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Trump Expresses Concern About China’s Growing Influence In Crypto Market

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Donald Trump

Donald Trump emphasized the importance of the US taking a proactive role in the crypto industry to prevent other nations, particularly China, from dominating.

The former President of US said in a Bloomberg interview, “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.” 

Furthermore, to counter the perceived threat from China, Trump has proposed several strategies, including increased regulation and control of the US cryptocurrency market. He advocates for substantial investment in national blockchain technologies and the promotion of American cryptocurrencies as viable alternatives to foreign digital currencies.

“Our priority must be economic security. We must ensure that American cryptocurrencies are strong and competitive,” Trump asserted.

 

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Trump Hinted At Potential Launch Of Fourth NFT

In a recent interview with Bloomberg Businessweek, the current Republican Presidential Candidate hinted at the potential launch of a fourth non-fungible token (NFT) collection.

This announcement comes on the heels of his previous three NFT collections, which have seen mixed success and generated significant attention from both supporters and critics.

Trump’s venture into the NFT space began in December 2022 with the launch of his first collection, which sold out 45,000 cards in a single day.

Despite this initial success, the value of these NFTs has fluctuated, with subsequent collections experiencing similar volatility. His second series, released in April 2023, and the Mugshot edition in December 2023, faced both acclaim and criticism.

Allegations of plagiarism and the reservation of several NFTs for the project team have marred these collections, raising questions about their authenticity and fairness.

Trump’s involvement in the NFT market has significantly altered his perspective on the broader cryptocurrency industry. Initially a skeptic, he has become more supportive, noting the substantial use of crypto in transactions for his NFTs.

“I did things like NFTs. And I noticed that 80% of the money was paid in crypto. 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 stated in the interview.

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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital. 99Bitcoins may receive advertising commissions for visits to a suggested operator through our affiliate links, at no added cost to you. All our recommendations follow a thorough review process.

Akriti Seth is a Zurich-based Business Journalist and Crypto Editor. Her passion for journalism has taken her across the globe – from thriving as an on-television correspondent to writing engaging articles, she has worked for companies like Informa UK, Bloomberg TV India, CNA Singapore. Akriti’s interest in the cryptocurrency space stems from her writing for Crypto Council for Innovation and Daily Coin. She believes that decentralisation technology has the potential to empower marginalised communities across the world. Entrepreneur Magazine, Hindustan Times, Tech Panda, Hackernoon and other publications have featured Akriti’s writings.

View all Posts by Akriti Seth

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