Trump new criticism could play into bitcoin’s favor
Trump has raised concerns about the fate of the U.S. dollar.
Previous U.S. President Donald Trump confirmed that he remains a sharp critic of bitcoin. In an interview with Fox Business he said that “bitcoin looks like some kind of murky financial scheme. I don’t like it, because I support the idea that the U.S. dollar should be the global monetary unit, as I’ve always said it should be.” Trump called bitcoin “a financial tool that creates competition to the U.S. dollar and works against the essence of that currency.”
Meanwhile, the peculiarity of the domestic political situation in the United States is such that such a statement can lead to the consolidation of the position of representatives of the Democratic Party in the U.S. Congress in favor of bitcoin. Recall that in July 2019, when Trump first criticized bitcoin, the cryptocurrency #1 began to rise sharply amid an increase in demand for this asset from those who support the Democratic Party and their leader – Joe Biden.
The position of the current U.S. presidential administration towards cryptocurrencies could be called positive. Notably, Washington is not ready to fully embrace digital assets unless it can develop a workable mechanism to neutralize the use of such financial instruments for the sanctions that the U.S. Treasury Department imposes on a number of states, economic sectors and thousands of individuals and entities around the world. Meanwhile, authorities in El Salvador have been pondering the payment potential of bitcoin.