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Sunday, June 9, 2024
HomeCryptoFrom enemies to friends: Is Donald Trump the savior of cryptocurrency?

From enemies to friends: Is Donald Trump the savior of cryptocurrency?

With Donald Trump’s enthusiastic support, people believe that the market will be better if he wins the upcoming presidential election.

As president of the United States during his previous term, Donald Trump is known to be anti-cryptocurrency. However, in recent months he has taken a completely opposite attitude to take advantage of this powerful community to counter the government of Joe Biden in the 2024 election.

Market observers have argued that a Trump victory in 2024 could boost the situation beneficial for Bitcoin and the cryptocurrency market in general.

Trump doubles down on his pro-crypto stance

According to reported June 7 by ReutersTrump announced “he will be the president of cryptocurrency” while speaking at a fundraising event hosted by Craft Ventures general partner David Sacks and former Facebook executive Chamath Palihapitiya.

Trump collected $12 million at a fundraiser in San Francisco to fund his advertising campaign ahead of the November 5 presidential election. However, Trump did not offer specifics on the proposed cryptocurrency policy. proposal, but this was a more conciliatory move than the Biden administration made.

Is Trump the unexpected savior of crypto?

From criticizing cryptocurrencies being used for drugs as well as other illegal activities, Trump is now accept cryptocurrency donations and became the first major party candidate to hold Bitcoin, Ether, Dogecoin and other altcoins.

Recently, he also announced that he would sentence reduction to Silk Road founder Ross Ulbricht and promised to make the United States a leader in the digital assets industry. He stated that: “Our country must be a leader in this field, there is no second place.”

With the above moves, the founder and CEO of blockchain analytics firm Messari, Ryan Selkis, sees that the cryptocurrency industry will face a series of challenges. Unfavorable regulations if Biden is re-elected.

On the other hand, Standard Chartered analysts expect prices BTC will jump to the $150k mark ambitiously by the end of this year in case Mr. Trump wins.

Donald Trump Boosts Crypto Support at Fundraising Event – ​​Report

Mark Tyson
Mark Tyson
Freelance News Writer. Always interested in the way in which technology can change people's lives, and that is why I also advise individuals and companies when it comes to adopting all the advances in Apple devices and services.
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