From being suppressed by countries around the world to the public support of former President Trump, it means that the consensus of Bitcoin has reached a relatively mature stage! The consensus and the price of the currency are directly proportional.
1. Trump is not an expert on cryptocurrency.
2. Trump is an expert at selling cryptocurrency.
3. The first two points are not important because Trump has already declared himself a defender of cryptocurrency.
One exchange highlights points 1 and 2 (we’ll get to point 2 later). When asked about his views on central bank digital currencies (CBDCs) and “government blockchains” (both of which are typically opposed by cryptocurrency supporters), Trump responded, “I think there’s a place for all of that.” He continued, “We have some incredible things going on, I mean, looking back at cryptocurrency a few years ago, people said it wasn’t going to work, but now it’s in record numbers. I guess you could say it’s a form of money, and I think I support that, and I support it more and more.” For the (likely small) single-issue voters in the industry, the substance of Trump’s support for cryptocurrency may not matter as much as the fact that he has spoken positively about it. Trump appears to be the first major party presidential candidate to embrace cryptocurrency.
Blast Biden
On the other side of the campaign trail, we’re seeing an openly hostile presidential administration. Joe Biden’s SEC Chairman Gary Gensler is launching legal actions against multiple aspects of the cryptocurrency industry. And hours before his opponent’s golf resort dinner, earlier on Wednesday, the president pledged to block an attempt by the House of Representatives to repeal a cryptocurrency accounting rule that political opponents say has stifled the industry’s growth.
“Biden doesn’t even know what that is. If you ask Biden, ‘Sir, are you for or against cryptocurrency?’ He’ll say, ‘What is that? Let me off the stage.’ He has no idea,” Trump said. Whether or not this plausible assumption is true, Trump went on to attack Gensler, an official who is well-versed in cryptocurrency.
"I'll say this: I'm fine with it, I want to make sure it's good and solid and everything else, but I'm fine with it," Trump said.
“We’re making NFTs hot again”
Trump has shown more or less professionalism in one area of cryptocurrency: his NFTs. A series of three sets of Trump NFTs — digital trading cards depicting Super Donald in different states of patriotism.
— has generated millions of dollars in sales. Wednesday’s dinner celebrated the big buyer of his “Mugshot Edition” Series 3.
“We did it when NFTs weren’t hot, we made NFTs hot again,” Trump said of his trading cards, adding that some NFT buyers have made tens of thousands of dollars on the resale market.
Asked by an attendee if he would sell the fourth series of NFTs, the veteran businessman expressed hesitation. "I believe in supply and demand. As you know, 1 did well, 2 did well, 3 did well. Maybe at some point, that will reverse."
He polled the audience: How many Mugshot owners wanted a fourth series of NFT collections? Most raised their hands. Trump sounded confused: “Wouldn’t that probably keep the prices of the things you’ve already bought lower, based on supply and demand?” He tested their resolve. “Who wouldn’t want to see a fourth series for that reason?” Only a few hands went up.