Trump Tried to Ban Bitcoin in 2020, Claims Block Exec Mike Brock

Crypto has in recent months taken center stage in American politics to the point where Trump has completely backtracked on his previous anti-crypto position.

Former U.S. President Donald Trump nearly banned Bitcoin in 2020, but was talked out of it by former U.S. Secretary of the Treasury Steven Mnuchin, according to a top exec at Block Inc.

“Trump tried to ban Bitcoin in 2020, until Steve Mnuchin and a group of people in the administration slow-walked his wishes, to preserve American competitiveness and innovation,” Mike Brock, the general manager of TBD at Block (NYSE:SQ) , posited in a post on the X platform. “I was invited to the meeting. And yes, I’m violating the confidence of those conversations.”

Brock's comments came after a member of the crypto Twitter community cited MicroStrategy (NASDAQ:MSTR) founder Michael Saylor, who is a former crypto skeptic and now a major Bitcoin believer and investor, when asked whether people can't change their minds regarding issues.

“Trump doesn’t believe in anything but himself. He sized up a bunch of people who he saw as an easy fundraising and constituency win for him,” Brock added in another post. “If he wins, he will immediately begin the process of doing to them, what he’s done to every other constituency he’s courted: leaving them out to dry.”

Trump's Brazen Flip-Flop On Crypto

Crypto has in recent months taken center stage in American politics to the point where Trump has completely backtracked on his previous anti-crypto position.

In July 2019, the ex-POTUS tweeted: “I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air.” Then in 2021, he called “Bitcoin is a scam against the dollar” during a Fox Business interview.

But earlier this year, Trump's campaign started accepting donations in crypto and the presidential candidate has said he wants all the remaining Bitcoin to be made in America. That has led many in the cryptosphere to see Trump as the pro-crypto candidate with some industry experts saying voters are likely to choose Trump over Biden because of his crypto stance.

The odds of Trump winning the 2024 elections have rocketed over the past week following the weekend attempt on his life during a rally in Pennsylvania and after he picked crypto-friendly Ohio senator J.D. Vance as his running mate. Vance currently holds as much as $250,000 in BTC.

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