Donald Trump, once a vocal critic of cryptocurrencies, has made a surprising turnaround. The former president, who previously dismissed Bitcoin as a “scam” and cryptocurrencies as a “disaster waiting to happen,” is now building a “crypto army.” His campaign recently announced that it would accept donations in cryptocurrencies, including Bitcoin, Ether, and Dogecoin.
This has sparked a range of reactions. Some crypto enthusiasts see it as validation of cryptocurrencies’ growing influence in politics, while others view it as mere opportunism. The shift in Trump’s stance on crypto seems to be influenced by several factors.
Cryptocurrencies have supporters across the political spectrum. Some Republicans, like Minnesota’s Tom Emmer, see crypto as a boon to free markets and privacy. On the other hand, some Democrats, like Cory Booker, believe that crypto can democratize finance and increase access for those excluded from traditional banking.
However, the political landscape around crypto is changing. Prominent Democrats, including Elizabeth Warren and SEC Chair Gary Gensler, have criticized cryptocurrencies, arguing they pose significant risks to the economy. In contrast, right-wing candidates with pro-crypto stances have found support among crypto enthusiasts.
Trump’s support for crypto allows him to position himself against Warren and potentially attract support from the young, male-dominated crypto industry. His campaign’s statement emphasized this, linking Bitcoin donations to opposition to “socialistic government control” over U.S. financial markets.
Read more: time.com