Key Takeaways
- Donald Trump has publicly supported Bitcoin and the broader crypto industry for their economic contributions and job creation.
- Trump believes increased Bitcoin adoption may ease pressure on the US dollar and support American innovation.
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President Donald Trump reiterated his support for the growth of the US crypto industry during a White House press briefing on Friday, stating that increasing Bitcoin adoption is not only beneficial to the country but may also ease pressure on the US dollar.
“I notice more and more you pay in Bitcoin,” Trump said. “People are saying it takes a lot of pressure off the dollar, and it’s a great thing for our country.”
Bitcoin was trading around $107,500 at the time of reporting, showing a slight gain over the past 24 hours, according to TradingView. The leading crypto dipped below $107,000 earlier in the day following the release of the core PCE data, but quickly rebounded.
According to Trump, if the US had not embraced the crypto sector, China or another global competitor likely would have filled the void. He argued that under his leadership, America had dominated the space, helping to build a “very powerful industry.”
Trump also reiterated that Bitcoin and crypto performed relatively better during recent stock market declines.
“In fact, when the stock market went down recently, crypto and Bitcoin and all of that went down much less than anybody else as a group,” he said.
Trump added that the industry was creating jobs and playing a growing role in payments.
“It’s become amazing,” Trump noted. “It’s the jobs that it produces.”
While noting that his sons invest in various assets, including crypto, Trump clarified that as president, his focus wasn’t on profit but on building out an industry of national importance.
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