⭐️ Will the Trump make crypto great again?
Donald Trump, the former president of the United States, currently eyeing another term in the White House, has embraced cryptocurrencies as his trump card.
The crypto craze seems to be running in the family, with the Trump brothers making a name for themselves as well.
Trump initially didn’t fancy cryptocurrencies, which was evident by his past remarks calling Bitcoin a tool for criminals.
However, his stance softened ever since he stepped foot in the NFT space, back in 2022, and for obvious reasons.
🔸 Make crypto great again
Trump has publicly called out the Biden administration’s hostility towards the digital assets space and has vowed to “embrace it” in his rallies. At the Bitcoin 2024 conference, he said he would fire SEC chief Gary Gensler, whose term as securities head saw numerous crackdowns over the crypto sector.
He has further reiterated his crypto-favored attitude by picking cryptocurrency proponent JD Vance as his running mate. Vance has also thrashed the SEC for its ‘no crypto’ stance.
But his trump card came in the form of plans to establish a Bitcoin reserve, that has already been presented to the senate by Republican Senator Cynthia Lummis.
Trump wants the US government to stick its massive BTC reserves, which reportedly housed over $11 billion in cryptocurrencies as of August 6. Historically, these funds – seized during various crackdowns – have been sold via auctions, but the presidential hopeful has advocated for a HODL strategy instead.
The presidential candidate is hopeful that Bitcoin will surpass gold and silver in market capitalization.
Whether Trump’s support is genuine, or a political tactic has been a matter of debate, but the effects of his reversal on crypto have been profound both for him.
Following President Joe Biden’s exit, democratic runner Kamala Harris has taken up a similar approach by taking steps to engage with the cryptocurrency sector to garner support from the community that was largely against her predecessor.
