- Donald Trump is doubling down on crypto.
- The former President struck gold in San Francisco.
- Trump’s crypto courting could come at a better time.
Former President Donald Trump is swiftly carving out his niche as the “crypto politician.” Over the past month, the leading Republican candidate has been pulling out all the stops, wooing the US crypto industry with pledges to “end Biden’s crypto crusade” and “keep crypto at home.”
With crypto now becoming a new cornerstone of Trump’s campaign, the former President has struck gold, particularly in Silicon Valley, the tech mecca.
Donald Trump, Crypto President?
During a private fundraising event hosted by tech billionaires David Sacks and Chamath Palihapitiya, Donald Trump branded himself as “the crypto president,” promising to slam Democrats’ attempts to hurt the sector.
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Reuters reported that the crypto-centric pitch netted the former president over $12 million, as confirmed by sources at the event.
It appears that Trump is doubling down on his crypto campaign just as President Biden fans the flames of discontent within the crypto community. Just last week, Biden vetoed a resolution aimed at overturning the US SEC’s SAB 121 crypto account guidelines, which complicate operations for crypto firms by forcing them to list crypto assets as liabilities.
Consequently, Trump has intensified his support for crypto, even beginning to accept campaign donations in digital assets, including meme coins like SHIB and DOGE. In a bid to court Libertarians, Trump also pledged to pardon Silk Road founder and crypto martyr Ross Ulbricht, vowing to free him on his first day back in the White House.
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Trump’s push for crypto couldn’t come at a better time, as Americans are leaning toward voting for a pro-crypto candidate.
Crypto: The 2024 Election Decider?
A recent Grayscale-backed survey has highlighted the growing importance of crypto policies among voters, revealing that Americans are increasingly focused on the crypto industry as a key electoral issue, especially amidst concerns over inflation.
Nearly half of the respondents indicated a greater likelihood of adding crypto to their portfolios, given the persistent inflation, which was a primary concern for 38% of respondents.
Additionally, the survey found that 77% of participants would vote for a candidate with an “informed perspective on crypto.” However, it also showed that respondents view crypto as a bipartisan issue, with voters divided on which party is more pro-crypto.
Whether it’s Democrats, Republicans, or independents, it’s clear that crypto is becoming a decisive factor in the upcoming November elections.
On the Flipside
- Mark Cuban and Charles Hoskinson, among other influential figures in the crypto industry, assert that President Biden’s anti-crypto stance could cost him the White House.
- With mounting pressure from US lawmakers and scrutiny over its approach, regulators and the Biden administration are easing their stance, possibly in response to the growing chorus of dissent.
Why This Matters
Donald Trump is quickly emerging as a front-runner for the November elections, largely due to his efforts to court the crypto industry. With more Americans investing in crypto, his endorsement of pro-crypto laws could gain him significant support from institutions and crypto companies in the country. His stance might be the edge he needs to rally a new wave of supporters and gain traction in the race.
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