- At the NFT gala, Trump promotes crypto to prevent business migration due to regulations.
- Trump contrasts his crypto support against Biden’s cautious stance at the Mar-a-Lago event.
- Financial analysts see Trump’s crypto support as a potential boost for digital currencies.
Aligning with his pro-crypto sentiment, Donald Trump, the Republican presidential candidate for the upcoming U.S. elections in November 2024, declared his plans to accept cryptocurrency as a form of campaign donation. During the meeting, Trump also remarked that President Joe Biden “doesn’t even know” what cryptocurrency is.
The announcement was made at a gala celebrating his “Mugshot Edition” NFT collection, attended by cryptocurrency enthusiasts and prominent NFT creators. Trump emphasized the importance of embracing cryptocurrency to prevent the migration of crypto businesses overseas due to regulatory challenges.
Trump criticized the Biden administration’s approach to cryptocurrency, pointing out a lack of understanding and support from the current president. “Democrats don’t like it, and Biden doesn’t even know what it is,” Trump remarked during the event, which took place at his Mar-a-Lago resort in Palm Beach, Florida.
While addressing the attendees, Trump responded to a query about using cryptocurrency for donations, stating, “If you can’t, I’ll make sure you can.” This commitment was echoed in his interactions with the crowd, where he highlighted the potential of cryptocurrencies and urged supporters to back his candidacy if they favored the technology.
The contrast between Trump’s advocacy for cryptocurrency and the Biden administration’s cautious stance was a focal point during the event. Trump’s direct appeal to the crypto community underscores a significant policy divergence from the current government’s more stringent crypto regulations.
Financial analysts are closely watching the implications of Trump’s pro-crypto stance. According to Geoff Kendrick of Standard Chartered, a Trump-led administration could posit a favorable scenario for cryptocurrencies like bitcoin, providing a hedge against potential de-dollarization and waning confidence in U.S. financial markets.
In a lighter moment, Trump also commented on a memecoin named ‘BODEN,’ spawned by a misspelling of Biden’s name, which saw a 25% increase in value following his mention. However, despite the casual remark, Trump expressed disapproval of the investment.
Currently, Trump’s official campaign website does not yet support cryptocurrency donations, offering options like Apple Pay and credit cards. However, his clear intent to incorporate crypto transactions could change this shortly.
