Trump embraces cryptocurrency in presidential bid, a major reversal from first term

Former President Donald Trump, who once called bitcoin a “scam,” has embraced cryptocurrency and is angling to position himself as a champion of the industry in this year’s presidential election.

The turnaround has been years in the making and comes as bitcoin and other cryptocurrencies enjoy a burst of institutional acceptance and a wave of optimism among investors. Trump’s warming to digital assets was on full display this weekend in Washington, where he told attendees at the Libertarian Party’s convention that he would defend the crypto industry.