Donald Trump says Bitcoin has ‘taken a life of its own’, calls for regulations

Former United States President Donald Trump has addressed the growing popularity of Bitcoin (BTC) and the importance of having a regulated environment for the asset. 

While speaking during a recent Town Hall interview with Fox News host Laura Ingraham, Trump pointed out that there is growing adoption of Bitcoin while highlighting that the asset has ‘taken a life of its own’  

At the same time, Trump suggested that with its popularity, there is a need for regulations in managing the cryptocurrency if it were to be formally embraced in the US. 

However, Trump expressed his skepticism about the possibility of utilizing Bitcoin as currency, stating that he prefers one legal tender such as the dollar. 

“But a lot of people are doing it [Bitcoin], and frankly, it has taken a life of its own. You probably have to do some regulation, as you know, but many people are embracing it. I’m seeing people wanting to pay Bitcoin, and you’re seeing something that’s interesting, so I can live with it one way or the other,” he said. 

Trump’s past Bitcoin skepticism 

This marks a notable shift in Trump’s stance on cryptocurrencies, as he had been substantially critical of Bitcoin during his presidency, describing it as not being money and having a volatile value based on “thin air.”

“I am not a fan of bitcoin and other cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air,” he said back in 2019. 

The former President’s statements come amid the ongoing debate surrounding cryptocurrency regulations, with governments worldwide considering how to address the rapid growth of digital currencies.

Additionally, Trump’s stance follows his pledge to block any possible creation of a central bank digital currency (CBDC) if elected. According to Trump, there is a need to outlaw a CBDC, noting that it is a move to protect financial privacy and defend the Second Amendment. 

“I will fully uphold the Second Amendment. I will never allow the creation of a central bank digital currency where they can rob your money. We will protect innocent life, and we will restore free speech.”

Despite his skepticism towards cryptocurrencies during his tenure, it is noteworthy that Trump has ventured into the world of non-fungible tokens (NFTs) by launching three collections since leaving office.