“If we don’t do it, China is going to pick it up and China’s going to have it – or somebody else, but most likely China. China’s very much into it. We have a good foundation. It’s [US crypto industry] a baby. It’s an infant right now. But I don’t want to be responsible for allowing another country to take over this sphere.”
News
8 min read
‘If We Don’t Do It, China Will,’ Trump Pushes for US Crypto Dominance and Teases 4th NFT Collection
Published
Trump is leveraging crypto to challenge Biden's policies, asserting a pro-crypto stance as a key part of his campaign strategy. | Credit: Anna Moneymaker/Getty Images
Key Takeaways
- Trump transformed his strategy by engaging crypto enthusiasts, aiming to become 1st major party nominee to do so.
- His new approach signals a departure from previous skepticism and aligns with the Republican Party’s increasing openness to crypto.
- Trump’s direct outreach to the crypto community reflects substantial lobbying efforts by crypto firms aiming to influence the 2024 elections.
Donald Trump has reshaped his political strategy by actively courting cryptocurrency traders, potentially becoming the first major party nominee to do so. This strategic pivot marks a significant departure from his previous skepticism and aligns with the GOP’s growing acceptance of digital assets.
Meanwhile, the move has caused unease among some Democrats, who remain divided over the crypto industry’s legitimacy following recent scandals. Trump’s direct outreach reflects the influence of substantial lobbying efforts by crypto firms aiming to sway the 2024 elections.
From Global Crypto Race With China to New NFT Collection
In a recent interview , former US President Donald Trump voiced strong support for the cryptocurrency industry, asserting that it benefits the nation. He emphasized the importance of the US taking a leadership role in the global cryptocurrency market to stay ahead of China and other countries.
He stated :
“If I throw it aside, it’s going to be picked up in another country, most likely China — they’re pretty advanced in that sphere. So you have to look at it — what I want, again, is what is good for the country.”
He also highlighted that the US cryptocurrency industry, though still emerging, is built on a solid foundation. He expressed confidence in the sector’s future, noting his interactions with top industry professionals.
Trump furthermore highlighted his evolving perspective on the cryptocurrency industry by noting:
Trump to Launch New NFT Series Amidst Crypto Enthusiasm
Republican presidential candidate Donald Trump announced plans to release another set of NFTs, emphasizing that cryptocurrency is “not going away.” In the interview, Trump revealed his intention to create a new NFT collection, citing public demand for it. He has previously launched trading card-themed NFTs that offered buyers unique perks, such as pieces of his suit or tie or invitations to a dinner event with him.
Trump described his earlier NFT ventures as “very successful,” noting that each of the three series sold out quickly, with 45,000 cards gone in a day. He expressed enthusiasm over the community’s response, stating:
“The people want me to do another one. It’s unbelievable spirit. Beautiful. But the thing I really noticed was everything was paid in—I would say almost all of it was paid in crypto, in this new currency. And it opened my eyes.”
Trump had hinted at this new release during a May event at Mar-a-Lago but noted he was mindful of market dynamics, suggesting a cautious approach to ensure ongoing success.
Donald Trump’s latest NFT collection, “MugShot, ” was themed around his ongoing criminal indictments, reflecting his current legal challenges through digital art.
Trump shared these comments shortly after he survived an assassination attempt at a rally in Butler, Pennsylvania. CCN reported that, on July 14, following an incident, Donald Trump-themed cryptocurrency tokens saw a sharp increase in value. The TREMP token surged over 50% to reach $0.61, while the MAGA Trump token increased by over 35%, surpassing $8.00. Other related tokens, including MAGA Hat and Super Trump, also experienced significant overnight gains.
Trump’s Crypto Reversal: From Critic to Champion
Trump embraced his new role as a proponent of cryptocurrencies at his June fundraising event. This starkly contrasted his views in his first term as president, during which he expressed strong disapproval of crypto through various public statements, including tweets in 2019 denouncing the technology.
He also had previously dismissed Bitcoin as a “scam” in a 2021 Fox Business interview , criticizing Bitcoin and suggesting that the excitement around the asset could undermine the US dollar’s strength.
He said :
“The currency of this world should be the dollar. And I don’t think we should have all of the Bitcoins of the world out there. I think they should regulate them very, very high. It takes the edge off of the dollar and the importance of the dollar.”
Earlier this year, Trump expressed a shift in his perspective, indicating a move away from his prior calls for stringent regulations.
By May, he was advocating for the United States to lead the global cryptocurrency industry, signaling a complete reversal in his views on the role of crypto in the economy.
Trump’s Pro-Crypto Election Campaign Targets Biden’s Policies
Trump’s recent comments underscore the growing prominence of digital assets in the current election cycle, presenting a new strategic angle for him to critique President Joe Biden. Trump criticized the Biden administration, mainly targeting SEC Chair Gary Gensler—appointed by Biden—for aggressive enforcement actions against crypto firms, which he argues demonstrate the administration’s opposition to cryptocurrency.
He stated :
“I will ensure that the future of crypto and bitcoin will be made in the USA. Our country must be the leader in the field. I will support the right to self-custody for the nation’s 50 million crypto holders. I will stop Joe Biden’s crusade to crush crypto, and I will keep Elizabeth Warren and her goons away from your Bitcoin.”
This stance on crypto has caused discontent among industry advocates, especially following the White House’s veto of a bipartisan bill aimed at reversing SEC guidelines unpopular within the crypto sector. According to Trump, this reflects a broader Democratic resistance to embracing digital currencies.
Was this Article helpful?
Related News
Crypto
July 16, 2024 11:41 AM
Donald Trump Names Pro-Crypto Ohio-Senator J.D. Vance as Presidential Running Mate
Crypto
July 15, 2024 3:30 PM
Trump-Linked Memecoins Surge After Failed Attack – What’s Next for $MAGA and Others?
