On Wednesday night, Donald Trump, former president and Republican front-runner, declared his support for cryptocurrencies. This announcement came during a notable gathering at his Mar-a-Lago resort in Palm Beach, Florida, called the Trump Cards nft Gala, which was 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 cryptocurrencies? What's that? That? Get me off the stage. Now he has no idea. But look, he is very against it. “The Democrats are very against it.”
He then aligned himself with the pro-crypto sentiment evident among attendees: “And I say this, a lot of people are very much in favor of it. Probably many of the people in this group. And I'm fine with that. I want to make sure it's good and solid and everything else. But I'm fine with that. And if you want, if you like cryptocurrencies in any form, and they come in many different forms, if you are pro-cryptocurrencies, you better vote for me.”
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Donald Trump says “If you are for crypto, you better vote for Trump” pic.twitter.com/5AGYIfsNOg
– Randi Hipper (@missteencrypto) twitter.com/missteencrypto/status/1788370898187162029?ref_src=twsrc%5Etfw” rel=”nofollow noopener” target=”_blank”>May 9, 2024
Trump also lamented the exodus of digital asset companies from the United States, attributing this trend to a hostile regulatory environment fostered by the current administration. “Cryptocurrencies are leaving the US because of the hostility towards cryptocurrencies,” he stated, promising to reverse this trend by creating a more welcoming regulatory framework for blockchain and digital currencies.
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I asked Donald Trump how he is going to maintain the cryptocurrency business in the United States.
sounds optimistic pic.twitter.com/rvuztPmQ8P
– Malcolm (33.3%) (@macdegods) twitter.com/macdegods/status/1788363913634914481?ref_src=twsrc%5Etfw” rel=”nofollow noopener” target=”_blank”>May 9, 2024
At the event, Trump also openly welcomed campaign donations in bitcoin and other digital assets, signaling a major shift in his acceptance and understanding of digital assets. When asked, “Can we donate using cryptocurrency?” Trump responded: “If you can't, I'll make sure you can.” This measure could attract significant support from younger, tech-savvy voters, who see it as the cornerstone of future financial systems.
Cryptocurrencies are a key issue in the 2024 US elections
The industry's reactions to Trump's statements were immediate and direct. Ron Hammond, director of government relations at the Blockchain Association, twitter.com/RonwHammond/status/1788370885226717343″ target=”_blank” rel=”noopener nofollow”>noted the political divide, highlighting the day's events in x: “I didn't think cryptocurrencies would be an electoral issue, but today's polar opposite statements proved it. “Twenty-one Democrats voted against their own party today, realizing the trend: being anti-army is a losing issue.”
To further emphasize the community reaction, Dennis Porter, CEO and founder of Satoshi Act, twitter.com/Dennis_Porter_/status/1788390233392005391″ target=”_blank” rel=”noopener nofollow”>commented via x: “Trump just said he is pro-bitcoin/crypto. Biden (so far) is adamantly opposed to bitcoin/crypto. The craziest part: I've been hearing rumors that Biden might turn things around.”
This sentiment reflects broader concerns about the United States falling behind in the global race to adopt and regulate digital currencies. A recent twitter.com/DCGco/status/1787815399540564259″ target=”_blank” rel=”noopener nofollow”>survey Conducted by DCG and The Harris Poll on May 7 revealed that in key battleground states, one in five voters consider bitcoin and digital assets to be an important issue for the 2024 election.
The survey highlighted a significant lack of confidence in current elected officials' understanding of technologies like digital assets, with four in five respondents expressing a desire for lawmakers to better understand the technology before attempting to regulate it.
“Half of voters (48%) distrust candidates who interfere with cryptocurrencies. A third (30%) are more likely to support pro-crypto politicians, and a quarter (25%) feel more trusting towards those who are digital currency enthusiasts,” DCG revealed via x.
As the 2024 presidential race heats up, Trump's clear shift toward 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 could become a central issue in the next US elections.
At the time of publication, btc was trading at $61,421.
Featured image from Fox Business, chart from TradingView.com
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