- Donald Trump has expressed strong support for the cryptocurrency industry.
- Trump criticized President Joe Biden’s approach to digital assets.
- Trump has shifted from being skeptical to accepting crypto donations.
- The Biden administration has recently shown a warmer stance towards crypto.
- Trump’s pro-crypto stance could influence a large voter base.
As the US gears up for the presidential elections (5 November 2024), former President Donald Trump is making headlines with his support for the cryptocurrency industry.
In recent statements, Trump has made it clear that he wants to foster a crypto-friendly environment if he is re-elected, contrasting sharply with President Joe Biden’s policies on digital assets.
Trump in Now Pro-Crypto
On his social media platform, Truth Social, Trump expressed his enthusiasm for the cryptocurrency sector.
“I am very positive and open-minded to cryptocurrency companies and everything related to this new and burgeoning industry. Our country must be the leader in the field. There is no second place,” he said.
This statement shows his determination to support and grow the crypto industry in the United States.
Trump also criticized the current administration’s approach to crypto. He accused President Biden of wanting to “kill the crypto industry,” calling Biden “the worst president in the history of our country.”
Trump assured that under his leadership, the crypto industry would thrive.
Pro–Crypto Stance Just For The Campaign?
Over the years, Trump’s view on crypto has changed significantly.
Once skeptical, he now accepts campaign donations in cryptocurrencies like Bitcoin, Ethereum, and US Dollar Coin (USDC).
His NFTs, which depict him in various iconic roles, have sold out quickly, indicating a strong fan base that favors digital assets.
Supporting cryptocurrencies publicly could help Trump mobilize a significant voter base.
According to Triple-A, the United States has 48 million active adult crypto users. These voters are concerned about the lack of clear regulations and government actions against the crypto sector.
Trump’s supportive stance could attract this demographic and give him an advantage in the elections.
During a speech at the Libertarian National Convention, Trump promised to end Biden’s “crusade to crush crypto” and ensure that the future of digital assets is shaped in the U.S.
He also vowed to protect the right to self-custody of cryptocurrencies and to oppose the creation of a central bank digital currency (CBDC).
Biden Administration’s Changing Crypto Policy
The Biden administration has recently taken steps that suggest a change in its stance on cryptocurrency.
The SEC approved Ethereum ETFs, and the House of Representatives passed the Financial Innovation and Technology for the 21st Century Act, or FIT21.
These actions indicate a more favorable approach to regulating digital assets, which could be seen as an effort to win over pro-crypto voters before the election.
The crypto community is optimistic about Trump’s promises.
- Ryan Selkis, founder of blockchain research firm Messari, highlighted Trump’s openness to digital assets by sharing his statements on social media.
- Additionally, Trump’s campaign now accepts crypto donations, reinforcing his commitment to integrating cryptocurrencies into his political platform.
- Former chairman of the CFTC, Chris Giancarlo, referred to Trump as the first “crypto president” because of the approval of Bitcoin futures ETFs during his administration.
- Trump himself has recognized the growing popularity of Bitcoin, calling it “an additional form of currency.”
With the election approaching, Trump’s pro-crypto stance is expected to play a significant role in his campaign, potentially swaying a large number of voters who are passionate about digital assets.
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