Former U.S. president Donald Trump made a rare public endorsement of crypto on Monday, emphasizing the degree to which cryptocurrencies have enriched him personally and implying that he would support the industry if re-elected in November.
“There has been a lot of use of [crypto], and I’m not sure that I’d want to take that away at this point,” Trump said during an appearance on the CNBC program “Squawk Box” this morning.
When asked about Bitcoin’s skyrocketing price on the markets-focused talk show, the former president spoke favorably about his personal experience making money on licensed products, like his NFT trading cards that were available for purchase in several cryptocurrencies.
“I make money with it, I have fun with it too,” Trump said of crypto. “Crazy new currencies, that’s what I call them. They’re crazy new currencies, whether it’s Bitcoin or others. People are using [them].”
"If you think of it, it's an additional form of currency. We did a limited edition sneaker run of 1,000 sneakers. And you could go through crazy new currencies," says @realDonaldTrump on #crypto. "I like staying with the dollar. I hate when countries go off the dollar." pic.twitter.com/8NCg4OplKS
— Squawk Box (@SquawkCNBC) March 11, 2024
At writing, Trump holds some $8.7 million worth of crypto generated both from sales of his NFT trading cards and donations from the crypto community. The bulk of those funds are held in MAGA, an independent Trump-themed meme coin that was sent to him last fall.
In December, Trump cashed out $2.4 million worth of ETH from the same wallet.
The former president also spent a fair amount of time boasting that his recent limited edition drop of Trump-themed golden sneakers last month fared exceedingly well, and again showcased crypto’s utility.
“People were going crazy for these sneakers, you probably were too—every friend I have called me for a pair of sneakers,” Trump said. “And I noticed that so many of them were paid for with a new currency—and it is that… it’s a new, uh, crypto, yeah, cryptocurrency.”
He then asserted that a pair of the “Never Surrender High Top” shoes, which originally sold for $399 a pair, recently resold for $450,000. Decrypt was unable to verify that claim. The sneakers also appear to have only been available for purchase with a credit card, not any form of crypto.
The one-time reality show host conceded that his recent experiences with crypto have brought him around to an asset class he was once skeptical about.
“If you think [about] it, it’s an additional form of currency,” Trump said. “I used to say I want one currency… I don’t want people leaving the dollar. I feel that way, but I will tell you—[crypto] has taken on a life.”
In characteristic fashion, though, the presumptive Republican presidential nominee made a dark pivot, warning that any nations who consider switching from a U.S. dollar-backed economy to one more integrated with Bitcoin or another cryptocurrency would pose a near-apocalyptic threat to America’s global dominance.
“I hate when countries go off the dollar, I would not allow countries to go off the dollar,” Trump said. “When we lose that standard, that will be like losing a revolutionary war. That will be a hit to our country just like losing a war.”
Edited by Andrew Hayward