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Donald Trump calls for an end to hostility toward cryptocurrencies in America

For the cryptocurrency market, such support can help boost investor confidence and increase acceptance of digital assets.

Date: 2024-05-09 Author: Marek Stiller
Donald Trump calls for an end to hostility toward cryptocurrencies in America

Donald Trump, former U.S. president and current presidential candidate, on Wednesday hosted a special event at his Mar-a-Lago resort in Florida for NFT owners, during which he expressed his support for cryptocurrencies.

The presumptive Republican presidential candidate held the event for fans who bought at least 47 of his NFTs, each costing $99.

During the question-and-answer session, he agreed with an attendee who said that many cryptocurrency companies are leaving the country “because of hostility.” He likely pointed to recent Securities and Exchange Commission enforcement actions against crypto companies, including industry leaders Binance and Coinbase, for allegedly offering unregistered securities.

“Well, we’re going to stop doing that, because I don’t want that,” he – he said. “If we’re going to accept it, we have to let them live.”

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Trump questions Biden’s understanding of cryptocurrencies

He also slammed incumbent President Joe Biden, suggesting that the latter does not understand cryptocurrencies at all. He then criticized Democrats, saying they strongly oppose cryptocurrencies.

“It doesn’t bother me. I want to make sure it’s good, solid and so on, but it’s all right,” he added. “And if you like cryptocurrencies in any form – it comes in many different forms – if you are a supporter of cryptocurrencies, you better vote for Trump.”

The current Biden government wants stricter regulations for the industry.

StanChart predicts Trump’s victory could revive the cryptocurrency market

Previously, Donald Trump has been a declared critic of Bitcoin and other cryptocurrencies, repeatedly expressing concerns about the assets. In July 2019, he expressed his disapproval, calling them “not money” and criticizing their volatility and lack of fundamental value. He went on to argue that the assets could be used for illegal activities such as drug trafficking.

Nevertheless, the leading Republican candidate advertised a pro-crypto stance in his election campaign. In January, he promised to prevent the establishment of a central bank digital currency (CBDC) if elected president in November, citing a desire to protect Americans from excessive government action.

“Such a currency would give the federal government absolute control over your money. They could take your money and you wouldn’t even know it was gone,” he said.

This week, StanChart analyst Geoff Kendrick suggested that cryptocurrencies could benefit from Trump’s second term. He argued that a renewed Trump administration could have a favorable impact due to a more favorable regulatory climate.

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Marek Stiller
Marek Stiller
Founder of the "Cryptocurrency for Beginners" channel on YouTube. He collaborates with Łukasz to form the Arena Trading group, while at the same time being passionate about blockchain technology. His knowledge and experience in the cryptocurrency industry help beginner investors better understand this dynamic market.
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