Trump Shows Strong Support for Cryptocurrency, Rejects Biden’s Anti-Crypto Stance
In a surprising move, former US President Donald Trump has expressed his support for cryptocurrencies, stating that he is “very positive and open-minded” towards companies in the industry. He made these remarks during his speech at the Libertarian National Convention.
Trump also criticized President Joe Biden for his anti-crypto stance, accusing him of wanting cryptocurrencies to “die a slow and painful death.” He emphasized that he would never allow this to happen if he were still in power.
This endorsement from Trump comes at a time when President Biden is facing criticism for his unfavorable view of cryptocurrencies. However, there are signs that the Biden administration is softening its stance on crypto as the US election approaches.
The recent approval of eight spot Ethereum ETF applications by the US Securities and Exchange Commission (SEC) indicates a growing acceptance of cryptocurrencies within traditional finance.
Trump has been actively promoting his support for crypto in an attempt to attract younger voters who are interested in the industry. He has even started accepting cryptocurrency donations for his campaign, following the success of his NFT trading cards.
Furthermore, Trump has expressed his desire for the US to become a leader in the cryptocurrency field. He believes that the country cannot settle for second place, emphasizing the importance of being at the forefront of this emerging technology.
This sudden embrace of cryptocurrencies by Trump has caught the attention of prominent investors, including Mark Cuban, who warned that Trump could use crypto as a “new weapon” against Biden in the upcoming elections.
Although only a small fraction of American voters currently use cryptocurrencies, crypto still plays a significant role in US politics. Politico reports that several crypto businesses are planning to spend over $80 million on the 2024 elections, highlighting the industry’s growing influence.
As the election draws nearer, it will be interesting to see how both candidates position themselves regarding cryptocurrencies and how this emerging technology will impact the political landscape.
