[NEWS] Former President Trump says cryptocurrencies "need to be embraced"

Donald Trump, a Republican candidate for the US presidential election to be held in November this year, said on the 9th, "We need to stop being hostile towards cryptocurrencies and embrace them."

This was said at a rally held for holders of Trump's NFT collection "Collect Trump Cards." Trump has been negative towards cryptocurrencies since his presidency, but has recently softened his stance.

At the rally, Trump said, "The hostility of regulators is driving cryptocurrency companies out of the United States," criticizing the response of the SEC (US Securities and Exchange Commission) and others. He then emphasized, "Cryptocurrencies are being flown out of the United States due to hostility. I want to stop that. We need to embrace them so that (cryptocurrency-related companies) can do business."

Trump also named President Joe Biden, criticizing him, saying, "Biden is against cryptocurrencies. He doesn't understand what cryptocurrencies are and is hostile towards the cryptocurrency industry."

He also mentioned SEC Chairman Gary Gensler, saying, "He is also strongly opposed to cryptocurrencies, and the Democratic Party is very much in favor of that movement. I say this, but I think many people think the same and support it."

After making this comment, Trump said, "If you support cryptocurrencies, you should vote for Trump." In addition, Trump said that it is possible to accept donations to his election campaign in cryptocurrencies such as Bitcoin (BTC). These remarks also reveal his intention to attract cryptocurrency supporters with an eye on the presidential election.

Softening his stance on cryptocurrencies

During his presidency, Trump criticized the cryptocurrency industry, saying that it "may encourage illegal activities." He also mentioned, "I'm not a fan of Bitcoin or other cryptocurrencies. They're not money, their value is very unstable, and they're being used for fraud and criminal activities."

On the other hand, Trump has been showing a more accommodative attitude toward cryptocurrencies since leaving office, such as releasing his own NFT collection, "Collect Trump Cards."

Trump has maintained a firm opposition to CBDC (Central Bank Digital Currency). He has stated his personal opinion that "the issuance of CBDC could lead to the theft of people's assets by the federal government and other parties," and has indicated that he will not hesitate to block related efforts if re-elected.

Reference: Trump's remarks
Image: Shutterstock

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