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Shares of cryptocurrency firms have jumped after Republican presidential candidate Donald Trump talked up bitcoin and promised friendlier regulation for the industry.
International Democracy Union Deputy Chairman Brian Loughnane says Republican nominee Donald Trump doesn’t seem to have properly landed on a “line of attack” against Kamala Harris.
“He’s also had a problem with his vice presidential nominee, JD Vance,” he told Sky News Australia.
Mr Loughnane said this week the Republicans are on defence while the Democrats are “on a high”.
The former president, speaking at the 2024 Bitcoin Conference in Nashville, Tenn. over the weekend — vowed the “United States will be the crypto capital of the planet and the bitcoin superpower of the world” if he is re-elected to the White House
Crypto exchange Coinbase shares jumped 3.7% on Monday, while crypto miners including Bitfarms, Riot Platforms and CleanSpark all leapt between 3.4% and 4.5%.
Jordan Belfort has told Sky News Australia host Piers Morgan he is a “big fan” of former US president Donald Trump because he wants him to “come back and lower gas prices”.
Mr Belfort joined Mr Morgan to discuss investing, Wall Street, cryptocurrency, Donald Trump, his time in prison, and the first thing he did when he was released.
“I’d love Trump to come back, and lower prices for gas would be a really good thing,” Mr Belfort said.
“I’m a fan.
“I’m not on all things, but generally speaking, a big fan.”
Bitcoin jumped as much as 2.4% to its highest since mid-June before giving up the gains later in the day. The token was worth $68,142.70 in midday trading.
“Any ‘Trump trade’ into U.S election should include greater allocation to bitcoin and bitcoin-linked stocks,” Bernstein analysts wrote in a note.
Crypto has rapidly moved from the fringes of the financial world to the mainstream, helped by institutional investors’ backing and the approval of exchange-traded funds tied to spot price of bitcoin and ether.
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“The sentiment globally has been incredibly positive this year … This is all setting the scene for what many believe is the next bull run for 2024-25,” said CoinCorner CEO Danny Scott.
The Republican nominee promised to relax industry regulations – countering President Joe Biden, who has been criticized for his administration’s strict oversight.
Trump laid out his plan for the industry, which includes firing SEC Chairman Gary Gensler, collecting a “stockpile” of US crypto and creating a Bitcoin advisory council.
Crypto shares jumped on Monday after former President Donald Trump spoke at the 2024 Bitcoin Conference. Picture: Getty
Gensler has defended Biden’s cautious approach to the crypto industry in the past.
In March, Gensler said “the whole field is rife with abuses and fraud.”
He has cited crypto’s volatility as a risk.
“For three and a half years, the current administration has waged a war on crypto and Bitcoin like nobody’s ever seen before,” Trump said.
US Vice President Kamala Harris has had a “galvanising effect” on the Democrat Party but still faces a “considerable task,” according to International Democracy Union Deputy Chairman Brian Loughnane.
“They’ve certainly got closer, but the fact is that Donald Trump still remains in front,” he told Sky News Australia.
“There’s still a long way to go.”
“If Bitcoin is going to the Moon — as we say — it’s going to the Moon, I want America to be the nation that leads the way,” he said, insisting crypto’s value could surpass gold under his leadership.
Trump shared his plans to form a strategic Bitcoin reserve using the crypto the government currently holds, which was seized through law enforcement actions.
The presidential nominee previously said he wanted all remaining crypto to be mined in the US.
US President Joe Biden referred to himself as the “former president” during a speech in Austin, Texas, on Monday.
The 81-year-old delivered remarks as he unveiled plans to overhaul the US Supreme Court at the Lyndon B Johnson Presidential Library and Museum.
Biden proposed a constitutional amendment to overturn Donald Trump’s immunity ruling victory.
The proposal will also extend to former presidents who allegedly committed crimes while in the White House.
The president urged Congress to install term limits for justices on the Supreme Court bench, who currently serve for life.
The 81-year-old also proposed imposing an enforceable code of conduct for the judges, which was adopted last year.
This is not the first time a possible Trump win has sparked excitement among crypto investors.
Bitcoin shares surged to a two-week high after an assassination attempt left Trump bleeding from the ear during a Pennsylvania rally. Some investors believed the shooting helped Trump’s chances at a win.
After the rally shooting, Bitcoin jumped 8.6% to $62,508 – pushing its year-to-date gains to 47%.
Blockchain Ether also soared 6.8% at $3,322.
Former US president Donald Trump insists he’s ready to debate presumptive Democratic nominee Kamala Harris.
However, the Republican nominee won’t attend the debate against Joe Biden scheduled for September 10.
The Harris campaign is accusing Mr Trump of backtracking.
However, when asked by Fox News host Laura Ingraham, Mr Trump still wouldn’t commit to a debate.
Though now widely considered the crypto-nominee, Trump was skeptical of the industry during his time in the White House.
“We have only one real currency in the USA, and it is stronger than ever. It is called the United States Dollar!” he said in 2019.
Trump has since flip-flopped his stance. In May, his campaign began accepting donations in crypto.
Former White House chief of staff Mick Mulvaney says JD Vance has had a “difficult start” as Donald Trump’s vice-presidential nominee.
“It has been a difficult start for JD Vance as Donald Trump’s vice-presidential nominee,” Mr Mulvaney told Sky News Australia.
“That being said, that is not at all unusual in this country.”
His running mate, Sen. JD Vance, has supported pro-crypto legislation and holds a stake in Bitcoin.
Meanwhile, Vice President Kamala Harris’ views on crypto are unclear.
While the likely Democratic nominee served under Biden – who was heavy on regulations – she is reportedly playing catch up on industry expertise.
Businessman and “Shark Tank” star Mark Cuban said her campaign has reached out to him to learn more about crypto.
With Post wires
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