In a not so surprising shift, former President Donald Trump reversed his stance on Bitcoin, the cryptocurrency he previously labeled a “scam.” Speaking to Fox Business, Trump expressed concerns that Bitcoin was undermining the value of the U.S. dollar, stating, “I don’t like it because it’s another currency competing against the dollar.” During his presidency, Trump was a vocal critic of digital currencies, going so far as to condemn them as “highly volatile and based on thin air” in a 2019 post on X (formerly Twitter). He also associated unregulated crypto assets with facilitating unlawful activities, including drug trade.
However, at a recent cryptocurrency conference in Nashville, Trump offered a different tone. “If Bitcoin is going to the moon,” he declared, “I want America to be the nation that leads the way.” This new stance appears to be part of a broader strategy to win over a growing bloc of crypto-enthusiastic voters and mega-donors.
JUST IN: 🇺🇸 Democrats launch "Crypto for Harris" campaign to counter Donald Trump — FOX Business 👀 pic.twitter.com/2K9O5bP0Xg
— Bitcoin Magazine (@BitcoinMagazine) August 7, 2024
Meanwhile, Vice President Kamala Harris, the Democratic nominee for the 2024 Presidential election, is not letting Trump’s pivot go unanswered. Harris has launched the “Crypto for Harris” campaign, signaling her intention to engage the crypto community and potentially soften the Biden administration’s previous hardline stance on digital assets. The campaign has already begun outreach efforts to top crypto firms, aiming to reset the Democratic Party’s relationship with the industry.
The pro-Harris group plans to host a virtual town hall next week, featuring a diverse lineup including billionaire entrepreneur Mark Cuban, Trump critic Anthony Scaramucci, and several Democratic House members. The event is part of a broader effort to counter Trump’s new appeal within the crypto community and to realign the Democratic Party’s position on digital currencies.
