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Donald Trump recognizes cryptocurrency utility for payments

Donald Trump recognizes cryptocurrency utility for payments

Donald Trump has gradually shifted his stance on the cryptocurrency market. The presidential candidate has moved from believing that “Bitcoin (BTC) is a scam” to a more friendly position regarding paying with Bitcoin and other cryptocurrencies.

In a recent interview on March 11 on CNBC, Donald Trump revealed that he “sometimes let people pay in Bitcoin.” The shocking revelation came after the former U.S. president said he has had “some fun” and “made some money” with cryptocurrencies.

However, when asked if he had bought Bitcoin, Trump laughed and denied any purchases of the leading cryptocurrency.

Moreover, the presidential candidate and well-known entrepreneur highlighted the use of cryptocurrencies for payments. Notably, the recognition came from people using what he called “crazy new currencies” to pay for Trump’s limited edition sneakers. 

“We did 1000 sneakers, a limited edition sneaker, and you could go through our crazy new currencies because that’s what I call them. The last pair sold for $450,000. So it just took off — and I noticed that so many of them were paid for with the new currency. It’s a new cryptocurrency, and I couldn’t believe the amount.”

– Donald Trump

Does Donald Trump believe cryptocurrencies can replace the dollar for payments?

Nevertheless, Donald Trump doubled his stance in favor of the U.S. Dollar (USD) as the world’s leading currency. According to the candidate, the USD is facing an adoption war right now, and losing the dollar standard would be like losing a war—something Trump is not willing to let happen.

As it seems, the politician and businessman plan is to accept that Bitcoin and cryptocurrencies can be used for payment while ensuring they work in a regulated environment and do not threaten the dollar’s dominance.

Interestingly, Binance recently added a ‘Payment’ category for the first time in its platform. This has made the market speculate whether using cryptocurrencies for payments could be the next narrative to propel a bull market. In particular, the leading crypto exchange listed nine assets under this category, including Bitcoin, XRP, Bitcoin Cash (BCH), Litecoin (LTC), and Nano (XNO).

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