Former US President Donald Trump has thrown his support behind cryptocurrencies, expressing enthusiasm for "all things related to this new and burgeoning industry."
During his address at the Libertarian National Convention on Sunday, Trump reaffirmed his positive stance towards cryptocurrency companies, emphasizing his openness to the sector.
In a post on Truth Social, Trump contrasted his stance with that of President Biden, criticizing Biden's purported desire to see cryptocurrency fade away. Trump asserted his commitment to preventing such an outcome, stating, "Crooked Joe Biden...wants it to die a slow and painful death. That will never happen with me."
Trump's endorsement of cryptocurrency comes amid criticism of President Biden's perceived anti-crypto position. However, the Biden administration appears to be softening its stance on cryptocurrency as the US election approaches.
Recently, the US Securities and Exchange Commission (SEC) approved eight spot Ethereum ETF applications, indicating a growing acceptance of cryptocurrencies within traditional finance circles.
Trump Wants the US to Take the Lead in Cryptocurrency
Trump has been actively promoting his support for cryptocurrencies in an effort to win over younger voters who share his enthusiasm. After receiving millions from Trump selling cards in the NFT market, he recently started taking cryptocurrency contributions for his campaign.
The likely Republican presidential candidate emphasized how important it is for the US to lead the world in cryptocurrencies.
"In the field, our nation must be at the forefront. As stated in his Truth Social post, "There is no second place."
Several well-known investors have taken notice of Trump's abrupt embrace of cryptocurrencies. The billionaire Shark Tank investor Mark Cuban, who openly supports Joe Biden, issued a warning earlier this month that Trump might win the 2020 race if he uses cryptocurrency as a "new weapon" against Biden.
He posted on Twitter, saying, "If Joe Biden loses, there's a good chance you will be able to thank Gary Gensler and the New York SEC." "This election, crypto voters will be heard."
Elections in 2024: A Major Event for Crypto
A Politico story from Washington claims that only a small percentage of American voters utilize cryptocurrency. Furthermore, according to the Fed's most recent report on the
"Economic Well-being of US households," just 7% of people owned or utilized cryptocurrency in 2023. Compared to 2021, this represents a 5 percentage point drop.
Despite this, Politico highlighted that numerous cryptocurrency companies are planning to invest over $80 million in the forthcoming 2024 elections, demonstrating the significant role that cryptocurrency plays in US politics.
May 2024, Cryptoniteuae