The former US President and current presidential candidate, Donald Trump, supported cryptocurrencies during a special event he hosted for NFT owners on Wednesday at his Mar-a-Lago resort in Florida.
The event was hosted by the presumed Republican nominee for president for fans who had purchased at least 47 of his $99.00 NFTs.
He concurred with a participant during a Q&A session who stated that a lot of cryptocurrency companies are leaving the nation “because of the hostility.” He probably brought up the recent enforcement actions by the Securities and Exchange Commission against major players in the cryptocurrency space, like Coinbase and Binance, for allegedly selling unregistered securities.
“Well, we’ll stop it because I don’t want that,” he said. “If we’re going to embrace it, we have to let them be.”
i asked donald trump how he’s going to keep crypto businesses in america.
— malcolm (@macdegods) May 9, 2024
sounds bullish 🇺🇸 pic.twitter.com/rvuztPmQ8P
Trump Questions Biden’s Understanding of Crypto
Additionally, he made fun of President Joe Biden, implying that the latter has no knowledge of cryptocurrencies. He went on to attack the Democrats, saying they were adamantly against cryptocurrency.
“I’m fine with it. I want to make sure it’s good and solid and everything else, but I’m good with it,” he added. “And if you like crypto in any form — it comes in a lot of different forms — if you’re in favour of crypto, you better vote for Trump.”
In the meantime, the administration, led by President Biden, is pushing for more stringent regulations for the sector.
StanChart Predicts Trump Win Could Boost Cryptocurrency Market
Earlier, Donald Trump was an outspoken critic of Bitcoin and other cryptocurrencies, repeatedly voicing concerns about the assets. In July 2019, he showed his disapproval, calling them “not money” and criticizing their volatility and lack of underlying value. He further argued that these assets can be used for illegal activities like drug trafficking.
In spite of this, the front-runner Republican has made a point of supporting cryptocurrency throughout his campaign. He stated in January that if elected President in November, he would not allow the creation of a Central Bank Digital Currency (CBDC), citing a desire to protect citizens from excessive government intervention.
“Such a currency would give the federal government absolute control over your money. They could take your money, and you wouldn’t even know it was gone,” he said.
Geoff Kendrick, a StanChart analyst, proposed this week that a second term for Trump might be advantageous for cryptocurrencies. He contended that because of a more accommodating regulatory environment, there might be an overall positive effect under a Trump administration that is renewed.