How important is Trump's support for crypto for the crypto market?

Donald Trump wasn't much of a fan of cryptocurrencies during his first stint in the White House. He even said in one of his posts that "they were baseless". But he later sold millions of dollars worth of NFTs and began touting himself as the preferred candidate of the crypto masses.

"If you're for crypto, you're going to vote for Trump because they want to end it," he said at the party at Mar-a-Lago on Wednesday, referring to Democrats and President Joe Biden. said. He also promised that his campaign would start accepting crypto donations.

The 77-year-old candidate's sharp comeback did not come as much of a surprise among the audience of about 200 of his supporters. Many had purchased $10,000 #Trump Trading Card NFTs to attend the former President's massive event at his Florida palace.

Very few of the questions asked at the event were crypto-related, but they were enough to clarify some things:

Trump is not competent in cryptocurrencies, he is competent in selling cryptocurrencies. Neither of these two items matter much because Trump has declared himself the “leader” of cryptocurrencies.

Asked what he thought about central bank digital currencies (#CBDCs ) and government-owned blockchains, Trump said: “There is a time and a place for them all.” he answers. However, these two issues are often opposed by crypto advocates.

Trump continues: “Looking at crypto, we can see that the technology that people turned their noses at a few years ago and said would fail is now breaking records. “We can accept that this is a currency, I am accepting it more and more every day.”

In short, #Trump's support for crypto may not be as big a deal as the industry thinks. But of course, he is still the first major party presidential candidate to embrace crypto.

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