Donald Trump has recently expressed strong support for cryptocurrencies, emphasizing his openness to the industry during a speech at the Libertarian National Convention. He contrasted his stance with President Joe Biden’s, criticizing Biden’s perceived anti-crypto position and promising to ensure that crypto thrives under his leadership.
Trump’s endorsement comes when the Biden administration shows signs of a softened approach towards cryptocurrencies, notably with the recent approval of eight spot Ethereum ETF applications by the U.S. Securities and Exchange Commission (SEC).
The industry is expected to play a major role in the upcoming elections, even though only a small percentage of Americans use or hold cryptocurrencies. Reports indicate that crypto businesses are prepared to invest over $80 million in the 2024 elections.