Connect with us

Bitcoin

Trump Is Seeking Crypto Donations in Latest 2024 Campaign for Digital Wallets

Avatar

Published

on

Trump Is Seeking Crypto Donations in Latest 2024 Campaign for Digital Wallets

Donald Trump’s campaign announced on Tuesday that it would now accept digital currency donations, the latest move by candidates in the recent election to embrace digital currencies and votes from crypto enthusiasts.

The former president touted his program as the first cryptocurrency donation plan by a major party candidate.

The move also comes after a number of other political figures, from Robert F. Kennedy Jr. to Vivek Ramaswamy, Rand Paul and Andrew Yang, have accepted digital currency donations in recent months and years.

Trump says adopting crypto is about freedom. In a statement, his campaign said digital currency would “reduce government control over an American’s financial decision-making and is part of a seismic shift toward freedom.”

The move is part of a recent reversal of Trump’s long-expressed skepticism toward cryptocurrencies. In 2017 he said he was “not a fan” and as recently as 2021 suggested that bitcoin “looked like a scam” in a television interview.

He changed his tune more recently and presented himself as an industry champion.

NEW YORK, NEW YORK - MAY 21: Former US President Donald Trump speaks to the media during his trial for allegedly covering up hush money payments at Manhattan Criminal Court on May 21, 2024 in New York City .  Trump was charged with 34 counts of falsifying business records last year, in what prosecutors say was an attempt to hide a potential sex scandal, both before and after the 2016 presidential election. Trump is the first former U.S. president to be tried on criminal charges.  (Photo by Curtis Means-Pool/Getty Images)

Former President Donald Trump speaks to reporters during his trial for allegedly falsifying business records to cover up hush money payments. (Curtis Means-Pool/Getty Images) (Pool via Getty Images)

Trump is seeking crypto donations as he continues to race to try to fill a fundraising gap with President Joe Biden after surpassing Biden in April.

Trump is still behind in the general currency race and saw his profit last month rise largely because of a single event with billionaires which raised more than US$50 million.

The development of this campaign also comes at a time when the crypto sector is looking victories in Washington this week.

The House of Representatives is expected to vote Wednesday afternoon on an industry-friendly bill that would elevate the Commodity Futures Trading Commission to a major digital asset regulator and limit some of the Securities and Exchange Commission’s (SEC) powers.

Funds donated to Trump in cryptocurrencies will be reported as an in-kind contribution – often compared to a stock donation.

In any case, digital currencies are likely to be quickly converted into cash, with the Trump campaign pledging to comply with federal election laws and regulations.

The campaign says eligible donors will be able to use Coinbase Commerce, which proclaims the ability to accept “hundreds of coins”.

Trump’s move is just his latest outreach to the crypto sector during this campaign. One well-publicized recent effort was the launch of Trump-themed NFT trading cards that could be purchased with cryptocurrency.

Trump’s efforts to be the 2024 crypto nominee sets up a rivalry with independent Robert F. Kennedy Jr.

The story continues

Kennedy already accepts donations in cryptocurrencies and has always praised the sector. He floated a series of perhaps fanciful ideas, from get the US government itself to buy bitcoin for a suggestion for “put the entire US budget on blockchain.”

The independent candidate is still hosting bitcoin-themed community events – at least two are scheduled for this week – to publicize their plans.

AURORA, CO - MAY 19: Independent presidential candidate Robert F. Kennedy Jr. waves to the crowd as he leaves the stage after speaking during an election rally at The Hangar at Stanley Marketplace in Aurora, Colorado on May 19, 2024 Kennedy spoke about his plans for AURORA, CO - MAY 19: Independent presidential candidate Robert F. Kennedy Jr. waves to the crowd as he leaves the stage after speaking during an election rally at The Hangar at Stanley Marketplace in Aurora, Colorado on May 19, 2024 Kennedy spoke about his plans for

Independent presidential candidate Robert F. Kennedy Jr. waves to the crowd during a rally in Colorado on May 19. (Helen H. Richardson/MediaNews Group/The Denver Post via Getty Images) (Helen H. Richardson/MediaNews Group/The Denver Post via Getty Images via Getty Images)

President Biden has taken a more cautious approach, making only moderate comments about cryptocurrency. The SEC under Biden appointee Gary Gensler has been seen as an anti-crypto force by the industry in recent years after a series of inspection actions in 2023.

