Donald Trump is coming around on bitcoin after previously labeling it a 'scam'
Erin Schaff-Pool/Getty Images
- Donald Trump is warming up to bitcoin as it hits new record highs.
- The former President told CNBC on Monday that he wouldn't crack down on bitcoin if elected again.
- "There has been a lot of use of that and I'm not sure that I would want to take it away at this point," Trump said of bitcoin.
Former President Donald Trump is warming up to cryptocurrencies as bitcoin surges to record highs.
Trump suggested to CNBC on Monday that he wouldn't crack down on bitcoin if he were re-elected President in November.
"There has been a lot of use of that and I'm not sure that I would want to take it away at this point," Trump said of bitcoin.
The comments stand in contrast to Trump's prior comments about bitcoin. In 2021, Trump said bitcoin was "a scam against the dollar and that he didn't like that it was competing against the greenback.
Trump's still doesn't like the fact that bitcoin competes against the dollar. But at this point, with a $1.4 trillion market value, he's coming around on its use.
"It's an additional form of currency and I used to say, 'I want one currency, I want the dollar, I don't want people leaving the dollar,' and I feel that way, but I will tell you it has taken on a life," Trump said.
Trump said that while he doesn't own bitcoin himself, he has let people use it to pay for Trump products, like his recent golden sneakers.
"I noticed that so many of them were paid for with this with a new currency ... you know, cryptocurrency and I couldn't believe the amount," Trump said.
Still, while Trump may be warming up to bitcoin, he's still all for the continued dominance of the US dollar.
"I'm very much a traditionalist. I like staying with the dollar. I hate when countries go off the dollar. I would not allow countries to go off the dollar. Because when we lose that standard, that will be like losing a revolutionary war. That will be a hit to our country just like losing a war, and we can't let that happen, and too many countries now are fighting to get off the dollar," Trump said.