Former President Donald Trump signaled a shift in his stance on cryptocurrencies during a recent gala event for NFT holders. Trump announced plans to accept crypto donations for his potential 2024 re-election campaign and emphasized the need for a more favorable regulatory environment.
Trump Critiques Biden Administration’s Hostility Toward Crypto
Videos from the event show Trump criticizing the Biden administration’s unfriendly approach to the crypto industry. Trump highlighted how regulatory hostility has driven crypto firms out of the US and promised a more welcoming environment if elected again.
The former president accused Biden of lacking crypto understanding, attributing this to his administration’s negative stance. “Biden doesn’t know. Gensler is very much against it. The Democrats are very much against it,” Trump stated.
Trump’s Evolving Views on Crypto
Notably, Trump previously expressed anti-crypto views during his presidency, labeling Bitcoin a “scam” in 2021. However, his perspective appears to have changed, as evidenced by his new embrace of NFTs bearing his likeness.
Trump is now appealing to the crypto community for support, stating “If you like crypto in any form…you better vote for Trump.” Financial institution Standard Chartered has suggested a second Trump term could benefit crypto by providing alternative investments.
Pro-Trump Memecoin Surges Over 40%
Following Trump’s pro-crypto remarks, a Trump-inspired memecoin lacking utility surged over 40%, becoming the top gainer tracked by CryptoSlate. The impressive gain signals crypto and memecoin communities’ positive reaction to Trump’s shifted perspective.
So in summary, Trump has clearly evolved to hold a more favorable view of cryptocurrencies and is now actively courting the crypto community’s support for the 2024 election. His policy promises and recent memecoin gains suggest a second Trump term could have a significantly positive impact on the growth of cryptocurrencies in the US.
