Former US President Donald Trump virtually banned Bitcoin in 2020, in accordance with Mike Brock, the CEO of TBD, a division of Jack Dorsey‘s fintech agency Block Inc.
In a July 18 publish on social media platform X (previously Twitter), Brock said:
“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 serious critic of digital belongings and had publicly said that he was not a “fan of Bitcoin and different cryptocurrencies, which aren’t cash and whose worth is very risky and based mostly on skinny air.”
Brock’s assertion comes amid Trump’s current pivot towards the rising crypto {industry}, the place he’s gaining robust help. He has additionally garnered help 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.
In line with Brock, Trump doesn’t care about Bitcoin and solely sees the sector’s help “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 performed to each different constituency he’s courted: leaving them out to dry.”
When requested if Trump’s view on crypto might need developed, Brock disagreed, stating:
“Trump doesn’t imagine in something however himself.”
Brock’s perspective aligns with Arthur Hayes, the co-founder of the BitMEX alternate, who lately warned that Trump’s current pro-crypto stance was false.
Hayes said:
“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 can be a distant reminiscence.”
Notably, the upcoming November elections have created an industry-wide political consciousness, with Ethereum co-founder Vitalik Buterin lately warning voters about supporting pro-crypto candidates who could also be making empty guarantees.