Trump has also frequently tried to present Biden as an enemy of encryption. Politico recently reported that Trump held a dinner for his NFT supporters in Florida and told the crowd they “better vote” for him.

In Tuesday’s statement, the Trump campaign also linked Biden to Senator Elizabeth Warren. She said the Democratic senator from Massachusetts intends to “restrict Americans’ right to make their own financial choices.”

Warren has emerged as a leading critic of crypto, pushing for more oversight and citing the sector’s energy footprint.

Another voice – SkyBridge founder Anthony Scaramucci – says that it is actually Biden who would be better for crypto if he were re-elected this fall.

Scaramucci briefly served as Trump’s communications director in 2017 but has since emerged as a fierce critic.

He has tried to argue this point in recent months and added a recent appearance on Yahoo Finance that Biden is “for the rule of law,” which would ultimately be beneficial for markets.

“I say to bitcoiners: you are at risk if you find someone who wants to destroy the institutions of democracy,” Scaramucci said.

Ben Werschkul is the Washington correspondent for Yahoo Finance.

Click here for politics news related to business and money

Read the latest financial and business news from Yahoo Finance



´Source

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Información básica sobre protección de datos Ver más

  • Responsable: Miguel Mamador.
  • Finalidad:  Moderar los comentarios.
  • Legitimación:  Por consentimiento del interesado.
  • Destinatarios y encargados de tratamiento:  No se ceden o comunican datos a terceros para prestar este servicio. El Titular ha contratado los servicios de alojamiento web a Banahosting que actúa como encargado de tratamiento.
  • Derechos: Acceder, rectificar y suprimir los datos.
  • Información Adicional: Puede consultar la información detallada en la Política de Privacidad.

Bitcoin

Bitcoin Will Surge to $100K After Q4, Here’s Why

Avatar

Published

on

Bitcoin’s Four-Year Cycle Shows Signs of Possible Narrative Shift; $100K Soon?

Dan Weiskopf, portfolio manager at Tidal Financial Group, spoke with David Lin and discussed the future prospects of Bitcoin. The focus was on the future of Bitcoin, especially its potential to reach $100,000. The talk also touched on recent market trends, noting strong interest in Bitcoin ETFs as a possible boost to its price. Looking ahead, there is hope that more platforms will approve Bitcoin ETFs, possibly pushing its price to $100,000.

Forecasts and Volatility: The Path to New Highs

While some predict Bitcoin could go as high as $150,000 or even $1 million, Dan agrees that it needs to hit $100,000 first. Dan also acknowledged Bitcoin’s volatility, saying that large price drops of as much as 50% to 70% could happen, drawing on his experience since 2017.

“We’re going to new highs because I think partly because ETF inflows have been really strong lately. Yeah, and then I think you’ll have more platforms approving spot Bitcoin ETFs in Q4, and we’re going to go up to 100K,” he said.

Big Investors and the Transformative Power of Bitcoin

He also discussed what is persuading large investors to get in on this cycle. He mentioned two key factors. Many argue that if you haven’t invested in Bitcoin, you’re missing out, citing its strong performance over the past decade. This pressure could influence returns and client expectations.

However, he emphasized a deeper reason: if you are not embracing the transformation driven by Bitcoin and digital assets, you may face challenges. This technology has the potential to reshape industries, just as the internet revolutionized business.

“A lot of people look at Bitcoin and crypto and don’t appreciate that with higher prices comes more supply. We talk about 100K, I would expect more supply to come into the market as we go up, and that’s not really new news, but it’s higher demand that’s offsetting that supply,” he added.

