Trump Shifts Stance on Cryptocurrency Amid Donor Influence

Former President Donald Trump has shifted his stance on cryptocurrency, which he previously criticized as a “scam” and a “disaster.” The new Republican Party platform, edited by Trump, now opposes the creation of a Central Bank Digital Currency and supports the right to mine Bitcoin and self-custody of digital assets. This change follows a campaign by wealthy cryptocurrency executives, who have donated to Trump’s campaign and held events at his properties. Despite his past disinterest and negative views on cryptocurrency, Trump has been swayed by donors’ promises of support for his 2024 campaign. The revised platform was adopted without much scrutiny, and Trump’s campaign has started accepting cryptocurrency donations. The shift is seen as a response to regulatory actions under the Biden administration, which has been criticized by the cryptocurrency industry.