Trump Calls Crypto 'a Big Deal', Warns of Chinese Dominance
President Donald Trump has expressed his support for cryptocurrency, describing it as 'a big deal' and stating that people are increasingly paying with Bitcoin without thinking about cash. He made these comments during an interview with Punchbowl News, in which he framed his support as a national security issue.
'If we don't have it, China's going to have it,' Trump said, adding that Joe Biden only recently began to embrace cryptocurrency after seeing Trump winning the support of the crypto community. He also pointed out that his own support for crypto is not motivated by personal gain, stating that he does not run his own crypto holdings and does not discuss them with his children.
Trump's comments come as the Senate prepares to vote on the CLARITY Act, a bill aimed at increasing transparency around cryptocurrency transactions. While some Republicans have expressed support for the bill, Trump has stated that he is opposed to its provisions, which include ethics rules for lawmakers' investments.
'Crypto is taking a lot of pressure off our dollar,' Trump said, adding that it is 'a good thing for our country.' His comments suggest that he views cryptocurrency as a potential tool for reducing the influence of foreign nations on the US economy.