In his campaign for reelection, former US president and Republican presidential candidate Donald Trump Supports Cryptocurrency promised to back bitcoin startups. The American billionaire made the revelation when President Joe Biden faced problems from his administration, which appeared to be changing its position on cryptocurrency legislation. Disagreement on how to regulate cryptocurrencies is heating up as the US presidential elections draw nearer later this year.
US Should Lead Global Crypto Space – Donald Trump
Trump publicly backed the digital asset market in a post on his privately owned social media site, Truth Social. The former president of the United States has shown interest in the emerging cryptocurrency market and has called for more government regulation. Trump also attacked Joe Biden, the sitting president, saying that Biden was anti-crypto. In addition, he hinted that his administration would approach the business in a new way to foster its growth.
The Republican has long been a covert backer of the innovative digital asset market, which is embroiled in a regulatory battle with the present US government, so these remarks by Trump are not shocking. Trump unveiled a limited edition of 44,000 non-fungible tokens depicting him in various figures, such as a sheriff, an astronaut, etc., just one month after announcing his presidential ambition in 2022. With a combined worth of around $4.4 million, the NFT collection was sold out in less than a day.
Donations in various cryptocurrencies, including Bitcoin (BTC), Ether (ETH), and the US Dollar Coin (USDC), have suddenly begun to trickle into Donald Trump’s campaign. Trump’s billionaires receive billionaires, and these acts show that he strongly believes in digital assets, which could be a deciding factor in the upcoming elections.
Is Biden Seeking ‘CryVotes’tes’?
According to Triple-A data, theVotes’ces’ce of transparent laws, and the ongoing crackdowns on the US crypto industry, the 46 million active adult US cryptocurrency usta will be eager to voice their opinions at the polls. The current US administration may be shifting its stance on Cryptocurrency in response to the US Securities and ExchaCommission’s sounexCommission’s evaluation of Ethereum ETFs, which went against market perception.
Even though the White House opposed the Financial Innovation and Technology for the 21st Century Act (FIT). The US House of Representatives still enacted it without a veto threat. The current administration’s administration has been widely seen as a political maneuver to garner support for the impending elections.
Trump Will Pardon Silk Road Founder
At a press conference, Trump Supports Cryptocurrency promised that, if re-elected, he would pardon Silk Road founder Ross Ulbricht. In his speech delivered on May 25 at the Libertarian Party’s National Convention in Washington, Trump stated:
Ulbricht, using the alias “Dread Pirate Roberts,” launched the first contemporary darknet bazaar in 2011 on Silk Road. On October 1, 2013, the FBI confiscated Ulbricht’s laptop. After a lengthy trial, Ulbricht received a two-life sentence plus forty years without parole. In 2015 for his participation in Silk Road’s operations.
Trump’s Positive Attitude Raises Expectations
Many in the cryptocurrency business hope that Trump will support Cryptocurrency and win the election because of his newfound support. A cryptocurrency prediction platform called Polymarket has TTrump’sodds of 56% and BBiden’s at 38%.
Trump Supports Cryptocurrency has said he will welcome cryptocurrency donations for his 2024 presidential campaign. His campaign made An online fundraising website available to qualified contributors on May 21 through. the Coinbase Commerce platform.
