Trump Doubles Down on Crypto Advocacy, Promises to Be the ‘Crypto President’

Trump Doubles Down on Crypto Advocacy, Promises to Be the ‘Crypto President’

Donald Trump declared he’d be the ‘crypto president’ at Craft Ventures’ fundraising event in San Francisco. 

This intensifying crypto advocacy opposes the Democratic Party’s regulation-heavy approach. President Biden recently proposed a mining tax, and the SEC launched a series of lawsuits against companies like Ripple, Bittrex, and Binance.

In an attempt to secure the crypto crowd’s votes, Trump said he wants all $BTC to be mined in the US as the last line of defense against a CBDC. He reiterated this would help the US become energy-dominant by spurring domestic demand. 

Meme Coins Fuel Election Campaigns 

Earlier this month, Trump announced his campaign fundraising would start accepting crypto donations, expressing solidarity with rivals of ‘socialist government control’ over financial markets. 

Shortly after Trump was found guilty of falsifying business records, his wallet saw an influx of meme coin donations worth over $30M

Now over $30M

— Arkham (@ArkhamIntel) June 5, 2024

Among his holdings are MAGA ($TRUMP), Super Trump ($STRUMP), Baby Trump ($BABYTRUMP), Doland Tremp ($TREMP), and Dogelon Mars ($ELON). At least $19.5M stemmed from Trump Frog ($TROG), donated by the project’s team itself

Trump’s Crypto Alliance: Musk and Mining Magnates  

According to a source at The Wall Street Journal, Trump consulted Musk about crypto policy and discussed the possibility of the tech mogul speaking at the Republican convention. If Trump wins the election in November, Musk could take a broad advisory role. 

If true, these actions demonstrate Musk’s considerable political influence. The tech entrepreneur’s companies often benefit from federal contracts, and his election opinions on X tend to influence voter perceptions. 

However, Musk refuted these rumors with an X post. 

Pretty sure I’ve never discussed crypto with Trump, although I am generally in favor of things that shift power from government to the people, which crypto can do

— Elon Musk (@elonmusk) May 30, 2024

Unlike Trump and Musk’s alleged discussion, the former president’s meeting with CleanSpark chairman Matthew Shultz and Riot Platform CEO Jason Les is certain. Shultz claims Trump is a ‘big fan of Bitcoin’ and loves what local mining companies are doing. 

Crypto to Play a Pivotal Role in US Elections 

The recent approval of $BTC and $ETH spot exchange-traded funds (ETFs) and the ongoing bull run signal the growing adoption of crypto in the US. Harris Poll survey findings support this positive trend, revealing that 47% of Americans plan to invest in crypto this year. 

On June 9, billionaire entrepreneur Mark Cuban emphasized the importance of crypto policies in upcoming elections but expressed doubts about both candidates’ understanding of the topic. 

Cuban’s view is valid, given the legal uncertainty.

On the one hand, the White House passed the Deploying American Blockchains Act to promote US crypto firm competitiveness and innovation

On the other hand, the Biden administration criticized the Financial Innovation and Technology for the 21st Century Act for insufficient regulations and consumer protections

Cuban believes Biden’s approach could cost him the presidential position, urging him to find a balance between digital asset control and voters’ expectations.

In light of current election candidates’ viewpoints, Trump’s victory appears to be the more favorable outcome for crypto traders. Digital assets research firm Standard Chartered predicts that if the former president returns to the White House,  $BTC will reach $150K by the end of the year. 

Final Thoughts 

Crypto plays a crucial role in the outcome of the US presidential race. Trump’s advocacy contrasts with Biden’s divided approach, yet only time will tell whose stance wins

Meanwhile, we remind you to DYOR before investing in any crypto. Financial markets are particularly volatile during major political events, so never invest more than you’re prepared to lose.

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