On late Wednesday, Donald Trump, the former President and Republican frontrunner, declared his support for cryptocurrencies. This announcement came during a notable gathering at his Mar-a-Lago resort in Palm Beach, Florida, dubbed the Trump Cards NFT Gala, attended by supporters who are holders of NFTs depicting Trump’s name and likeness.
During the event, Trump criticized the Biden administration’s stance on digital assets. Mimicking a conversation, he said, “If you ask Biden, sir, are you for or against crypto? What’s that? What? Get me off the stage. Now, he has no idea. But look, [he’s] very much against it. The Democrats are very much against it.”
He then aligned himself with the pro-crypto sentiment evident among the attendees, “And I say this, a lot of people are very much for it. Probably a lot of the people in this group. And I’m fine with it. I want to make sure it’s good and solid and everything else. But I’m good with it. And if you want, if you like crypto in any form, and it comes in a lot of different forms, if you’re in favor of crypto, you better vote for me.”
Donald Trump says “If you’re in favor of Crypto, you better vote for Trump” pic.twitter.com/5AGYIfsNOg
— Randi Hipper (@missteencrypto) May 9, 2024
Trump further lamented the exodus of digital asset companies from the United States, attributing this trend to an unfriendly regulatory environment fostered by the current government. “Crypto is moving out of the US because of hostility towards crypto,” he claimed, promising to reverse this trend by creating a more welcoming regulatory framework for blockchain and digital currencies.
i asked donald trump how he’s going to keep crypto businesses in america.
sounds bullish ???????? pic.twitter.com/rvuztPmQ8P
— Malcolm (33.3%) (@macdegods) May 9, 2024
At the event, Trump also openly welcomed campaign donations in Bitcoin and other digital assets, signaling a major pivot in his acceptance and understanding of digital assets. When asked, “Can we donate using crypto?” Trump responded, “If you can’t, I’ll make sure you can.” This move could attract significant support from younger, tech-savvy voters who view them as a cornerstone of future financial systems.
Crypto Is A Key Issue In The 2024 US Election
Industry reactions to Trump’s statements were immediate and pointed. Ron Hammond, the government relations director at the Blockchain Association, noted the political divide, highlighting the day’s events on X: “I didn’t think crypto would be an election issue, but today’s polar opposite statements proved that. Twenty-one Democrats today voted against their own party realizing the trend: it’s a losing issue to be in the anti-army.”
Further emphasizing the community’s reaction, Dennis Porter, CEO and founder of Satoshi Act, commented via X: “Trump just said he is pro-Bitcoin/crypto. Biden (so far) squarely opposed to Bitcoin/crypto. The wildest part: I’ve been hearing rumblings that Biden may pivot on the issue.”
This sentiment reflects broader concerns about the US falling behind in the global race to embrace and regulate digital currencies. A recent poll conducted by DCG and The Harris Poll on May 7 revealed that in key battleground states, one in five voters considers Bitcoin and digital assets a significant issue for the 2024 election.
The survey underscored a significant lack of trust in current elected officials’ understanding of technologies like digital assets, with four out of five respondents expressing a desire for lawmakers to have a better grasp of the technology before attempting to regulate it.
“Half of voters (48%) distrust candidates interfering with crypto. A third (30%) are more likely to support pro-crypto politicians, and a quarter (25%) feel more trusting towards those enthusiastic about digital currencies,” DCG revealed via X.
As the 2024 Presidential race heats up, Trump’s clear pivot to pro-crypto policies could not only sway single-issue voters but also redefine Republican strategies on technology and economic innovation. With this stance, Trump is positioning himself at the forefront of what may become a central issue in the upcoming US election.
At press time, BTC traded at $61,421.
BTC price, 1-day chart | Source: BTCUSD on TradingView.com
Featured image from Fox Business, chartfrom TradingView.com
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Author: Jake Simmons
