Donald Trump has publicly expressed his support for Bitcoin (BTC) and acknowledged that the Bitcoin market needs a dedicated regulatory framework.
Donald Trump is a 77-year-old American politician, journalist, and businessman who served as the 45th President of the United States. Currently, he is at the forefront of the U.S. presidential election and has a high probability of winning over all other candidates.
So far, Trump has passed many harsh statements regarding the adoption of cryptocurrencies in the United States, calling Bitcoin a fraudulent asset.
Although Trump recently said that he would always prefer the US dollar over any other currency, we also know that the adoption and demand for Bitcoin is rapidly surging among people and they are using it in payment services.
He also said that while he agrees with the adoption of Bitcoin, there should be proper rules and laws to regulate such digital asset-based payment services.
The entire cryptocurrency industry knows that Trump and his family have used cryptocurrencies several times, launching NFT collections and gaining money and popularity, but they have never backed Bitcoin or any other cryptocurrency asset.
According to political experts, Trump’s change in stance on Bitcoin has changed dramatically due to the U.S. presidential race. Perhaps Trump could have used Bitcoin to gain more support from the population.
Previously, many people had already speculated that Trump would support Bitcoin after Vivek Ramaswamy quit the presidential race and jumped in support of Trump.
Ramasawamy has made his support for Bitcoin and his agenda for banning CBDCs his main topics to gain public support.
In 2023, many U.S.-based cryptocurrency companies will face tremendous regulatory pressure, forcing some of them to move their operations out of the United States. The US securities regulator, the SEC, has launched several lawsuits against several cryptocurrency companies, even companies that provide services under its regulations.
Also Read: Kraken Crypto Exchange Fights SEC Lawsuit