At a time of crypto-pessimism, Donald Trump, amid the strangest campaign for presidency in memory, came forward to support cryptocurrency.
The only headline for crypto right now is “Bitcoin is So Low” and it’s all Bitcoin haters and obsessives like Peter Schiff can talk about. In the never-ending cycle of crypto euphoria to doom it looks like we are on the doomed side of the coin and the bears are out in force to say the Fortuna’s wheel isn’t going to turn.
Trump Comes Out for Bitcoin
But in the middle of all this, one voice came forward to support crypto: Donald Trump’s.
The former president and Republican presidential hopeful will take the stage at the Bitcoin 2024 conference in Nashville, Tennessee, on July 27th. This appearance marks a significant step in Trump’s growing interest in the cryptocurrency industry.
While organizers BTC Media LLC have confirmed the speech, they’ve remained tight-lipped about the specific topics Trump plans to address. However, his recent pronouncements on the campaign trail indicate a strong focus on Bitcoin. Last month, Trump met with Bitcoin miners and later declared on his social media platform that Bitcoin mining could be “our last line of defense against a CBDC” – referring to a central bank digital currency. He also proclaimed a desire for all future Bitcoin to be “MADE IN THE USA!!!”.
Motivation Is Unclear
This growing interest from Trump aligns with the crypto industry’s attempts to cultivate favor from political figures. Groups like the Fairshake political action committee have been actively engaging with candidates through significant donations. The crypto sector is currently navigating a challenging regulatory landscape, with the Securities and Exchange Commission leading a push for stricter oversight.
Trump’s vocal support for crypto could be seen as a strategic move to attract voters, and his campaign even accepts donations in digital assets. Sources suggest that Trump has also engaged in discussions about crypto policy with Elon Musk, hinting at a possible collaboration on this front.
The Possible Effect is Unknown
Following the announcement of Trump’s speech, Bitcoin experienced a slight uptick, rising by 1% to $57,760.
This speech can only provide talking points to both sides of the crypto debate. The man most likely to be the next president of the United States has embraced the market and is making it part of his agenda. This is a great point for the believers and the bulls. On the other hand, the Trump Organization has a long history of fraud, including stealing money from a kid’s cancer charity and the crypto detractors will say that maybe he knows a good scam when he sees one.
Disclaimer: information contained herein is provided without considering your personal circumstances, therefore should not be construed as financial advice, investment recommendation or an offer of, or solicitation for, any transactions in cryptocurrencies.
