Ex-US President Donald Trump rallies behind cryptocurrencies, embracing “all things related to this new and burgeoning industry.”
“I am very positive and open minded to cryptocurrency companies,” he reiterated his pro-crypto stance on Sunday, during the Libertarian National Convention address.
Trump assures that he would never let crypto die, throwing a shade on Biden’s moves to kill Bitcoin and crypto.
“Crooked Joe Biden, on the other hand, the worst president in the history of our country, wants it to die a slow and painful death. That will never happen with me,” he wrote in a post on Truth Social.
Trump’s crypto endorsement comes at a time when the current President Biden is facing heat for his anti-crypto stance. However, Biden administration is also softening its crypto stance as the US election is just months away.
Last week, the US Securities and Exchange Commission (SEC) approved eight spot Ethereum ETF applications, signaling growing acceptance of cryptos within traditional finance.
Trump Wants US to be the ‘Leader’ in Crypto
Trump has been continuously projecting his crypto support in the recent past, trying to lure younger crypto-loving voters. He recently began accepting crypto campaign donations after raising millions from Trump trading cards in the NFT space.
The presumptive Republican presidential nominee stressed his desire to make the US, a leader in cryptos.
“Our country must be the leader in the field. There is no second place,” his Truth Social post read.
Trump’s sudden crypto embrace has caught the eyes of several prominent investors. Early this month, Shark Tank billionaire Mark Cuban, who is an open supporter of Biden, warned that Trump could win the 2020 elections for taking up a “new weapon” against Biden: crypto.
“If Joe Biden loses, there is a good chance you will be able to thank Gary Gensler and the New York SEC,” he wrote on X (Twitter). “Crypto voters will be heard this election.”
If @joebiden loses, there is a good chance you will be able to thank @GaryGensler and the @NewYork_SEC
Crypto is a mainstay with younger and independent voters. Gensler HAS NOT PROTECTED A SINGLE INVESTOR AGAINST FRAUDAll he has done is make it nearly impossible for… https://t.co/uBKupxLhS9
— Mark Cuban (@mcuban) May 10, 2024
Crypto’s Key Role in 2024 Elections
According to a report from Washington-based Politico, only a fraction of voters in America use crypto. Further, only 7 percent of adults held or used crypto in 2023, the Fed’s recent “Economic Well-being of US households” reveal. This is a decline of 5 percentage points from 2021.
Despite this, crypto holds a key space in the US politics, as several crypto businesses are willing to spend over $80 million in the upcoming 2024 elections, Politico noted.