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Cryptocurrency News Articles
Donald Trump's Bitcoin (BTC) Stance Has Shifted Over the Years, But Early Investors Could Have Profited From Fading His Opinion
Sep 30, 2024 at 10:41 pm
Former President Donald Trump humorously suggested at a fundraising event in September that cryptocurrency could be used to pay off the U.S
Former President Donald Trump has shared his thoughts on cryptocurrency several times over the years, with varying opinions. In September, he humorously suggested at a fundraising event that cryptocurrency could be used to pay off the U.S. national debt, while expressing optimism about its future.
However, Trump's opinions on Bitcoin ( BTC-USD ) have shifted over time. In 2019, he criticized the leading cryptocurrency on Twitter.
"I am not a fan of Bitcoin and other cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air," Trump tweeted on July 11, 2019.
Trump also called out Libra, a virtual currency that Meta Platforms ( FB ) was working on at the time.
"If Facebook and other companies want to become a bank, they must seek a new Banking Charter and become subject to all Banking Regulations, just like other Banks."
Trump added that the real currency in the United States is the U.S. Dollar, which will remain the "most dominant currency anywhere in the world."
Investors who chose to ignore Trump's opinion on Bitcoin and remained invested in the cryptocurrency could have seen significant gains.
On the day that Trump's anti-Bitcoin tweet was sent, the cryptocurrency traded between $11,158.92 and $12,144.62.
At the higher end of that range, an investor could have purchased 0.0823 BTC with their $1,000 investment.
That investment would be worth $5,237.03 today based on a price of $63,633.38 for Bitcoin at the time of writing. This represents a return of +423.7% over the last five years.
At its peak of $73,750.07 in March 0f 2024, the $1,000 investment would have been worth $6,069.63, up 507% from the time of Trump's tweet.
Some elements of this story were previously reported by Benzinga and it has been updated.
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