As the US presidential elections approach, former President Donald Trump, clearly stated his intention to support the cryptocurrency industry and harshly criticized the current administration’s attitude towards digital assets. Trump’s latest statements show his determination to create a crypto-friendly environment if he is re-elected and reveal the stark difference with the Joe Biden administration.
Trump’s Crypto-Friendly Attitude
Trump said in his statement on his social media platform Truth Social:cryptocurrency “I am very positive and open-minded about their company and everything related to this new and rapidly growing industry,” he commented. Our country should be a leader in this field. “There is no second place,” he said, expressing his support for the cryptocurrency industry.
This statement shows that Trump is determined to pursue a cryptocurrency-friendly policy if he is re-elected. Additionally, criticizing the Biden administration’s approach in the crypto field, Trump said, “Crooked Joe Biden, the worst president in history, wants to condemn this sector to a slow and painful death. “Nothing like that will ever happen with me,” he said.
Featured Element in Campaign Strategy: Cryptocurrency
Trump’s stance on cryptocurrencies has changed over the years. Initially skeptical, Trump eventually adopted a crypto-friendly stance, diving into NFT collections and accepting campaign donations in cryptocurrencies such as Bitcoin, Ether, and US Dollar Coin. His NFTs in various iconic roles quickly sold out, revealing Trump’s large following and fans’ interest in digital assets.
By openly supporting cryptocurrencies, Trump can also mobilize a broad base of voters. According to Triple-A data, there are 46 million active adult crypto users in the United States. These voters are particularly concerned about the lack of clear regulations and inconsistent government actions towards the crypto sector. Trump’s crypto-friendly stance could mobilize this demographic, giving him a huge advantage in the elections.
Changes in the Biden Administration’s Crypto Policy
The Biden administration’s recent moves indicate that it is changing its stance on cryptocurrency. Suddenly, the SEC approved Ethereum ETFs and the House of Representatives passed the Financial Innovation and Technology for the 21st Century Act (FIT21). These steps signal a more moderate climate regarding digital assets and can be considered political steps aimed at gaining the support of pro-crypto voters ahead of the elections.
The crypto community is very positive about Trump’s promises. Ryan Selkis, founder of Blockchain research firm Messari, shared Trump’s statements emphasizing his openness to digital assets on the X platform. Additionally, Trump’s campaign has begun accepting crypto donations, reinforcing his commitment to integrating cryptocurrencies into his political platform.
Former CFTC chairman Chris Giancarlo calls Trump “the first crypto president” and points to the approval of Bitcoin futures ETFs under Trump. Trump has also acknowledged Bitcoin’s growing popularity, describing it as an “additional currency.”
