President Donald Trump continues to show support for the crypto market by asking whether Bitcoin should be taxed the same way as traditional investments, while also defending his latest financial disclosure, which shows that he has substantial income related to crypto.
Answering reporters at the Joint Base Andrews base before boarding Air Force One late on 02/07/2024, Trump also praised the stock market, reaffirmed his support for digital assets, and responded to concerns about his personal business interests.
Trump said Bitcoin should not be subject to capital gains tax.
In a brief press conference, Trump said that Bitcoin has now become a form of currency and asked why users would have to pay capital gains tax when using Bitcoin for daily transactions.
For example, when buying coffee, Trump shared that a friend recently reminded him that Bitcoin transactions should not be taxed if this coin is used as money, and he agreed with that view.
Trump’s view continues to underscore the campaign call for more favorable regulation for crypto, appearing in the context of his administration continuing to position the United States as the world’s leading player in digital assets.
‘Crypto is a big field,’ Trump stresses
Trump further emphasized his support for the industry, calling crypto “a big field” and stressing that the United States needs to lead in this area.
“Whatever we do, we want to be number one,” Trump said, arguing that digital assets are a strategic technology race rather than just an investment trend.
His remarks further reinforced the administration’s pro-crypto stance, including support for innovation in digital assets and strengthening the United States’ position against other financial hubs around the world.
The attention-grabbing financial disclosure
The reporters questioned Trump after a recent release of his annual financial disclosure showed that he earned significant income from crypto in addition to other investments.
Trump responded by asserting that he does not directly run his businesses on a day-to-day basis.
“My kids run the business. I’m not involved,” he said, adding that professional managers are overseeing his investments.
He also defended his asset holdings, saying that he “always makes money,” but that he does not directly decide on investments.
The Fed, growth, and the market continue to draw attention
Besides the crypto topic, Trump also mentioned Federal Reserve Chairman Kevin Warsh, saying the Fed board is “a bit harsh,” but adding that Warsh “needs to do what he has to do.”
The president also praised the stock market and appeared optimistic that the U.S. economic growth rate could exceed 4% and even reach 12% or 13% if conditions are favorable.
What’s next?
Trump’s latest remarks continue to affirm that crypto remains at the center of his economic views. Although no immediate policy change has been announced, his comments about taxing Bitcoin are certain to reignite debates over reforming digital asset taxes in Congress.
Investors will now wait to see whether the administration turns pro-crypto rhetoric into specific action in legislation—especially regarding capital gains rules and broader regulatory reform—factors that could affect Bitcoin’s popularity and market sentiment.
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