Former US President Donald Trump is in favor of cryptocurrencies, embracing “all things related to this new and growing industry.” “I’m very positive and open to cryptocurrency companies,” he reiterated his pro-crypto stance Sunday during a speech at the Libertarian National Convention.
Trump asserts that he will never let cryptocurrencies die, casting a shadow over Biden ‘s moves to kill Bitcoin and cryptocurrencies. “On the other hand, fraudster Joe Biden, the worst president in the history of our country, wants it to die a slow and painful death. With me, that will never happen,” he wrote in a post on Truth Social.
Trump’s endorsement of cryptocurrencies comes at a time when current President Biden is facing a wave of criticism for his anti-crypto stance. However, the Biden administration is also softening its stance on cryptocurrencies as the U.S. elections are just a few months away.
Last week, the U.S. Securities and Exchange Commission (SEC) approved eight applications for Ethereum ETFs, signaling growing acceptance of cryptocurrencies in traditional finance.
Trump wants the U.S. to be a “leader” in the cryptocurrency industry
In the recent past, Trump has constantly expressed his support for cryptocurrencies in an attempt to lure younger cryptocurrency-loving voters. He recently began accepting donations for his cryptocurrency campaign after collecting millions from Trump’s collector cards in the NFT space.
The Republican presidential candidate stressed his desire to make the US a leader in cryptocurrencies. “Our country must be a leader in this field. There is no other place,” his Truth Social post reads.
Trump’s sudden interest in cryptocurrencies has caught the eye of several prominent investors. Earlier this month, Shark Tank billionaire Mark Cuban, who is an open supporter of Biden, warned that Trump could win the election if he used a “new weapon” against Biden: cryptocurrencies.
“If Joe Biden loses, there’s a good chance you can thank Gary Gensler and the New York SEC,” he wrote on X (Twitter). “Cryptocurrency voters will be heard in this election.”
Crypto’s key role in 2024 election
According to a report by Washington-based Politico, only a fraction of voters in America use cryptocurrencies. What’s more, only 7 percent of adults owned or used cryptocurrencies in 2023, a recent Fed report, “The Economic Well-Being of American Households,” reveals. This represents a decline of 5 percentage points compared to 2021.
Still, cryptocurrencies occupy a key space in American politics, as several cryptocurrency companies are poised to spend more than $80 million in the upcoming 2024 elections, Politico noted.
