Trump Confirms Bitcoin And Crypto Surprise As Price Crash Fears Suddenly Return
FORBES ·
Bitcoin has seen a significant downturn during Donald Trump's second term, with its price plummeting to around $60,000 from $126,000 last October. Fears of a fresh crash are mounting due to potential conflict with Iran and rising oil prices. Amidst this market volatility, former U.S. President Donald Trump has surprisingly declared himself "a big crypto guy," acknowledging bitcoin's powerful use "at levels that nobody understands." Trump explained his support is primarily driven by a strategic imperative to prevent China from dominating the crypto landscape, citing their mBridge digital currency program. He admitted his initial skepticism evolved as he observed substantial investment in bitcoin, recognizing its growing influence and power. This marks a notable shift in his stance. Bitcoin has struggled so far into U.S. president Donald Trump’s second term, with the latest threat of war with Iran sparking fears of a fresh bitcoin price crash . The bitcoin price has dropped to around $60,000 per bitcoin, down from $126,000 in Octover last year, dragged lower this week by fears of a return of sky-high oil prices. Now, as one closely-watched bitcoin and crypto analyst issues a huge 50x crypto prediction , U.S. president Donald Trump has called himself “a big crypto guy" and confirmed bitcoin is being used “at levels that nobody understands really.” "Well, I’m a big crypto. I’ve become a big crypto guy only for one reason,” Trump said during a press briefing in the Oval Office. “If we don’t have it, China is going to have it, and they would like to have it. But now they’re not even trying that hard because we’ve taken over crypto, but I’m a fan." Trump has repeatedly raised the spectre of China crypto dominance as the reason for his support of the technology, telling CBS in November last year that China “is getting into [bitcoin and crypto] very big, right now.” Last month, China was seen to be gearing up for the launch of a digital currency programme known as mBridge that's designed to reduce its dependence on the U.S. dollar. Trump added that his interest in bitcoin and crypto developed over time, claiming it’s being used “at levels that nobody understands really." Bitcoin is “very powerful,” Trump said, claiming he doesn’t think “anyone understands really how powerful it is.” “I wasn’t initially [a fan]," Trump said. "I didn’t know much about it, but for some of my first term I wasn’t really, I wasn’t much involved, but I’d watch. I realized there are a lot of people love crypto and even me as a businessman, I’d see a lot of money starting to come in with bitcoin.” Trump Accounts are tax-advantaged 503A accounts, launched over the 4th of July holiday weekend and seeded with $1,000 for U.S. children born between January 1 2025 and December 31 2028. They are designed to help children build up savings by giving young people stock market and asset price exposure.
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