Despite his recognition of crypto’s growth, Trump strongly advocated for the continued dominance of the US dollar as the global reserve currency.

Former US President Donald Trump said that Bitcoin is an “additional form of currency” that has “taken on a life” of its own, and he has no intention of stopping people from using it.

Trump made the statement during an interview on CNBC’s Squawk Box on March 11. His comments come amid a backdrop of growing interest in crypto as Bitcoin has once again entered price discovery mode after setting a new all-time high.

Despite his recent recognition of crypto’s growth, Trump strongly advocated for the continued dominance of the US dollar as the cornerstone of the global economy.

Form of currency

The former president conceded that cryptocurrencies have carved out a significant niche, evolving from speculative ventures into bona fide payment methods.

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Trump recounted a personal experience where people used crypto to pay for limited edition sneakers launched as part of his branding campaign. He added:

“It was wild… I call them crazy new currencies, whether it’s Bitcoin or others.”

Trump also touched upon the regulatory environment surrounding digital currencies, suggesting a measured approach to their growth. He expressed a willingness to allow the continued proliferation of cryptocurrencies, provided it does not undermine the traditional financial system.

Trump’s comments extended into the regulatory sphere, hinting at a cautious but open approach to the expansion of digital currencies. He emphasized the need to balance innovation with the preservation of traditional financial systems.

Trump said:

“I have seen, there has been a lot of use of that [crypto], and I’m not sure that I’d want to take it away at this point.”

However, he said that he remains a “traditionalist” and wants the US dollar to be the primary currency used by the world.

Dollar’s hegemony

Trump also voiced concerns over the potential ramifications of countries moving away from the dollar, likening such a shift to a significant national setback comparable to losing a “war.”

He emphasized that:

“Maintaining the dollar’s supremacy is crucial for our national interest.”

Trump’s comparison highlights the critical importance the US places on maintaining the dollar’s dominance in international finance — viewing it as essential to national security and economic stability.

The former President said that “too many countries” are trying to find alternatives to the dollar, but he “would not allow” them to “get away from the dollar.”