President Donald Trump has again shown his support for Bitcoin and the cryptocurrency industry, insisting it has created jobs for Americans.
Trump views Bitcoin not just as a digital currency but as an industry. He admitted in a White House conference on Friday that he is a fan of cryptocurrency and lauded its impact on the United States’ economy.
Bitcoin Is Amazing: Trump
When questioned about his exposure to cryptocurrency and how it has influenced the approval of certain legislation related to the sector, Trump insisted that he had been involved long before he decided to run for president again and has had little involvement investment-wise since he assumed power.
He noted that he has grown to believe in Bitcoin over time, calling it “amazing.” Remarkably, Bitcoin has been on an uptrend for most of Trump’s time in office, rallying from around $70,000 in November to an all-time high of $112,000 in May.
Trump also highlighted Bitcoin’s remarkable resilience during market turbulence, as it outperformed risk assets following the backlash to his tariff hike. Bitcoin demonstrated its potential as a store of value during those times, serving as a safe haven for investors.
Bitcoin Takes Pressure Off the Dollar
Meanwhile, the President suggested that Bitcoin has played a crucial role in sustaining the US dollar. He noted that Bitcoin “takes a lot of pressure” off the dollar, arguing it is a win for the United States.
The emerging role of Bitcoin and cryptocurrencies in the payment system has contended with the traditional means of transacting. Many view stablecoins and innovations like those powered by Ripple as a new payment rail with better capacity than their conventional counterpart.
Furthermore, Trump noted that the crypto industry has created jobs for Americans, another benefit that his support for the sector has provided. He claimed he turned a “very powerful industry” in crypto and aims to maintain the United States’ dominance in the sector to prevent China from doing so.
