Regulation
Trump promises to end Biden’s war on cryptocurrencies and aims to make America a cryptocurrency leader
Republican US presidential candidate Donald Trump reiterated his goal of ending Joe Biden’s war on cryptocurrencies during his press conference speech demonstration in Racine, Wisconsin. Trump also pledged to create an environment conducive to the development and growth of the industry in the United States.
The former US president previously called himself a “crypto president.” Additionally, Trump stated, “I will end Joe Biden’s war on cryptocurrencies. We will make sure the future of cryptocurrencies and the future of Bitcoin happen in America.”
Trump plays every angle
In addition to cryptocurrency, Trump’s campaign has targeted Biden’s economic policies. During his speech, the former president criticized high inflation and rising mortgage rates under the Biden administration.
In his opinion, these problems harm American families, make homeownership unattainable and contribute to economic desperation. He also stated that his crypto strategy will “create opportunities for young people.”
In recent months, Trump has consistently expressed his support for Bitcoin and the cryptocurrency as a whole. His pro-crypto stance includes ambitions to make the United States a leader in the cryptocurrency industry.
Recently, Trump held a meeting with executives of American bitcoin mining companies at his Mar-a-Lago resort in Florida. He has reportedly expressed strong support for the US Bitcoin mining industry, saying it could represent a key line of defense against central bank digital currencies (CBDCs).
Will Trump’s Crypto Strategy Work?
The community believes that Trump’s success as the next president of the United States will be a positive signal for the capital market, strangled by regulations and overlapping management.
Standard Chartered predicts that Bitcoin (BTC) could reach $150,000 if Trump wins the presidency. The bank also believes that the cryptocurrency sector will benefit from Trump’s crypto-friendly policies.
Conversely, some suggest that Trump’s current cryptocurrency support may just be part of his reelection strategy. The fact that politicians are taking advantage of cryptocurrency and its supporters to pave the way for winning votes may still be reasonable.
Skeptics believe Trump is simply pretending to support cryptocurrencies. However, it is clear that Donald Trump’s recent attitude could represent a positive change for the cryptocurrency market.
Trump has been actively engaged in the industry, from creating your own NFT collection to reveal his wallet holdings in meme coins like MAGA and TRUMP.
The 2024 version of Donald Trump appears to represent a major transformation, with a newfound enthusiasm for the cryptocurrency industry. Trump has accepted cryptocurrency donations for his election campaigns and has strongly pledged to support and promote the cryptocurrency market in the United States if re-elected president.
Coincidentally, Trump’s moves have been popular with investors and companies in this market, while the current Biden administration appears to be stifling it with strict regulations.
As Trump champions cryptocurrencies, Biden’s campaign appears to be re-evaluating its approach. Biden is reportedly seeking industry input and is considering cryptocurrency donations for campaign finance. However, these plans remain unconfirmed with only anonymous sources reporting the potential change.
Billionaire entrepreneur Mark Cuban said that regardless of Trump’s understanding of cryptocurrency, Biden’s current stance on the industry and his “loyalty” to SEC Chairman Gary Gensler could cost him the White House.
This week, Donald Trump also made headlines after rumors surfaced on a new memecoin called DJTwith a potential association with the presidential candidate.
An account called “Pirate Wires”, which claims to be a Silicon Valley technology news site but whose legitimacy is unconfirmed, claimed that DJT is Donald Trump’s official token.
The account says the project is run by Mr. Trump’s son, Barron Trump. Mike Solana, marketing director of billionaire Peter Thiel’s Founders Fund, as well as editor-in-chief of Pirate Wires, said that this information is true and also published the smart contract address of the DJT token.