“I Embrace Cryptocurrency and Have a Positive Outlook”: Trump
By Sujha Sundararajan
Former President Donald Trump expresses his support for cryptocurrencies, embracing “all aspects of this new and growing industry.”
During his address at the Libertarian National Convention on Sunday, Trump reaffirmed his pro-crypto stance, stating, “I am very optimistic and open-minded about cryptocurrency companies.”
Trump assures that he will not allow crypto to die, criticizing President Biden’s attempts to suppress Bitcoin and cryptocurrency. In a post on Truth Social, he wrote, “Crooked Joe Biden, the worst president in our country’s history, wants it to slowly and painfully fade away. That will never happen under my watch.”
Trump’s endorsement of crypto comes at a time when President Biden is facing criticism for his anti-crypto position. However, as the US election approaches, the Biden administration is showing signs of softening its stance on cryptocurrencies.
Last week, the US Securities and Exchange Commission (SEC) approved eight applications for spot Ethereum ETFs, indicating a growing acceptance of cryptocurrencies in traditional finance.
Trump Aims for US to Lead in Crypto
Trump has been actively promoting his support for cryptocurrencies in recent months, aiming to attract younger voters who are interested in crypto. He recently started accepting cryptocurrency donations for his campaign, after raising millions through Trump trading cards in the NFT space.
The presumptive Republican presidential nominee emphasizes his desire for the US to become a leader in cryptocurrencies. “Our country must be at the forefront of this field. There is no second place,” he stated in his post on Truth Social.
Trump’s sudden embrace of crypto has caught the attention of several prominent investors. Mark Cuban, the billionaire investor from Shark Tank and a supporter of President Biden, warned that Trump could use crypto as a “new weapon” against Biden in the 2024 elections. “If Joe Biden loses, you can thank Gary Gensler and the New York SEC,” Cuban wrote on Twitter. “Crypto voters will have their say in this election.”
Crypto’s Role in the 2024 Elections
According to a report from Politico, only a small percentage of Americans currently use cryptocurrencies. The Federal Reserve’s recent report on the “Economic Well-being of US households” revealed that only 7% of adults held or used crypto in 2023, a decline of 5 percentage points from 2021.
Despite this, cryptocurrencies play a significant role in US politics, as several crypto businesses are expected to spend over $80 million in the upcoming 2024 elections, according to Politico.
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