Donald Trump, former President of the United States who is currently eyeing a second term at the White House has adopted cryptocurrencies as a trumpcard.
Crypto craze runs in family. The Trump brothers are also making their mark.
Trump was initially not a fan of cryptocurrencies. This is evident from his previous remarks, in which he called Bitcoin an instrument for criminals.
His stance has softened since 2022 when he first stepped into the NFT area, for obvious reasons.
Donations can now be made using cryptography
The first collection of 45,000 NFTs in his NFT collection sold for $4.6 Million. The firm NFT INT LLC that owns the tokens claimed at the time the blockchain-based avatars Donald Trump was not related to his 2020 presidential campaign.
The trend has continued as the billionaire is no longer modest about his love of cryptocurrencies and specifically Bitcoin. He launched limited-edition sneakers themed Bitcoin to commemorate his appearance at Nashville’s Bitcoin Conference, the largest Bitcoin Conference on the planet.
The platform that sold the shoes, just like last time denied all connections with Trump’s campaign. The Trump campaign, however, was not a stranger to cryptos and accepted political contributions in cryptocurrency.
Trump’s pro-crypto stance won the heart of crypto-sector voters who have been demanding regulatory clarity for the industry for many years.
Crypto is back to its former glory
Trump publicly criticized the Biden Administration’s hostility to the digital asset space, and has promised in his rallies to “embrace” it. He said at the Bitcoin 2024 Conference that he will fire SEC Chief Gary Gensler. Gensler’s tenure as Securities Head saw many crackdowns on the crypto industry.
JD Vance, a cryptocurrency advocate and his running mate, has further reaffirmed his pro-crypto stance. Vance also attacked the SEC’s ‘no-crypto’ policy.
His trump cards were plans for a Bitcoin Reserve, which Republican Senator Cynthia Lummis has already presented to the senate.
Trump is asking the US to keep its huge BTC reserve, which was reported as housing over $11 Billion in cryptocurrency on August 6, 2018. Historically these funds seized in various crackdowns have been auctioned, but Trump has advocated a HODL (hold on to it) strategy.
Bitcoin is expected to surpass both gold and silver as the market capitalization of Bitcoin.
Trump’s apparent support for crypto has had a profound impact on him and the wider cryptocurrency industry.
After President Joe Biden was ousted, Democratic candidate Kamala has adopted a similar strategy by engaging with the crypto sector in order to gain support from a community which had been largely opposed to her predecessor.
The family runs it
Donald Trump Jr., and Eric Trump also expressed their support in this sector.
Trump Jr. junior has announced plans to launch a cryptocurrency-powered platform that would take on the “banking world” and help promote the notion of decentralization. It would be Trump’s only official project.
Many people were surprised by this news, as they expected the release of a meme coin. This has now become a popular trend within the crypto industry.
Eric Trump has also teased that he’s “fallen in adore” with cryptocurrency and decentralized spaces, and claims to be making a similar announcement.
Both brothers, however, have warned against tying any of the many Trump-themed memento coins to them or their father.
Barron Trump, Trump’s youngest child has made headlines as well in the crypto world but in a bad way.
TrumpCoin, or DJT as it is also known by him, was a meme token produced in the form of a token. The token, which reportedly minted around 2 billion tokens – crashed recently over 90%.
Positively, I think the Trumps played an important role in making cryptocurrency a hot topic in 2024. This is still a new sector and it remains to be seen what the future holds.
The Trumps will make crypto great once again. This post may be updated as new information unfolds
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