MAGA, a standalone meme coin themed after Trump.
  • Warning About Crypto Adoption: Despite his enthusiasm for cryptocurrencies, Trump warned that countries adopting crypto over a dollar standard could spell doom for the United States.

Former U.S. President Donald Trump has made a surprising endorsement of cryptocurrencies, revealing that he has personally profited from them and would support the industry if re-elected. In a recent appearance on CNBC’s “Squawk Box”, Trump spoke favorably about his personal experience with cryptocurrencies, particularly Bitcoin. 

He revealed that he has made money from licensed products, such as his NFT trading cards, which were available for purchase in several cryptocurrencies. “I make money with it, I have fun with it too,” Trump said of crypto. “Crazy new currencies, that’s what I call them. They’re crazy new currencies, whether it’s Bitcoin or others. People are using [them]”.

Trump also highlighted the success of his recent limited edition drop of Trump-themed golden sneakers, which were largely paid for with cryptocurrencies. “People were going crazy for these sneakers, you probably were too—every friend I have called me for a pair of sneakers,” Trump said. “And I noticed that so many of them were paid for with a new currency—and it is that… it’s a new, uh, crypto, yeah, cryptocurrency”.

Trump’s Changing Views on Cryptocurrencies

Trump Embraces Bitcoin and "Crazy New Currencies"

At the time of writing, Trump has crypto assets valued at around $8.7 million. These assets have been accumulated through the sale of his NFT trading cards and contributions from the cryptocurrency community. A significant portion of these assets is in the form of MAGA, a standalone meme coin themed after Trump, which was gifted to him in the previous autumn.

Despite his newfound enthusiasm for cryptocurrencies, Trump warned that countries adopting crypto over a dollar standard could spell doom for the United States. He emphasized the importance of the U.S. dollar but acknowledged that cryptocurrencies have taken on a life of their own.

“There has been a lot of use of [crypto], and I’m not sure that I’d want to take that away at this point,” Trump said. His comments mark a significant shift from his previous stance, where he declared Bitcoin and other cryptocurrencies as a “scam” in 2021.

This development has sparked interest in the crypto community, as it represents a potential shift in the political landscape towards greater acceptance of cryptocurrencies.

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