On Saturday, former U.S. president Donald J. Trump made several pro-crypto comments on his social media platform Truth Social — which is part of the Trump Media & Technology Group (TMTG) and aims to provide an alternative to established social media networks such as Twitter and Facebook — and at a convention.
In this post, Trump Trump expressed strong support for the cryptocurrency industry, declaring himself open-minded and enthusiastic about its potential. He emphasized the importance of the United States leading in this emerging field, dismissing any notion of a secondary position. Contrasting his stance with that of President Joe Biden, whom he harshly criticized as the worst president in the country’s history, Trump accused Biden of attempting to stifle the industry. Trump assured his followers that under his leadership, the crypto sector would thrive and not face the slow demise he attributes to Biden’s policies.
Also, later that day, at the Libertarian National Convention in Washington, D.C., Trump criticized Biden’s approach to cryptocurrency and promised to protect the future of crypto and Bitcoin in the U.S. He assured the audience that he would oppose the establishment of a central bank digital currency and support the right to self-custody of digital assets:
“I will ensure that the future of crypto and the future of bitcoin will be made in the USA, not driven overseas. I will support the right to self custody … To the nation’s fifty million crypto holders, I say this: I will keep Elizabeth Warren and her goons away from your bitcoin, and I will never allow the creation of a central bank digital currency.“
Trump’s recent comments indicate a shift towards a more pro-crypto stance.
Earlier this week, Donald Trump’s campaign introduced a fundraising page allowing donors to contribute using cryptocurrency through the Coinbase Commerce platform. This initiative marks a significant milestone as the first instance of a major party presidential nominee accepting cryptocurrency donations, thereby broadening the campaign’s digital fundraising strategies.
The campaign assures that all contributions will adhere to Federal Election Commission regulations, including limits and disclosure requirements. Supporters can now make compliant cryptocurrency donations at Trump Campaign Crypto Donations. Accepted cryptocurrencies include Bitcoin, Ethereum, XRP, Dogecoin, Shiba Inu, USD Coin, Solana, and 0x.
In a blog post, the campaign highlighted Trump’s efforts to reduce regulations and promote innovation in financial technology during his presidency, contrasting these policies with those of Democratic leaders like Joe Biden and Senator Elizabeth Warren, who are depicted as favoring increased government control over financial systems.
The campaign positions this move as part of a broader effort to enhance individual financial freedom and reduce governmental oversight. They assert that this announcement demonstrates Trump’s commitment to prioritizing personal liberty over “government control.”
Elizabeth Warren has been vocal about her concerns regarding cryptocurrency, reportedly aiming to build an “anti-crypto army” to impose stricter regulations. In contrast, Trump’s campaign is rallying supporters to form a “crypto army” to support the campaign leading up to the election on 5 November 2024.
According to CNBC, this strategy could provide a new stream of funds for Trump’s campaign, which, despite raising more money than Biden’s in April, still has less cash on hand. The report notes that Biden’s campaign remains skeptical of cryptocurrency, reflecting the administration’s cautious stance. Just before Trump’s campaign started appealing to crypto donors, Biden’s team issued a fundraising message warning that “cryptocurrency executives and oil barons are coming out of the woodwork for Trump.”
While Trump’s campaign claims he is the first major party nominee to embrace crypto donations, CNBC points out that he is not yet the official nominee. Additionally, Trump is not the first presidential candidate to accept cryptocurrency; Robert F. Kennedy Jr., running as an independent, began accepting bitcoin donations in May 2023, and Senator Rand Paul accepted bitcoin during his 2015 presidential bid.
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