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Former Bitcoin Skeptic Donald Trump Vows To Support Crypto Companies

Former United States President Donald Trump, currently a leading Republican candidate for 2024, has once again expressed his strongest support for crypto. 

Trump’s Stance on Crypto

In a May 25 post on Truth Social, a social media platform owned by Trump Media and Technology Group (TMTG), Trump emphasized that the United States needs to take the lead in the crypto sector, adding that there is no room for second place. He also said he is open-minded toward crypto companies operating within the country. Trump made these comments before his scheduled speech at the Libertarian Party’s National Convention in Washington on Saturday night.

Without mentioning President Joe Biden by name, Trump stated that the current American president is the worst in the nation’s history. He accused him of wanting to destroy the crypto sector but vowed to stop such efforts.

From Skeptic to Crypto Enthusiast

In recent years, Trump has expressed skepticism about cryptocurrencies, especially when comparing them to the U.S. dollar. In a 2021 interview with Fox Business, Trump stated that he believed the dollar should be the world’s currency. He opposed Bitcoin’s widespread presence and advocated for its stringent regulation.

Under his tenure, the US Securities and Exchange Commission (SEC) filed a significant lawsuit against Ripple Labs Inc. The ongoing lawsuit has reached the remedies stage, with the regulator seeking $2 billion in compensation.

However, following a successful venture into Trump-branded NFT trading cards, including the “Mugshot Edition NFTs,” which offered holders the opportunity to dine with Trump after a trial date, Trump appears poised to position himself as the pro-crypto candidate. This comes as crypto policy has become an important issue in recent weeks.

Trump Campaign to Accept Crypto Donations

The Trump 2024 campaign announced on May 21 that it had initiated a fundraising page allowing eligible individuals to donate cryptocurrency via the Coinbase Commerce product. The website featured logos for Bitcoin, Shiba Inu, Dogecoin, Ether, USD Coin, Solana, and ZRX.

An online statement read:

“This addition to President Trump’s already groundbreaking digital fundraising operation marks the first time a major party Presidential nominee has embraced cryptocurrency for donations. 

Trump’s Support Increases the Chances of Victory

Trump’s recent embrace of his support for crypto has heightened anticipation among the crypto industry of his potential victory. According to Polymarket, a New York-based crypto prediction platform, Trump holds a 56% chance of winning the election. In contrast, current President Joe Biden’s chances are at 38%.

Trump’s Crypto Support Strengthens Chances of Victory
Source: Polymarket

Popular Bitcoin proponent and influencer Anthony Pompliano stated that sentiments for the crypto sector in the US jurisdiction have completely shifted. He believes that the government is now poised to embrace this sector.

Considering the industry’s trends and the regulatory treatment of crypto firms, the Biden administration is undergoing a significant pivot. After expecting the SEC to designate and declare Ether a security and possibly deny its spot Ethereum Exchange-Traded Fund (ETF) applications, the regulator made a last-minute turnaround to approve 8 different offerings earlier this week.

Many analysts see the unexpected move as political, suggesting that crypto could be a deciding factor in this year’s US Presidential elections.