Donald Trump was once a huge critic of cryptocurrencies. However, since Biden administration has been mostly negative toward cryptocurrency, the former US President took to his social media platform, Truth Social, on 25 May to express his positivity and open-mindedness towards crypto.
In the message, he praised crypto companies while also taking a hit at his political opponent, President Joe Biden. This comes just after Trump’s campaign announced that they will began accepting cryptocurrencies for donations.
In his post on Truth Social, Trump wrote, “I am very positive and open minded to cryptocurrency companies, and all things related to this new and burgeoning industry.” Regarding President Biden, Trump had this to add, “Crooked Joe Biden, On the other hand, The worst president in the history of our country, wants it to die a slow and painful death” and that “that will never happen with me!”
Before the elections however, Trump had a history of anti-crypto remarks. As president, Trump tweeted he was “not a fan of Bitcoin and other cryptocurrencies” as they are “based on thin air.”
In 2021 Trump also claimed crypto “may be fake” and is “a disaster waiting to happen.”
Currently, the Biden administration has been mostly negative toward cryptocurrency. Policies introduced have been detrimental to both US investors and US based cryptocurrency companies alike. Just last month, President Biden proposed a plan that would see cryptocurrency investors taxed up-to 44% on digital asset transactions.
Report Shows Many Pro-Crypto Voters Are Up For Grabs
The Trump campaign are smart to be targeting the pro-crypto crowd as potential voters. A recent report by security.org stated that 40% of adults within the US own cryptocurrency. This number is up from 30% in 2023. The same study also found the following;
- The rate of crypto ownership by women has surged from 18% a year ago to 29% at the start of 2024.
- 21% of non-owners said the anticipated Bitcoin ETF makes them more likely to invest in cryptocurrency. This means as many as 29 million more Americans could join the market soon.
- 46% of Americans think Bitcoin ETF approvals in 2024 will positively impact the blockchain industry.
This report helps to highlight just how many untapped votes are up for grabs from the ever growing pro-crypto crowd within the US.
With this marginalized and growing group of potential voters within the US, Trump has been clever in his U-turn on cryptocurrency.
Trump is now the clear “pro-crypto” candidate.
The Democrats made him it by default.
They gave him a free, easy and growing political win with almost zero downside, purely by following Elizabeth Warren and Joe Biden on their anti-crypto crusade.pic.twitter.com/mdFHjFoimn
— Geiger Capital (@Geiger_Capital) May 26, 2024
EXPLORE: Trump Announces Donations via Cryptocurrencies Ahead Of November Elections
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.
I hope bitcoin never will be centralized