Read too: It’s time tor ETH Point ETF: Here’s What to Expect From the Ethereum Price Rally

´Source

Continue Reading

Bitcoin

Bitcoin Jumps as Markets See Increased Chances of Trump Victory

Avatar

Published

on

menu icon

CFOTO | Future Publishing | Getty Images

Bitcoin hit a two-week high on Monday as betting markets suggested a higher chance of crypto-friendly candidate Donald Trump winning the US presidential election.

The value of the world’s largest cryptocurrency, bitcoin, was up about 5% as of 1:40 p.m. London time to $62,781.48, according to CoinGecko.

The rally follow the dramatic and failed assassination attempt about the former president Trump on Saturday.

“There is a ‘parallel’ to the assassination of President Reagan in 1981,” even though it was not an election year, Ben Emons, chief investment officer at FedWatch Advisors, said in an emailed note.

“After the incident, Reagan’s popularity skyrocketed amid a double-dip recession. The S&P 500, however, fell 9% in the aftermath due to the economic malaise. But in the current strong economy, former President Trump’s favorability is likely to skyrocket and impact markets positively.”

Investors said on the weekend they were hoping that so-called “Trump victory trades” would get a boost. These trades broadened to include several cryptocurrency stocks, such as Coinbase Global and miner Riot platformswhich rose 4.5% and 5.25%, respectively, in pre-market trading.

“Bitcoin’s price rose about 9% over the weekend, which could indicate that investors are hoping that a Trump presidency will create a more favorable regulatory climate for the crypto industry,” Zach Pandl, head of research at Grayscale Investments, told CNBC in an email.

Trump has yet to lay out any detailed proposals on cryptocurrency regulation, but the Republican candidate is now seen as broadly supportive of the sector — despite his past skepticism. He is set to speak at a major annual bitcoin conference later this month.

Trump’s campaign started accepting donations of the cryptocurrency industry in May and its the message became increasingly positive about the future of these digital assets. He also sought to position oneself against Democrats who are in favor of controlling the industry, such as Senator Elizabeth Warren.

“In addition, macro policy changes under a second Trump presidency — including continued deficit spending, reduced U.S. leadership in international affairs, weaker Federal Reserve independence, and a desire for currency weakness to help reduce the trade deficit, among other things — could introduce downside risks to the U.S. dollar in the medium term. Any downside risks to the U.S. dollar could provide support for Bitcoin’s price,” Pandl added.

Last month, analysts at Standard Chartered said that the US presidential election is the next key catalyst for bitcoin’s price and a Trump victory could push it to $150,000 by the end of the year.

“Cryptocurrencies have not had an easy time in recent months. We are currently in a crisis of previously growing capital inflows into this market that can be measured by the capitalization of stablecoins, which has frozen in the last two months,” Grzegorz Drozdz, market analyst at Conotoxia, told CNBC in an email.

With a higher likelihood of a Trump presidency and the consequent reduced chances of unrest and destabilization in the US, Drozdz now sees a potential “influx of confidence into the markets,” which could positively impact cryptocurrencies and bitcoin in the coming weeks.

´Source

Continue Reading

Bitcoin

Germany Sells Final Bitcoin Reserves of Initial $3 Billion in Holdings

Avatar

Published

on

Germany Sells Final Bitcoin Reserves of Initial $3 Billion in Holdings

Germany Sells Final Bitcoin Reserves of Initial $3 Billion in Holdings

The German government completed the sale of its remaining Bitcoin holdings on July 12. The final transaction involved 3,846 Bitcoin, valued at around $62,604 per Bitcoin, which were sent to “Flow Traders and 139Po,” entities likely for institutional/OTC deposit services, according to for Arkham Intelligence.

The majority of the 50,000 Bitcoins sold by the German government over the past three weeks originated from asset seizures. This sale marked the culmination of weeks of increased sales activity by the German government, which unloaded tens of thousands of Bitcoins in multiple tranches. This significant liquidation was a key factor in keeping the Bitcoin selloff at a low of $54,000 on July 5.

