US President Donald Trump revealed his shift in stance towards cryptocurrency at a press conference on Monday. When asked whether 'Trump Accounts,' an investment account for children under 18, would allow for Bitcoin (BTC), Trump said he's become 'a big crypto guy' partly due to politics.
'I've become a big crypto guy only for one reason: If we don't have it, China's going to have it,' Trump answered. He explained that he initially wasn't much involved in crypto but watched its growth and saw the huge industry it has become.
Trump's comments shed light on why he pivoted his stance towards crypto. In his first term, he called Bitcoin 'a scam.' Since then, he and his family have built deep business interests in crypto, with Trump facing criticism for his pro-crypto stance while being connected to the industry.
'I got involved in it a little bit for politics,' Trump added. 'I realized there are a lot of people that love crypto.'