Key Points:
Former President Donald Trump announces support for cryptocurrency, stating he will accept crypto donations for Trump election campaign.
Trump criticizes Biden administration's regulatory stance on crypto, pledging to prevent the industry's exodus from the US.
Trump's endorsement causes a surge in the "Jeo Boden" memecoin and reflects a broader trend of political figures influencing cryptocurrency markets.
Former President Donald Trump has expressed newfound support for Bitcoin and cryptocurrency, declaring his willingness to accept crypto donations for Trump election campaign.
Read more: US Election Predictions: The Effects And Importance Of The New US President
Trump Election Campaign Accepted for Crypto Donations
Speaking at an event for holders of his NFTs at Mar-a-Lago resort, Trump indicated his intention to embrace cryptocurrency despite regulatory hurdles, stating:
"Crypto is moving out of the US because of hostility toward crypto. We’ll stop it because I don’t want that. If we’re going to embrace it, we have to let them be here."
Trump criticized President Biden and his administration for their alleged lack of understanding and hostility toward the crypto industry. He rallied support among crypto enthusiasts, urging them to vote for Trump election campaign if they favor cryptocurrency. The former president made these remarks at a gathering with buyers of his "Mugshot Edition" NFTs, where individual purchases exceeded 47 NFTs priced at $99 each.
"Jeo Boden" Memecoin Surges After Trump's Endorsement
In response to concerns about crypto businesses leaving the US due to regulatory challenges, Trump assured his commitment to retaining them in the country, emphasizing the need to halt any exodus. His comments had a notable impact on the market, with the "Jeo Boden" memecoin, a satirical token based on President Joe Biden, surging over 25% following Trump's endorsement.
This development comes in the wake of a recent surge in the prices of meme coins featuring caricatures of both Trump and Biden. In April, tokens like "Jeo Boden" and "Doland Tremp" witnessed significant market capitalizations, signaling a growing interest in cryptocurrency tied to political figures. Trump's embrace of crypto marks a notable shift in his stance, potentially reshaping the landscape of political fundraising and investment.
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