Initially, Donald Trump was highly suspicious of cryptocurrencies, going back a few years, but he has since changed his mind. He has embraced them, impressing a younger fan base and their deep-pocketed investors.
Hours after meeting with bitcoin miners at his Mar-a-Lago estate in Florida on Wednesday, the former president said on his Truth Social media platform that cryptocurrency users should “vote for Trump!” because he will stand up to “Biden’s hatred of Bitcoin.”
He made that declaration at The Libertarian Party convention of assorted individuals from fans to TDS victims who think conservatives are socialists.
The declaration came after weeks of concerted outreach to crypto enthusiasts and the people leading the burgeoning industry — and it already seems to be paying off. One bitcoin mining executive who met with Trump told CNBC that his industry has committed to raising over $100 million and turning out more than 5 million voters to help Trump this fall.
“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,” Trump once said in a series of social media posts in 2019. “Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity.”
“We have only one real currency in the USA,” Trump continued, “And it will always stay that way. It is called the United States Dollar!”
HE HAS CHANGED HIS MIND
Things have changed since then, especially the value of the dollar. He no longer thinks of Bitcoin as a scam.
Democrats don’t like the edge it gives him with the youth and claim he can’t be trusted. However, if Trump promises something, he does his best to follow through, and he’s a good businessman despite the attacks by lesser people than him.
NBC News denigrated the idea and said the industry has a record of failures and Trump is lining up with the industry.
The industry is growing and is more successful than unsuccessful despite fraudster Sam Bankman-Fried.
At this point, Trump will protect people’s rights to own and trade Bitcoin, and Biden will regulate it to the point of non-existence.
I know nothing about Bitcoin. Is it a Ponzi scheme or something like investing in gold?
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It’s better than gold. Nobody knows the total supply of gold in the earth. It can’t be inflated by printing, but the value is effected by how much supply is mined from the ground. Bitcoin is limited in number and can’t be increased or inflated by any government. Transactions are fast and anonymous. It’s almost as good as cash, which we see governments trying to ban because they want to know (and especially tax) everything you buy and everybody you do business with. It’s the ultimate hard asset. Read “The Bullish Case for Bitcoin.”
Bitcoin is not money…but then, neither is today’s U.S. dollar. However, if there are trades who are willing to sell their goods or services for it, it qualifies as a currency — and if its “mining” rules are maintained and respected, it could prove to be more stable than the dollar. It does have its dangers — Porretto’s Third Law of Engineering states quite unequivocally that “For every engineer there is an equal but opposite engineer” — but unlike the dollar, a user’s decision to use or trade in bitcoin is entirely personal and uncoerced. I’ll be writing more about this later today.
It is the misuse of technology and the potential for bitcoin to be misused for political purposes, such as social credit schemes. It is already happening in communist China and in Europe.
Dollarization and the material dollar is the only currency that can be physically held by individuals, can’t be hacked or digitally lost because of a glitch, and is the only thing that can prevent currency from being used for nefarious purposes, political manipulation of currency holders, schemes such as social credit systems.
Some vendors are already refusing to take cash as payment, that should be ruled as illegal. And cash should be made to be accepted as the de facto primary standard means of payment, no questions asked about it.
And what is bitcoin good for with no internet service?. It has no use whatsoever. It is a gimmick.
Looks like communists are here leaving the negatives.
Your second paragraph makes absolutely no sense at all.
Explain yourself to me why you cannot understand the self explanatory. Just to curious to know what absolutely confounds your comprehension.
You can like bitcoin all you want, doesn’t change the fact that it is imaginary bull$hit. The title of this article says Trump now embraces bitcoin, I never heard him say that. This is more imaginary bull$hit. At the end, the writer states that he knows nothing about bitcoin. Which makes this article worth less than imaginary bull$hit.
“He said last last night in Michigan that he believes that if the USA does not make bitcoin here that he believes that china will make it,” That would mean that they will end up controlling it’s use. So that does make some sense strategically.
For someone to change their mind with new data is not uncommon for the intelligent. A smart person is constantly changing their views as VALID data comes in that might paint things in a different way than they first believed.
Only children cling to an idea and never let go of it, no matter what evidence to the contrary is presented to them.
The US dollar, for all practical purposes IS the same thing ! It’s value is made from thin air! what people THINK it is worth. It used to be backed by real gold and silver but not anymore, from that day it’s value was…. the value of the paper it is printed on.
If he really wanted to bolster the US dollar and make it the king of cash again he’d pin it to a new gold standard. One Dollar is worth 1/xxx oz of gold. Then work on getting that much gold in the reserves to back those dollars. THAT is what makes money worth something!
I agree with you. He made sense, changed my mind about the potential use of it. Although I still wont use it. But bit coin could be used to implement CBDC dominance over the masses if the wrong people had the opportunity to have a monopoly on it. Better to not let that happen.
I just watched him say that the reason he now supports bit coin is that if the USA doesn’t make bit coin here that he believes that china will end up making it and capitalizing on it.
There’s really not that much more to make, most of it is already in circulation. It’s value is volatile, just like the dollar .vs. yen dollar .vs. pound on and on and on. It’s just another vehicle to convey perceived wealth from point A to B really.