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Cryptocurrency and Bitcoin Take a Backseat in Donald Trump, Joe Biden’s Heated Presidential Debate
President Joe Biden and former President Donald Trump are gearing up for the race for the White House, raising anticipation for the first presidential debate of 2024 that began with a new set of accusations.
There is a buzz on social media platform X about the cryptocurrency industry pushing for discussions about cryptocurrencies during tonight’s debate. Following President Biden’s veto, his campaign is reportedly looking to accept donations through Coinbase Trade, an initiative started by President Trump’s campaign last month.
Lawsuits against major cryptocurrency companies like Coinbase, overseen by Biden-appointed SEC Chairman Gary Gensler, have caused an uproar in the industry.
However, halfway through the debate, neither candidate opened up about their evolved views on cryptocurrencies. After describing Bitcoin as a scam shortly after leaving office, Trump has now dubbed himself “the crypto president,” and crypto enthusiasts were eager to hear his views on the matter.
What did Trump previously stand for?
A few years ago, at the White House, Trump said, “I’m not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated cryptoassets can facilitate illegal behavior, including drug trafficking and other illegal activities. We only have one real currency in the US and it will always remain that way. It is called the United States Dollar.”
However, by May 2024, Trump had changed his tune. He said in a speech: “I will ensure that the future of crypto and bitcoin is made in the U.S., not taken overseas. I will support the right of self-custody for the nation’s 50 million cryptocurrency holders. With your vote, I will keep Elizabeth Warren and her henchmen out of your bitcoin. And I will never allow the creation of a central bank digital currency.”
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