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Donald Trump Pledges Crypto Tolerance Despite “Bloodbath” Speech: What This Could Mean for US Crypto Regulation

Last Updated March 18, 2024 11:58 AM
Teuta Franjkovic
Last Updated March 18, 2024 11:58 AM
By Teuta Franjkovic
Verified by Peter Henn

remrm Key Takeaways

  • Trump warns of ‘bloodbath’ if defeated, vows to protect social security at Ohio rally.
  • Republican candidate expressed a more open stance towards cryptos, marking a shift from his earlier criticisms.
  • Through activities like launching an NFT collection, Trump demonstrates a growing engagement with digital assets.

Donald Trump recently said  that, should become US president again, he might not impose strict regulations on cryptocurrencies.

During a CNBC “Squawk Box” interview, Trump acknowledged  the significant usage of digital currencies. He also expressed hesitation about eliminating their use at this stage.

Trump Warns of  Financial ‘Bloodbath’ if Defeated

Trump, campaigning for Senate candidate Bernie Moreno in Ohio, warned  of a “bloodbath” if he loses in November. The former president, who recently secured the 2024 Republican nomination, endorsed Moreno as an “America first champion” and potential “warrior in Washington.”

The rally, laden with Trump’s characteristic apocalyptic rhetoric about a Biden second term, underscored his support for Moreno and his vision for the country’s future.

He stated :

“If I don’t get elected, it’s going to be a bloodbath…It’s going to be a bloodbath for the country.”

In response to Trump’s remarks, Biden campaign spokesperson James Singer criticized Trump . Singer said the former president’s comments suggest a desire for turmoil reminiscent of January 6. He predicted Trump would face electoral defeat due to his extremist views and contentious behavior.

Donald Trump Acknowledges Cryptocurrency’s Rise Amid Personal Experience

As the likely Republican candidate for president, Trump, who has traditionally favored the dollar, noted a shift in his perspective on currency. While previously advocating for a single currency and emphasizing the dollar, he observed a notable trend in cryptocurrency payments.

He said :

“I noticed that so many of them were paid for with this new…cryptocurrency and I couldn’t believe the amount.”

This observation came about when he launched a high-end line of Trump-branded sneakers  and discovered a significant number of purchases were made with cryptocurrencies. Despite not personally investing in Bitcoin, Trump mentioned he is open to accepting it as a form of payment.

Trump’s recent openness to cryptocurrency marks a significant shift from his 2021 stance , where he criticized Bitcoin as a “scam” that could undermine the dominance of theDollar as the global reserve currency. This change reflects an adaptation to the growing presence and acceptance of digital currencies in financial transactions and the market at large.

Trump Embraces Ethereum with NFT Collection, Signaling Crypto Shift

Donald Trump has embraced Ethereum through his NFT digital trading card collection. Despite previous skepticism, this move, combined with influences from figures like Vivek Ramaswamy  opposing a digital dollar, illustrates his evolving stance towards cryptocurrency.

Former Facebook executive and early Bitcoin investor Chamath Palihapitiya, told  the All In podcast crypto was approaching a “pivotal moment”. He added: “I think we’re just at the beginning. When you see the inflows into these ETFs, it’s a very big deal because it just allows every mom-and-pop individual to buy some to the extent that they want to own or they want to speculate on it, whatever it is.”

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