Republican US presidential candidate Donald Trump reiterated his goal to end Joe Biden’s war on cryptocurrency during his speech at a rally in Racine, Wisconsin. Trump also pledged to build a favorable environment for the development and growth of the industry in the US.
The former US President previously called himself a “crypto president.” In addition, Trump said, “I will end Joe Biden’s war on crypto. We will ensure that the future of crypto and the future of Bitcoin will be made in America.”
Trump Plays Every Angle
Beyond cryptocurrency, Trump’s campaign targeted Biden’s economic policies. During his speech, the former President criticized high inflation and rising mortgage rates under Biden’s administration.
According to him, these issues harm American families, make homeownership unattainable, and contribute to economic despair. He also asserted that his crypto strategy would “create opportunity for young people.”
Over the past few months, Trump has consistently expressed his support for Bitcoin and cryptocurrency as a whole. His pro-crypto stance includes ambitions to make the US a leader in the crypto sector.
Recently, Trump held a meeting with executives from American bitcoin mining companies at his Mar-a-Lago resort in Florida. He reportedly expressed strong support for the U.S. Bitcoin mining industry, saying that it might be a critical line of defense against central bank digital currencies (CBDCs).
Will Trump’s Crypto Strategy Work?
The community believes that Trump becoming the next President of America will be a positive signal for the capital market, which is being strangled by regulations and overlapping management.
Standard Chartered predicts that Bitcoin (BTC) could hit $150,000 if Trump wins the presidency. The bank also believes the cryptocurrency industry will benefit from Trump’s crypto-friendly policies.
In contrast, some suggest that Trump’s current cryptocurrency support may just be part of his re-election strategy. The fact that politicians are taking advantage of cryptocurrency and its enthusiasts to pave the way to winning votes may still be reasonable.
Skeptics believe Trump may merely be pretending to support crypto. However, it is evident that Donald Trump’s recent attitude could be a positive shift for the cryptocurrency market.
Trump has been actively engaging in the industry, from creating his own NFT collection to revealing his portfolio holdings of meme coins like MAGA and TRUMP.
The 2024 version of Donald Trump appears to be a major transformation, with newfound enthusiasm for the crypto industry. Trump has accepted cryptocurrency donations for his election campaigns and has made strong commitments to support and promote the cryptocurrency market in the U.S. if re-elected as President.
Coincidentally, Trump’s moves have been popular with investors and companies in this market, while the current Biden Administration seems to be suffocating it with harsh regulations.
While Trump advocates crypto, Biden’s campaign appears to be reassessing its approach. Biden is reportedly seeking industry input and considering crypto donations for campaign funding. However, these plans remain unconfirmed, with only anonymous sources reporting the potential shift.
Billionaire entrepreneur Mark Cuban said regardless of Trump’s understanding about cryptocurrency, Biden’s current stance on the sector and his “loyalty” to SEC Chair Gary Gensler could cost him the White House.
This week, Donald Trump has also made headlines after rumors surfaced about a new memecoin called DJT, with a potential association with the presidential candidate.
An account named “Pirate Wires,” claiming to be a Silicon Valley technology news site but whose legitimacy is unconfirmed, stated that DJT is Donald Trump’s official token.
The account claims the project is managed by Mr. Trump’s son, Barron Trump. Mike Solana, Marketing Director of billionaire Peter Thiel’s Founders Fund, as well as the editor-in-chief of Pirate Wires, said this information is true, and he also posted the smart contract address of the DJT token.
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