Trump’s pivot toward crypto comes as he positions himself for another run at the White House. In May, his campaign began accepting donations in cryptocurrencies.
By Anisha Pandey
Edited by Julia Sakovich
Updated
3 mins read
It looks like former US President Donald Trump is all set to make the country a leader in the crypto world. During an interview with Bloomberg, Trump explained the importance of embracing crypto to maintain the country’s competitive edge.
“If I throw it aside, it’s going to be picked up in another country, most likely China – they’re pretty advanced in that sphere. So you have to look at it – what I want, again, is what is good for the country,” Trump stated.
Trump’s newfound enthusiasm for crypto marks a major shift from his previous stance. Now he acknowledges that cryptocurrency is “not going away” and even plans to release another series of NFTs.
His trading card-themed NFTs, which have previously offered perks such as a piece of his suit or tie or admission to a dinner event with him, have proven popular. “I did it three times, I’m going to do another one because the people want me to do another one,” Trump stated.
During the interview, Trump praised the US crypto industry’s “good foundation”, despite its relative infancy. He said that he now knows “top-flight” industry leaders, which seems to have influenced his more favorable outlook.
Trump’s pivot toward crypto comes as he positions himself for another run at the White House. In May, his campaign began accepting donations in cryptocurrencies, raising $3 million in the last quarter.
The Republican nominee has also promised to support Bitcoin miners and protect the self-custody of cryptocurrencies. He has vowed to prevent the Federal Reserve from issuing a central-bank digital currency (CBDC) that could compete with the private crypto industry.
Influential figures in the crypto world are backing Trump’s pro-crypto stance. Elon Musk, the founder of Tesla and SpaceX, is reportedly planning to pledge $45 million monthly to a pro-Trump Super PAC. Other notable supporters include Gemini co-founders Tyler and Cameron Winklevoss, Ark Invest CEO Cathie Wood, and Kraken co-founder Jesse Powell.
Trump’s crypto advocacy is further underscored by his choice of running mate. Earlier this week, he selected Sen. J.D. Vance, a Bitcoin holder and vocal crypto advocate, as his vice-presidential candidate. Vance, an Ohio Republican, has criticized the Securities and Exchange Commission (SEC) during its lawsuit against crypto startup DEBT Box.
Meanwhile, Trump-related PoliFi cryptocurrencies have surged since the recent assassination attempt on Trump. For instance, the MAGA token saw its price skyrocket from $6.31 to $10.36 in minutes after the incident.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
With a background in finance and a passion for innovation, Anisha has been covering the ever-evolving world of crypto for over four years. Her deep understanding of the crypto market have made her a trusted source for analysis and news. Whether it's dissecting the latest trends or decoding whitepapers, Anisha is dedicated to bringing clarity to the world of digital assets.
