Trump: from crypto opponent to crypto supporter
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President-elect Trump was initially a crypto sceptic - who labelled crypto a scam three years ago and criticised it for competing against the US dollar.
Trump however fundamentally changed his mind. He started to embrace crypto during his campaign this year. Thereby he positioned himself as a crypto champion. He sees the integration of cryptocurrencies as central to future economic growth in the US.
This change of tone has much to do with the support of the crypto industry. Trump's campaign effectively engaged the cryptocurrency sector, raising millions through crypto donations, totalling around $245 million.
Further on this change cannot be seen apart from his own growing financial interest in crypto. Trump as well as many of Trump's intended ministers themselves have crypto interests. In September, Trump and his sons started a crypto venture, World Liberty Financial, a platform for investors to borrow and lend using cryptocurrencies.
In some ways, this shift is reflective of the broader public warming to digital assets as a legitimate investment class, particularly with the SEC's regulatory approval early this year of spot Bitcoin and spot ether ETFs. Bitcoin ETFs hit $ 100000 billion and more in 2024.$