Former US President Donald Trump is throwing his weight behind cryptocurrencies, embracing “all things related to this new and burgeoning industry.”
In a recent address at the Libertarian National Convention, Trump reiterated his positive stance on cryptocurrency companies, emphasizing his openness to the sector.
Trump made clear his commitment to ensuring the survival of cryptocurrencies, contrasting his position with what he perceives as President Biden’s attempts to undermine the industry.
Taking a swipe at Biden, Trump criticized the current administration’s approach, accusing Biden of wanting cryptocurrency to wither away. Trump emphasized his resolve, stating that under his leadership, cryptocurrency would not meet such a fate.
Trump’s vocal support for crypto comes amidst mounting criticism of President Biden’s perceived anti-crypto stance. However, there are signs that the Biden administration is easing its position on cryptocurrency as the US election draws nearer.
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 US to be the ‘Leader’ in Crypto
Trump has been actively showcasing his support for cryptocurrencies recently, aiming to attract younger voters who are enthusiastic about crypto. He’s even started accepting crypto donations for his campaign, following successful fundraising efforts through Trump trading cards in the NFT realm.
As the presumed Republican presidential nominee, Trump has emphasized his ambition to position the US as a frontrunner in the crypto space. In a post on Truth Social, he stated unequivocally, “Our country must be the leader in the field. There is no second place.”
This sudden shift towards embracing crypto hasn’t gone unnoticed, drawing attention from prominent investors. Mark Cuban, a billionaire investor known for his support of Biden, cautioned that Trump’s adoption of cryptocurrency could sway the outcome of the 2020 elections, dubbing it a “new weapon” against Biden. Cuban expressed his views on Twitter, highlighting the potential impact of crypto voters in the upcoming election.
Crypto’s Key Role in 2024 Elections
A recent report from Washington-based Politico highlights that only a small portion of voters in America are actively engaged with cryptocurrency. According to the Federal Reserve’s “Economic Well-being of US households” report, just 7 percent of adults held or used cryptocurrency in 2023. This figure represents a decline of 5 percentage points from 2021.
However, despite this relatively low level of adoption among the general population, cryptocurrency still occupies a significant role in US politics. Politico points out that several crypto businesses are prepared to invest upwards of $80 million in the upcoming 2024 elections, underscoring the growing influence of crypto in the political landscape.
