Republican presidential frontrunner Donald Trump recently appeared on CNBC, revealing a shift in his attitude towards Bitcoin. Despite previously criticizing the cryptocurrency, Trump admitted to CNBC’s Squawk Box that he was uncertain about banning Bitcoin. He even went as far as to say that he has “fun” with it and acknowledged its widespread use.
Trump now sounds bullish on Bitcoin. Personally, I don’t believe him. He and his administration had a shot for supporting Bitcoin. It was hard if not a full stone wall to work with them.
CNBC video recording by: @thewallstbulloz pic.twitter.com/SFMPEIcaqC
— Gabor Gurbacs (@gaborgurbacs) March 11, 2024
During his appearance, Trump praised Bitcoin’s utility, stating, “There has been a lot of use of that (bitcoin) and I’m not sure that I would want to take it away at this point.” However, he also doubled down on his support for the United States dollar, emphasizing its strength and reliability. Trump expressed concern about countries moving away from the dollar, stating that it would be detrimental to the country.
Bitcoin’s Surging Price and Regulatory Developments
Trump’s comments come at a time when Bitcoin’s price is surging, reaching above $72,000. This rally follows the SEC’s approval of nine spot bitcoin ETFs in January 2024. The approval is seen as a significant step towards mainstream adoption of the cryptocurrency. As of last week, spot bitcoin ETFs had attracted cumulative net inflows of over $2.24 billion, indicating growing investor interest in the asset class.
