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President Donald Trump reiterated his support for the cryptocurrency industry on Wednesday, adding that the asset class takes significant pressure off the dollar.
At the America Business Forum in Miami, Trump stated that he had issued executive orders to cease the federal government’s “War on Crypto.”
“Crypto was under seizure, but it’s not under seizure anymore,” Trump said. “It does a lot of good things. We are into it.”
Trump’s also pointed fingers at the Joe Biden administration’s approach to the industry, stating, “Biden was vicious on crypto. They were going after these crypto guys. It was terrible.”
He claimed that cryptocurrency takes “a lot of pressure” off the dollar and that his administration is focused on making the U.S. a Bitcoin (CRYPTO: BTC) “superpower.”
Trump has repeatedly expressed positive views toward cryptocurrency in his speeches and interviews.
In an interview aired last week, he said he’s "glad" his sons are involved in the industry, even though he admitted he doesn't know anything about the sector himself.
However, Trump’s ties with the industry have also drawn scrutiny. He distanced himself from Binance (CRYPTO: BNB) founder Changpeng "CZ" Zhao, amid heavy criticism over his pardon of the cryptocurrency mogul.
Trump and his family have reportedly earned over $1 billion in pre-tax profits through ventures spanning memecoins, stablecoins, trading cards and decentralized finance projects.
Lawmakers, including Sen. Elizabeth Warren (D-Mass.), have accused Trump of engaging in “corruption,” particularly in connection with the Official Trump (CRYPTO: TRUMP) meme coin and the family-backed stablecoin, World Liberty Financial USD (USD1).
Price Action: At the time of writing, BTC was trading at $102,901.29, up 3.75% over the last 24 hours, according to data from Benzinga Pro.
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
