‘If We Don’t Do It, China Will’

Donald Trump Comments on Crypto Transformation: ‘If We Don’t Do It, China Will’

Former President Donald Trump warned that the United States should turn to digital currencies to prevent China from dominating the space.

What Happened: Trump, once a vocal critic of Bitcoin (CRYPTO:BTC), now argues that digital currencies should be “made in the USA” and emphasizes the need to counter China’s growing influence.

The shift dovetails with a broader strategy to position the U.S. as a leader in emerging technologies, draws support from the crypto industry and stands in sharp contrast to the Biden administration’s regulatory approach.

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“If we don’t, China will figure it out and China will figure it out — or someone else will,” he told Bloomberg in an interview, contradicting his previous characterization of Bitcoin as a “fraud.”

This statement stands in stark contrast to his previous characterization of Bitcoin as a “fraud” and a “disaster waiting to happen.”

The former president’s pushback on cryptocurrency aligns with broader political dynamics.

While the Democratic Party has taken a more skeptical approach towards crypto, especially under the Biden administration, Trump seized the opportunity to woo the industry and his supporters.

In May, he announced his intention to “stop Joe Biden’s crypto-crushing crusade,” a move that resonated with certain segments of the electorate.

Trump’s campaign team took advantage of this perceived misstep by announcing plans to “build a crypto army” and accepting crypto donations.

Agenda: If you had invested $100 in DOGE in 2019, when Elon Musk sent his first tweet, how much money would you have today?

Why It Matters: The change comes amid Trump’s ongoing legal battles and his 2024 presidential campaign.

Known for his ability to dominate news cycles and change narratives, Trump’s new stance on cryptocurrency and China appears to be part of a broader strategy to differentiate himself from the current administration and appeal to new voter demographics.

Trump’s presidency has been marked by a trade war with China and efforts to reduce the United States’ dependence on Chinese manufacturing.

His current position suggests a nuanced approach that acknowledges the need to compete with China in emerging technologies while taking a critical stance on broader economic and geopolitical issues.

As the 2024 election cycle heats up, Trump’s shifting positions on China and cryptocurrency are likely to play a major role in shaping the political discourse.

The story continues

Trump’s engagement with the cryptocurrency sector and his strategic positioning against China’s advances comes at a critical time for the digital asset sector.

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This article Donald Trump Comments on Crypto Transformation: ‘If We Don’t Do It, China Will’ was first published on Benzinga.com