“If You’re in Favor of Crypto, You’d Better Vote for Trump”, Says the Former U.S. President

by

As an analyst with a background in financial markets and politics, I find Donald Trump’s endorsement of cryptocurrency and his newfound support for the crypto community intriguing. His shift in stance from being dismissive to embracing digital assets comes at a time when his popularity within the crypto sector is on the rise. This could potentially translate into political capital and financial gains, especially considering the growing divide between pro-crypto and anti-crypto factions in the political sphere.

As a researcher examining recent developments in the world of politics and technology, I’ve come across an intriguing announcement. Former U.S. President and potential 2024 presidential candidate Donald Trump endorsed cryptocurrency during a gathering for Trump NFT (Non-Fungible Token) holders at his Mar-a-Lago resort in Florida. Trump expressed concerns over the departure of crypto firms from the United States due to perceived unfavorable policies towards digital currencies, remarking, “We need to welcome them if we’re going to engage with this technology.”

i asked donald trump how he’s going to keep crypto businesses in america.

sounds bullish 🇺🇸

— Malcolm (33.3%) (@macdegods) May 9, 2024

Trump’s recent support for cryptocurrencies represents a notable change from his past views on the topic. This shift coincides with growing favor among the crypto community towards Trump, as indicated by a survey conducted by Paradigm in March. The poll revealed that nearly half (48%) of crypto owners intend to vote for Trump, contrasted with 39% who support President Joe Biden.

At the gathering, I observed Trump interacting with an informed audience on cryptocurrencies. He openly declared his readiness to receive campaign contributions in Bitcoin and other digital assets. Furthermore, Trump voiced his concerns over the current administration, specifically targeting President Biden and SEC Chair Gensler, accusing them of being uninformed and adversely disposed towards crypto.

BREAKING: DONALD TRUMP IS FINE WITH CRYPTO

— Frank (33.3%) (@frankdegods) May 9, 2024

Analysts have taken notice of Trump’s backing for digital assets, positing that a potential victory for him in the November presidential election could bring good fortune for Bitcoin. The Mar-a-Lago gathering occurred at the same time as the U.S. House passing a resolution criticizing the SEC’s crypto banking regulations. This event underscores the increasing rift between pro-crypto and anti-crypto forces within the political arena.

The Biden administration has declared its plan to reject a joint House resolution aimed at altering cryptocurrency regulations overseen by the Securities and Exchange Commission (SEC). On May 8, the White House publicly expressed firm objection to this legislative action, asserting that it could weaken the SEC’s ongoing investor protection measures and maintain financial system stability. Proposed in February as House Joint Resolution 109, this resolution targets rescinding the SEC’s Staff Accounting Bulletin (SAB) No. 121. This bulletin requires banks to record digital assets on their balance sheets and hold sufficient capital against them.

The occasion drew significant focus on the escalating costs for meme coins on the Solana platform, depicting Trump and Biden as caricatures. Notably, “Jeo Boden” ($BODEN) and “Doland Tremp” ($TREMP) amassed market capitalizations of $473 million and $83 million respectively. Despite this, Trump voiced his discontent with the value of the Biden token, commenting, “That’s a considerable amount for a coin, I’m not fond of that investment.”

Trump also took credit for making NFTs hot again:

Frank x Trump will make NFTs hot again. Goggles stay on.

— visunary (@just4sol) May 9, 2024

Read More

2024-05-09 11:28