In a surprising revelation, it’s been alleged that former US President Donald Trump considered banning Bitcoin back in 2020. But what stopped him? Let’s dive into the details of this near-miss crypto ban and the figures who played a crucial role in preventing it.
The Alleged Attempt to Ban Bitcoin
According to Mike Brock, CEO of TBD (a division of Block Inc.), Trump was keen on banning Bitcoin during his presidency. In a post on X (formerly Twitter), Brock stated that Steve Mnuchin, then Treasury Secretary, and others within the administration, deliberately slowed down the process to safeguard American competitiveness and innovation.
But why would Trump want to ban Bitcoin in the first place?
- Trump’s Stance: Trump has been a vocal critic of digital assets, stating he wasn’t a “fan of Bitcoin and other cryptocurrencies.” He viewed them as highly volatile and based on “thin air.”
- Mnuchin’s Role: Mnuchin, serving as Treasury Secretary, apparently disagreed and worked behind the scenes to prevent the ban.
Trump’s Evolving Crypto Stance?
Interestingly, Trump seems to have shifted his stance toward the crypto industry recently, gaining support from Silicon Valley for his progressive views on technology. This pivot raises questions about his true intentions.
Is Trump’s Support Genuine?
Some industry stakeholders, like Messari CEO Ryan Selkis and Ark Invest CEO Cathie Wood, support Trump’s pro-crypto stance. However, skeptics like Mike Brock aren’t convinced. Brock believes Trump’s support is merely a strategic move for fundraising and gaining constituency, and that he doesn’t genuinely care about Bitcoin. He suggests that once in office, Trump might abandon the crypto community, similar to his treatment of other groups he once courted.
Brock isn’t alone in his skepticism. Arthur Hayes, co-founder of BitMEX, has also cautioned against blindly supporting Trump, suggesting his pro-crypto stance is a ploy for re-election.
Industry-Wide Political Awareness
The upcoming November elections have sparked political awareness within the crypto industry. Vitalik Buterin, co-founder of Ethereum, has urged voters to be cautious of pro-crypto candidates making empty promises.
Key Takeaways
- Diverging Views: There are conflicting views on Trump’s true stance on cryptocurrency.
- Electoral Implications: The crypto community is becoming increasingly aware of the political implications of their support.
- Caution Advised: Industry leaders are urging caution and critical thinking when evaluating politicians’ promises regarding crypto.
The alleged attempt to ban Bitcoin in 2020 highlights the complex relationship between politics and cryptocurrency. As the industry evolves, it’s crucial for stakeholders to remain informed and critical when engaging with political figures and their promises.
Disclaimer: The information provided is not trading advice, Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.