Donald Trump Embraces Cryptocurrency for 2024 Campaign, Diverging from Biden’s Approach

Donald Trump Embraces Cryptocurrency for 2024 Campaign, Diverging from Biden’s Approach

Former U.S. President Donald Trump has recently unveiled a fresh strategy concerning cryptocurrency, marking a departure from the stance taken by the Biden administration. With his eyes set on the upcoming U.S. presidential election in November 2024, Trump has made a bold move by announcing his acceptance of cryptocurrency donations for his campaign.

In a series of video snippets shared by Frank Degods, a notable non-fungible token (NFT) creator and influencer, Trump can be seen addressing his NFT purchasers at a gathering coinciding with his day off from trial. These attendees had individually acquired over 47 NFTs from Trump’s “Mugshot Edition” collection, each priced at $99. Trump remarked in his speech, “We revitalized the NFT market when it wasn’t in the spotlight. We’ve reignited interest in NFTs.”

Expressing his commitment to embracing crypto in his campaign, Trump assured his supporters that if they were unable to donate using traditional methods, he would facilitate crypto donations. He also took a dig at President Joe Biden, suggesting a lack of comprehension regarding cryptocurrency, thereby positioning himself as the preferred choice for crypto enthusiasts.

When questioned about retaining crypto businesses within the United States, Trump reiterated his dedication to the cause. He emphasized the importance of preventing the exodus of crypto companies due to perceived hostility, asserting that for cryptocurrency to thrive, it must remain within the country’s borders.

Trump’s remarks notably impacted the cryptocurrency market, with the “Jeo Boden” meme coin, inspired by President Joe Biden, experiencing a surge of over 45% according to CoinGecko data following Trump’s mention of the token.

However, Trump also expressed skepticism upon learning that the BODEN token had reached a market capitalization of $240 million. He deemed it a substantial valuation for a coin and indicated his disapproval of such investments.

Avichal Garg, co-founder of Electric Capital, praised what he perceived as a shift in Trump’s stance towards cryptocurrency, commending the advisors behind this evolution. Garg suggested that if President Biden continues to adopt an anti-crypto position, sentiment within the crypto community could pivot from being anti-Gary Gensler, chair of the U.S. Securities and Exchange Commission, to being anti-Biden and even anti-Democrats.

Trump’s foray into cryptocurrency began in late 2022 with the launch of the Trump Digital Trading Cards NFT collection, leveraging his identity and branding. This venture proved successful relative to the broader NFT market, with the current floor price exceeding $200. Trump’s willingness to embrace cryptocurrency and engage with its community underscores the evolving intersection between politics and the digital economy.

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