Former President Donald Trump Says U.S. ‘Must’ Secure Leading Position in Crypto

Why Trust Techopedia Crypto

Former U.S. President Donald Trump has said that the United States should aim for a leading position within the cryptocurrency industry, not for second place.

“Our country must be the leader in the field, there is no second place,” he said in a post on the social media platform Truth Social, owned by Trump Media and Technology Group (TMTG).

He added that he is “very positive and open-minded” towards cryptocurrency companies and all aspects of this rapidly growing industry. Trump’s comments came ahead of his scheduled speech at the Libertarian Party’s National Convention in Washington on the same day.

Trump also took aim at his opponent and current President Joe Biden, accusing him of wanting cryptocurrencies to suffer a ‘slow and painful death’. Trump asserted that under his leadership, such a fate would never befall the crypto industry.

He also showed support for self-custody wallets.

Key Takeaways

  • Former President Donald Trump has emphasized the need for the United States to lead in the cryptocurrency industry.
  • Trump expressed a positive and open-minded attitude towards the cryptocurrency sector.
  • He criticized President Joe Biden for allegedly wanting to hinder the growth of cryptocurrencies.
  • Trump’s campaign has embraced cryptocurrency donations, accepting various digital currencies through Coinbase Commerce.
  • The cryptocurrency community has shown significant support for Trump, with polls indicating a notable preference for him over Biden among crypto owners.

Trump Adopts a Crypto-Friendly Stance

In recent times, Trump has displayed a more open embrace of cryptocurrencies, pledging to foster a crypto-friendly environment within the United States.

Advertisements

Last week, he announced that his presidential campaign would accept cryptocurrency donations. The fundraising page, which allows eligible individuals to donate in crypto using Coinbase Commerce, displays logos for Bitcoin, Ethereum, Dogecoin, Shiba, XRP, USD Coin, SOL, and 0x (ZRX).

In addition to public statements, Trump has also engaged with crypto enthusiasts. Previously, the purchasers of Trump’s “Mugshot” non-fungible tokens (NFTs) were given the opportunity to dine with the former president on May 8 at his Mar-a-Lago residence.

The dinner was part of the agreement when buying these digital trading cards, which feature Trump’s mugshot taken during his surrender at the Fulton County Jail in Georgia.

Meanwhile, a recent survey conducted by leading crypto venture capital firm Paradigm reveals that Trump’s poll numbers for the 2024 US Presidential Election enjoy significant support from the crypto community.

The survey, which included 1,000 registered voters, found that 48% of crypto owners plan to vote for the former president, while 39% intend to vote for current U.S. President Joe Biden.

US election polls, conducted by Virginia-based Public Opinion Strategies between February 28 and March 4, coincided with Bitcoin’s price surge from $58,000 to an all-time high of $68,000.

Polymarket, a New York-based crypto prediction platform, currently gives Trump a 56% chance of winning, while President Biden holds a 38% chance.

Crypto’s Increasing Role in US Elections

The cryptocurrency industry’s influence on U.S. politics has reached its highest level this year. According to a report from Politico, the industry is set to spend over $80 million on the 2024 elections.

The influx of funding is primarily channeled through super political action committees (PACs) that support crypto-friendly candidates across the political spectrum. One such PAC, called Fairshake, recently spent over $10 million successfully opposing a Democratic U.S. Senate candidate in California.

Moreover, crypto advocacy groups, such as Coinbase’s “Stand With Crypto Alliance,” are playing a crucial role. With over 310,000 members, these groups are mobilizing “crypto voters” who prioritize candidates’ positions on digital assets.

Billionaire investor Mark Cuban has also highlighted the significance of the crypto industry in the upcoming 2024 election. Responding to Trump’s interest in crypto, Cuban stated that crypto would play a substantial role in the election, particularly with younger and independent voters.

Cuban criticized Securities and Exchange Commission (SEC) Chair Gary Gensler for failing to protect investors against fraud and warned Congress that crypto voters would make their voices heard in the election.

“Crypto voters will be heard this election. You could solve this problem for Biden by passing legislation that defines registration that is specific to the crypto industry just as other industries have registration that is defined for them.”

The Bottom Line

Trump has emphasized the need for the United States to lead the cryptocurrency industry, stating that there is no place for second-best.

The former president has also expressed his positive and open-minded stance towards crypto companies, vowing to foster a crypto-friendly environment.

Crypto is now a hot issue in the U.S., and in an election year, it will be interesting see how this one topic will affect conversations and, ultimately, people’s votes.

Advertisements

Related Reading

Related Terms

Advertisements
Ruholamin Haqshanas
Cryptocurrency journalist
Ruholamin Haqshanas
Cryptocurrency journalist

Ruholamin is a crypto and financial journalist with over three years of experience. Apart from Techopedia, he has been featured in major news outlets, including Cryptonews, Investing.com, 24/7 Wall St, The Tokenist, Business2Community, and has also worked with some prominent crypto and DeFi projects.  He holds a Bachelor's degree in Mechatronics. Ruholamin enjoys reading about tech developments, writing, and nature-watching