As a seasoned researcher who has witnessed the evolution of digital currencies and politics over the past decade, I find it fascinating to observe the transformation of former President Donald Trump from a Bitcoin critic to a potential market catalyst for the cryptocurrency.
In the past few weeks, Bitcoin has experienced a significant increase. Some people link this growth to a potential “political tilt” favoring the Republican Party as the 2024 U.S. presidential election approaches.
On October 15th, the Republican presidential candidate and ex-President Donald Trump expressed his viewpoint on a platform that “Crypto holds promise for the future,” describing it as an “extraordinary innovation.” He also reaffirmed his commitment to assisting the United States in maintaining its position as a world leader in digital assets.
Last September, financial experts from Standard Chartered International Bank suggested that if Trump won the election, it could serve as a trigger for Bitcoin’s price surge. They estimated that Bitcoin could potentially reach $125,000 before the year was over under a Trump presidency.
Trump’s significant shift towards being an advocate for cryptocurrencies occurred approximately four years following his public statement labeling Bitcoin as a “fraud.” This change represents a substantial reversal in his stance on digital currencies.
CryptoMoon explored Trump’s transformation from a Bitcoin critic to a major market catalyst.
Bitcoin’s value is based on “thin air,” Trump argued during his former presidency
Trump expressed his dislike for Bitcoin and similar digital currencies on Twitter in July 2019, stating that they are not true forms of money due to their unstable values, which appear to be determined by speculation rather than tangible backing.
Trump likewise expressed concerns over the potential hazards associated with “cryptocurrencies without regulation,” stating that these could be used for “illicit activities such as illicit drug trading and other unlawful conduct.
After his presidency ended in January 2021, Trump still voiced criticisms towards Bitcoin and cryptocurrencies. However, during this period, X took action to ban him from their platform due to policy breaches related to “incitement of violence.
In July 2021, the previous president criticized Bitcoin once more, labeling it as a “fraud” during an interview on Fox Business. His reasoning behind this claim was that Bitcoin is another form of currency that competes with the U.S. dollar. Trump expressed his thoughts by stating:
“Bitcoin, it just seems like a scam […] I don’t like it because it is another currency competing against the dollar. Essentially, it is a currency competing against the dollar. I want the dollar to be the currency of the world, that’s what I’ve always said.”
Trump enters crypto shortly after launching his 2024 presidential campaign
Approximately a year and a half after labeling Bitcoin as a fraud, Trump took a step into the world of cryptocurrency by introducing a Non-Fungible Token (NFT) collection towards the end of 2022.
In a notable step following the announcement of his 2024 presidential campaign in November 2022, Trump introduced his first significant public action – an online store for selling digital trading cards depicting him as a superhero, priced at $99 each, in the form of NFTs.
Following the successful fundraising of $8.9 million from NFTs, Trump further showed interest in cryptocurrencies. It was reported that he revealed holding digital assets worth between $250,000 and $500,000 in a cryptocurrency wallet by August 2023.
According to blockchain intelligence company Arkham, Donald Trump’s cryptocurrency holdings were estimated to exceed $10 million by May of 2024.
Trump pitches himself as the pro-Bitcoin presidential candidate
As we approach the US presidential election on November 5, I find myself positioning myself as a supporter of cryptocurrency in my 2024 campaign, should I be the candidate.
By June, Trump expressed robust backing for Bitcoin mining and advocated for the government to stimulate more mining of “the rest of the Bitcoin” within the U.S., stating that such a move would make our nation “leaders in energy production.
In June, the co-founders of Gemini, Cameron and Tyler Winklevoss, donated $2 million to support Trump’s reelection, indicating a growing industry endorsement for Trump as the next U.S. President.
In September, President Trump made history by using Bitcoin in a purchase transaction for the first time as a U.S. president. This unique event took place at a bar in New York City, where he bought some hamburgers with Bitcoin.
Despite Trump being viewed more favorably by the industry, he has yet to publicly address or retract his past criticism towards Bitcoin and cryptocurrencies.
Although Trump has had a change of heart about cryptocurrencies over the last few years, it is unclear whether he would continue to support the industry favorably if elected president again.
Read More
- DOGS PREDICTION. DOGS cryptocurrency
- SQR PREDICTION. SQR cryptocurrency
- LDO PREDICTION. LDO cryptocurrency
- STG PREDICTION. STG cryptocurrency
- CLOUD PREDICTION. CLOUD cryptocurrency
- QUINT PREDICTION. QUINT cryptocurrency
- JASMY PREDICTION. JASMY cryptocurrency
- KNINE PREDICTION. KNINE cryptocurrency
- METIS PREDICTION. METIS cryptocurrency
- UXLINK PREDICTION. UXLINK cryptocurrency
2024-10-17 14:58