Former US President Donald Trump nearly banned Bitcoin in 2020, in line with Mike Brock, the CEO of TBD, a division of Jack Dorsey‘s fintech agency Block Inc.
In a July 18 submit on social media platform X (previously Twitter), Brock acknowledged:
“Trump tried to ban Bitcoin in 2020, till Steve Mnuchin and a gaggle of individuals within the administration slow-walked his needs, to protect American competitiveness and innovation.”
Mnuchin served because the 77th United States Treasury Secretary throughout Trump’s presidency. On the time, Trump was a significant critic of digital belongings and had publicly acknowledged that he was not a “fan of Bitcoin and different cryptocurrencies, which aren’t cash and whose worth is very risky and primarily based on skinny air.”
Brock’s assertion comes amid Trump’s current pivot towards the rising crypto {industry}, the place he’s gaining robust assist. He has additionally garnered assist in Silicon Valley for his progressive stance towards know-how.
Whereas some stakeholders, like Messari CEO Ryan Selkis and Ark Make investments CEO Cathie Wooden, have backed him, skeptics like Brock stay.
Based on Brock, Trump doesn’t care about Bitcoin and solely sees the sector’s assist “as a simple fundraising and constituency win.” He added:
“He’ll stroll into the White Home and instantly start the method of doing to them, what he’s completed to each different constituency he’s courted: leaving them out to dry.”
When requested if Trump’s view on crypto may need advanced, Brock disagreed, stating:
“Trump doesn’t consider in something however himself.”
Brock’s perspective aligns with Arthur Hayes, the co-founder of the BitMEX alternate, who not too long ago warned that Trump’s current pro-crypto stance was false.
Hayes acknowledged:
“I’m dismayed that many crypto pundits who ought to know higher at the moment are blindly throwing fancy fundraisers for the Trump marketing campaign. Trump is an astute politician, he’ll say no matter to whoever is to be re-elected. As soon as in workplace, something associated to crypto will likely be a distant reminiscence.”
Notably, the upcoming November elections have created an industry-wide political consciousness, with Ethereum co-founder Vitalik Buterin not too long ago warning voters about supporting pro-crypto candidates who could also be making empty guarantees.
