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US Representative Tom Emmer (R-MN) says the crypto sector will benefit from a second Donald Trump presidency.
Trump has already been exploring non-fungible tokens (NFTs), but stated that he was “not a fan of bitcoin,” calling it “highly volatile and air-based.”
Still, some lawmakers speculate that a Trump victory in the upcoming 2024 presidential election could propel bitcoin (btc) to new price highs.
Emmer predicts Trump's influence on bitcoin prices
Politico reports that pro-crypto congressman Emmer crypto-savior-00132417″ target=”_blank” rel=”noopener”>imagine a conducive regulatory environment for the crypto sector in general, if the former president returns to the White House.
Emmer, a Trump ally who advocates for cryptocurrencies, announced in January that he is officially endorsing Trump in the 2024 Republican presidential primary. That's despite Trump helping discourage Emmer's candidacy for speaker of the House of Representatives.
Trump has expressed strong skepticism toward bitcoin (btc) and other cryptocurrencies, citing concerns about their volatility and their potential to facilitate illegal activities.
But, after the presidency, he ventured into the crypto space by launching three nft collections.
The most recent, called Mugshot Edition, was presented in December. His initial nft collection included digital cards depicting various aspects of his life, while the second, released in April last year, coincided with him facing 34 felony charges.
An analysis of blockchain data reveals that Trump recently liquidated millions worth of ethereum (eth) from his nft sales.
Brian Brooks, formerly Coinbase's chief legal officer and acting comptroller of the currency from May 2020 to January 2021, commented that the people Trump would appoint to regulatory positions would likely be more open to cryptocurrencies, if not explicitly supportive, compared to the current administration.
Despite this, Trump has recently issued a warning about a possible stock market crash and a return to Great Depression-era conditions if he fails to secure victory in the next presidential election.
On a different note, analysts at asset management firm Vaneck anticipate record-breaking bitcoin prices in the event of a Trump victory, with a peak expected on November 9, as outlined in the firm's 2024 crypto predictions. .
Reflecting on the potential influence of cryptocurrency-savvy voters, former U.S. Securities and Exchange Commission (SEC) official John Reed Stark suggested in September 2024 that Trump could undergo a significant shift in their stance on cryptocurrencies due to the impact of this passionate electorate.
Trump's nft adventure
Former US President Donald Trump has immersed himself in the cryptocurrency industry through various ventures. His nft collection, Trump Digital Collectible Cards, made its debut last year and saw a successful second series launch in April 2023, generating more than $8.9 million in sales and $298,000 in licensing fees.
A recent financial disclosure revealed that Trump's wallet balance ranged between $250,000 and $500,000, marking his entry into the nft space after leaving the presidency.
Trump's success in the nft space was evident through his limited-edition $99 trading cards, which depict him in various settings, such as hunting outfits and superhero costumes.
Despite facing criticism for unauthorized use of copyrighted images, both card releases quickly sold out, racking up total revenue of around $8.9 million.
Despite Trump's past criticism of cryptocurrencies during his presidency, there are signs that he could embrace them if he returns to the White House, potentially fostering a more crypto-friendly policy and personal environment.
