As a seasoned crypto investor with over a decade of experience navigating the ever-evolving digital asset landscape, I have witnessed firsthand the rollercoaster ride that is the relationship between politicians and cryptocurrencies. Donald Trump’s transformation from Bitcoin skeptic to apparent crypto advocate has been nothing short of astounding.
During a recent conversation on the popular American talk show 60 Minutes, I, as an analyst, noted that the Chief Executive Officer of Ripple, Brad Garlinghouse, admitted to the warm reception the cryptocurrency community has extended towards the newly elected President of the United States, Donald Trump.
When questioned regarding Trump’s past antagonism towards the cryptocurrency market, he issued this remark. It’s worth noting that, as recently as 2021, the individual who is now supportive of crypto referred to Bitcoin as a fraud.
Was Trump Always Pro-Crypto?
CBS journalist Margaret Brennan anchored the interview with Garlinghouse. She asked the Ripple CEO:
In June of 2021, I recall hearing former President Donald Trump express doubts about Bitcoin, calling it a ‘scam.’ Fast forward to today, and I can’t help but wonder, ‘What caused this shift in perception?’
Back in June 2021, Trump’s criticism of Bitcoin underscored his past negative stance towards cryptocurrencies such as Bitcoin. He expressed disapproval of BTC because it was seen as competing against the U.S. dollar. Moreover, he stated that he aimed for the American dollar to be recognized as the global currency. It’s worth mentioning that some people disagreed with Trump’s negative opinion towards Bitcoin at that time.
Without shedding light on Trump’s past with Bitcoin, Garlinghouse focused on the present.
I wasn’t right up close for that event, but it seems pretty obvious that Donald Trump was welcomed by the crypto world in return for his embrace.
How Crypto Has Faired With Trump’s Support
Throughout his presidential campaign, Trump consistently expressed his approval of the cryptocurrency sector. Moreover, he pledged several actions aimed at increasing cryptocurrency acceptance within the nation, should he win the election in November.
After securing victory in the election, he has started delivering on his commitments. For instance, he recently selected several advocates for cryptocurrency to fill political positions. One of these appointees is Paul Atkins, a politician known for his pro-crypto stance, who was appointed to replace Gary Gensler as the chairman of the U.S. Securities and Exchange Commission.
Remarkably, Trump’s selection news played a significant role in pushing Bitcoin prices beyond the $100,000 milestone to an unprecedented high of $103,600. At the moment of writing, the peak crypto asset was being traded for approximately $99,500.
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2024-12-09 12:18