Donald Trump calls for an end to cryptocurrency-related hostility in America and supports inclusion

Donald Trump, former president of the United States and current presidential candidate, on Wednesday hosted a special event at his Mar-a-Lago resort in Florida for NFT owners, where he expressed his support for cryptocurrencies.

The presumptive Republican presidential nominee hosted the event for fans who purchased at least 47 of his NFTs, each costing $99.

During a question-and-answer session, he agreed with an attendee who said many cryptocurrency companies are leaving the country “due to hostility.” He was likely referring to the Securities and Exchange Commission’s recent enforcement actions against crypto companies, including industry leaders Binance and Coinbase, for allegedly offering unregistered securities.

“Well, we’ll stop it because I don’t want it,” he said. “If we want to embrace it, we have to leave them alone.”

I asked Donald Trump how he will keep cryptocurrency businesses in America.

looks bullish 🇺🇸

– Malcolm (33.3%) (@macdegods) May 9, 2024

Trump questions Biden’s understanding of cryptocurrencies

He also took aim at incumbent President Joe Biden, suggesting he doesn’t understand cryptocurrency at all. He also criticized Democrats, claiming they strongly oppose cryptocurrencies.

“It suits me. I want to make sure it’s good and solid and all that, but it suits me,” he added. “And if you like cryptocurrencies in any form (they come in many different forms) if you are pro cryptocurrencies, you are better off voting for Trump.”

Meanwhile, the government, under current President Biden, wants stricter rules for the sector.

StanChart predicts that Trump’s victory could revive the cryptocurrency market

Previously, Donald Trump has been an outspoken critic of Bitcoin and other cryptocurrencies, repeatedly expressing 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 such as drug trafficking.

Despite this, the leading Republican candidate supported a pro-crypto position during his election campaign. In January, him committed to prevention the establishment of a Central Bank Digital Currency (CBDC) if he is elected president in November, citing a desire to safeguard Americans from government interference.

“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,” she said.

This week, StanChart analyst Geoff Kendrick suggested that cryptocurrencies could benefit from a second term for Trump. He argued that with a renewed Trump administration, there could be a generally favorable impact due to a more favorable regulatory climate.

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