The countdown to the USA’s elections is on and is intensifying by the hour. One of the candidates – Former President Donald Trump – has ignited a new spark in America’s political arena: cryptocurrency.
Trump’s recent pronouncements give a glimpse into the candidate’s commitment to having crypto companies on their side, striking a stark contrast from the Joe Biden administration.
Standing Up for Crypto
Trump’s recent statements on his social media platform, Truth Social, have made waves in the crypto world.
He’s expressed strong support for cryptocurrency companies, emphasizing his desire for the U.S. to lead in this growing field. This marks a clear departure from the approach of the Biden administration.
Drawing Contrasts
Trump didn’t shy away from criticizing President Biden’s handling of cryptocurrencies, painting him as an antagonist to the industry. This stark contrast in attitudes positions Trump as a champion for crypto enthusiasts.
“Crooked Joe Biden, on the other hand, the worst president in the history of our country, wants it (crypto) to die a slow and painful death. That will never happen with me,”
What Caused the Change of Heart?
Trump’s stance on crypto has shifted over the years. From being skeptical, he has since turned crypto-friendly, dived into NFT collections, and accepted campaign donations in cryptocurrencies such as Bitcoin, Ether, and US Dollar Coin. His NFTs, depicting him in various iconic roles, sold out in a flash, showing his massive following and his fans’ preference for digital assets.
With a sizable 46 million active adult crypto users in the U.S., Trump’s vocal support for digital currencies could sway a significant voting bloc. These voters crave clear regulations and consistent government support, making Trump’s alignment with their interests politically advantageous.
Making Strong Commitments
At a recent Libertarian National Convention, Trump vowed to counter Biden’s purported anti-crypto agenda and safeguard the future of digital assets in the U.S. His promises to protect cryptocurrency custody rights and oppose a central bank digital currency (CBDC) resonate strongly within the crypto community.
Understanding Biden’s Current Stance
The recent actions of the Biden administration indicate that it may be changing its stance on cryptocurrency. Suddenly, the SEC approved Ethereum ETFs, and the House of Representatives passed the Financial Innovation and Technology for the 21st Century Act, or FIT21.
This signals a warmer climate in terms of regulating digital assets. These actions can be seen as political steps to win the hearts and minds of pro-crypto voters before the election.
Future Prospects
The crypto community looks quite positive about Trump’s promises. Ryan Selkis, founder of blockchain research firm Messari, posted Trump’s statements on X, highlighting the former president’s openness to digital assets. Others spoke out in favour too.
According to former CFTC chairman Chris Giancarlo, Trump may go down in history as the first “crypto president.” His administration’s approval of Bitcoin futures ETFs signals a turning point, with Trump himself recognizing Bitcoin’s growing prominence as “an additional form of currency.”
As voters weigh their options, one thing’s certain: the crypto community’s voice is finally being heard!