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.”
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.
