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Trump Positions Himself as Pro-Crypto Ahead of the 2024 Election

Trump Positions Himself as Pro-Crypto Ahead of the 2024 Election

Former US President Donald Trump has clarified that he believes the United States must not settle for second place in the cryptocurrency industry. In a May 25 post on Truth Social, Trump declared, “Our country must be the leader in the field; there is no second place.” This statement underscores his commitment to ensuring the US leads the global crypto landscape.

Critique of Biden’s Crypto Policies

Trump’s enthusiasm for cryptocurrencies starkly contrasts with his criticisms of President Joe Biden’s stance. He accused Biden of wanting the crypto industry to “die a slow and painful death.” Trump emphasised, “That will never happen with me!” His comments suggest a campaign strategy focused on positioning himself as a pro-crypto candidate against Biden’s purportedly restrictive policies.

Acceptance of Crypto Donations

Trump’s commitment to the cryptocurrency industry is further evidenced by his presidential campaign’s acceptance of crypto donations. On May 21, his campaign launched a fundraising page for eligible donors to contribute in cryptocurrencies via Coinbase Commerce. This move highlights Trump’s embrace of digital currencies and aligns him with the younger, tech-savvy voter base.

Meetings with Crypto Enthusiasts

Trump has also engaged directly with the crypto community. Notably, he hosted a dinner at his Mar-a-Lago residence for individuals who purchased his “Mugshot” non-fungible tokens (NFTs). This engagement with crypto enthusiasts signifies his growing rapport with the industry.

Promise to Pardon Ross Ulbricht

At the Libertarian Party’s National Convention in Washington, Trump made a significant pledge to pardon Ross Ulbricht, the founder of the Silk Road darknet marketplace. Ulbricht, who has served 11 years of a life sentence, has become a controversial figure within the crypto community. Trump stated, “If you vote for me, on day one, I will commute the sentence of Ross Ulbricht.” This promise underscores Trump’s commitment to addressing what he and many in the crypto community view as governmental overreach.

Protecting Crypto Users’ Rights

Trump has also promised to safeguard the rights of cryptocurrency users. He asserted his support for self-custody rights and vowed to prevent the creation of a Central Bank Digital Currency (CBDC). Trump told the Libertarian National Convention attendees, “I will support the right to self-custody. To the nation’s fifty million crypto holders, I say this: I will keep Elizabeth Warren and her goons away from your Bitcoin.”

Election Implications and Crypto’s Role

Trump’s pro-crypto stance appears to be boosting his election prospects. According to Polymarket, a crypto prediction platform, Trump has a 56% chance of winning the election, compared to Biden’s 38%. This surge in his chances is attributed to his consistent support for the crypto industry.

Growing Crypto Influence in Politics

Despite only a fraction of Americans using or holding cryptocurrencies, crypto’s influence in US politics is significant. Several crypto businesses are projected to spend over $80 million in the upcoming 2024 elections. This financial backing could be crucial in shaping the political landscape, especially with Trump positioning himself as the crypto-friendly candidate.

Conclusion

Donald Trump’s unwavering support for the cryptocurrency industry significantly shifts from his scepticism towards digital assets. By embracing cryptocurrencies, promising to protect self-custody rights, and pledging to pardon Ross Ulbricht, Trump appeals to a growing and influential voter base. As the 2024 election approaches, his pro-crypto stance may be a decisive factor in his campaign strategy.

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