Despite Germany’s exit from its Bitcoin holdings, market pressures remain due to Mt. Gox’s impending $9 billion repayment plan. The Mt. Gox exchange, which collapsed in 2014 when Bitcoin was still in the hundreds of dollars, has long been a source of market anxiety. The repayment plan aims to compensate creditors, potentially adding significant selling pressure to the market in the coming weeks. However, it is difficult to estimate the impact of Mt. Gox’s repayment on the markets due to several factors.

Amid heightened selling pressure, institutional investors seized the opportunity to buy the dip. Data from CoinShares showed that U.S. exchange-traded funds (ETFs) saw $295 million in inflows during the week of July 8, reversing a trend of suppressed inflows into these investment funds. This activity suggests that institutional investors remain confident in Bitcoin’s long-term prospects.

´Source

Continue Reading

Bitcoin

Bitcoin surges as traders bet on Donald Trump election victory after shooting

Avatar

Published

on

Bitcoin surges as traders bet on Donald Trump election victory after shooting

Unlock the US Election Countdown newsletter for free

Bitcoin surged on Monday following an assassination attempt on Donald Trump, as investors increased their bets on the former president winning the US presidential election in November.

Bitcoin’s price rose as much as 9.1 percent to $62,830, its highest level in two weeks, after a shooter hit Trump in the ear at a campaign rally over the weekend. The Republican is seen as the most pro-crypto candidate, having hosted industry executives at Mar-a-Lago and expressed enthusiasm for bitcoin mining in the U.S.

Trump’s campaign also accepted cryptocurrency payments, a first for a major U.S. political party, raising hopes of an end to the U.S. regulatory crackdown on the sector seen in recent years.

“The probability of a Donald Trump victory has increased significantly,” said Grzegorz Dróżdż, market analyst at exchange firm Conotoxia, adding that a Trump presidency would have a “positive impact” on cryptocurrencies.

Shares of Trump’s Truth social media company jumped 60 percent in premarket trading. Trump Media & Technology Group went public in March in a merger with a blank-check company and rallied ahead of the debate between Trump and President Joe Biden last month.

The slimmer chances of a second Trump presidency were also felt in broader financial markets. U.S. Treasury yields and the dollar rose in a more muted version of the reaction that followed Biden’s disastrous debate performance.

Many investors believe Trump’s tax-cutting policies would increase deficits and inflation, hurting U.S. Treasuries and boosting the dollar, in a pattern similar to what occurred after his 2016 election victory.

The U.S. dollar index, which tracks the greenback against a basket of six other major currencies, rose 0.2% in morning trade, having weakened so far in July as investors increased their bets on a September interest rate cut by the Federal Reserve.

Yields on benchmark 10-year Treasuries rose 0.03 percentage point to 4.21 percent, reflecting a small decline in price. Contracts tracking Wall Street’s blue-chip S&P 500 and the tech-heavy Nasdaq 100 rose 0.3 percent and 0.5 percent ahead of the New York open.

Monday’s movements “touch[s] with a Trumpian theme given the popular narrative that he is good for business and… his pro-crypto stance,” Rabobank analysts said in a note to clients.

“For markets, the complexities of the US political landscape have boiled down to the assumption that the weekend’s events will lead to a greater chance of Trump winning the November presidential election,” they added.

Bitcoin peaked above $70,000 in mid-March but has struggled to make headway since the so-called halving event in April, when the number of daily bitcoins available for miners to share to secure the bitcoin network fell from 900 to 450. Some analysts had expected bitcoin to rebound after the halving.

´Source

Continue Reading

Trending

Copyright © 2024 CHAINFEED.INFO. All rights reserved. This website provides educational content and highlights that investing involves risks. It is essential to conduct thorough research before investing and to be prepared to assume potential losses. Be sure to fully understand the risks involved before making investment decisions. Important: We do not provide financial or investment advice. All content is presented for educational purposes only.