Nikolas Sargeant
“I am very positive and open-minded to cryptocurrency companies,” Trump reiterated his pro-crypto stance on Sunday during the Libertarian National Convention address.
Trump assured that he would never let crypto die, taking a jab at President Biden's moves to undermine Bitcoin and crypto.
“Crooked Joe Biden, on the other hand, the worst president in the history of our country, wants it to die a slow and painful death. That will never happen with me,” he wrote in a post on Truth Social.
Trump’s endorsement of crypto comes at a time when President Biden is under fire for his anti-crypto stance. However, the Biden administration is also softening its position on crypto as the US election approaches.
Last week, the US Securities and Exchange Commission (SEC) approved eight spot Ethereum ETF applications, signaling growing acceptance of cryptocurrencies within traditional finance.
Trump Wants US to be the ‘Leader’ in Crypto
Trump has consistently promoted his support for cryptocurrencies, aiming to attract younger, crypto-enthusiast voters. He recently began accepting crypto campaign donations after raising millions from Trump trading cards in the NFT space.
The presumptive Republican presidential nominee emphasized his goal to make the US a leader in cryptocurrencies.
“Our country must be the leader in the field. There is no second place,” his Truth Social post read.
Trump’s sudden embrace of crypto has caught the attention of several prominent investors. Earlier this month, Shark Tank billionaire Mark Cuban, a Biden supporter, warned that Trump could win the 2024 election by adopting a "new weapon" against Biden: crypto.
“If Joe Biden loses, there is a good chance you will be able to thank Gary Gensler and the New York SEC,” Cuban wrote on X (Twitter). “Crypto voters will be heard this election.”
Crypto’s Key Role in 2024 Elections
According to a report from Washington-based Politico, only a fraction of American voters use crypto. Further, only 7 percent of adults held or used crypto in 2023, a decline of 5 percentage points from 2021, as revealed in the Fed’s recent “Economic Well-being of US Households” report.
Despite this, crypto occupies a significant place in US politics, with several crypto businesses willing to spend over $80 million in the upcoming 2024 elections, Politico noted.
