Fri. Oct 23rd, 2020

Bolton book reveals President Trump’s suspicion of Bitcoin, but his administration’s actions support Bitcoin and Ethereum at the expense of other crypto currencies.

As reporters and late night talk show hosts rifled through purloined copies of John Bolton’s forthcoming The Room Where it Happened they found backstabbing and betrayal, bombshells and buffoonery. And they found bitcoin.

An anecdote in Bolton’s book reveals that President Trump has a distaste for bitcoin dating back to at least May 2018, when the President chastised Treasury Secretary Steven Mnuchin’s approach to China trade negotiations. As relayed by the Washington Examiner, Bolton took notes as this scene unwound:

“Don’t be a trade negotiator,” Trump allegedly said… “Go after bitcoin [for fraud].”

“If you don’t want me on trade, fine, your economic team will execute whatever you want,” Mnuchin responded in a tense exchange over upcoming trade sanctions and tariffs on China.

Trump seems to know that China controls bitcoin. And Mnuchin doesn’t seem to care. Mnuchin never went after bitcoin. Indeed, Trump’s administration has supported bitcoin and Ethereum — at the expense of American-made crypto currencies. This has happened even as China has tightened its grip on bitcoin and ether mining. 

Read Full Story at forbes.com

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