Trump and Crypto
After years of being denied the spotlight, the crypto community looks set to play a key role in the upcoming U.S election
August 5, 2024 (Investorideas.com Newswire) American society has always had an up and down relationship with crypto currencies. Home to some of the sharpest crypto investors and minds, there are many who still believe that Crypto is nothing but a scam and is dangerous to political society.
Whilst some may believe that to be true, there are others who will point to the rising popularity of crypto funding to highlight that this simply isn't the case.
Investment in crypto funds shows no signs of slowing and industries such as the crypto betting market are booming. With many choosing to gamble on crypto sites, it also seems that President Trump is gambling on the backing of the crypto community to help return him to the Oval Office.
The last few weeks in America have taken numerous twists and turns, shockingly the Biden era is coming to an end and with it the race for the White House has been blown wide open.
With the road back to the White House previously perceived as a cakewalk for former President Trump, that cruise has now turned into the hottest of bun fights and the race between Trump and Kamala Harris looks set to go down to the wire.
As the Republicans have gone back to the drawing board and Trump has hit the road, Trump made global headlines when he talked about the important role he believes Crypto can play in the world.
The headline speaker at the 2024 Bitcoin Conference, Trump who had previously been sceptical of Crypto funds ever being accepted into the political mainstream seems to have changed his tune.
Giving exactly what the thousands in attendance wanted to hear, if elected, Trump has plans to put Crypto firmly back in the spotlight and wants to ensure that it is America who is leading the race.
"If crypto is going to define the future, I want it to be mined, minted and made in the USA, if bitcoin is going to the moon I want America to be the nation that leads the way."
The first political figure to work the value of the crypto community into his campaign, Trump's speech got crypto figureheads from all across the world abuzz. Having long been an afterthought in the minds of the political elite and considered too dangerous and unruly to play a role in the financial mainstream, for the first time the crypto community seem to have a hero they can rely on.
Trump commits to potential deregulation of cryptocurrencies
Ever since he previously criticised the credibility of cryptocurrencies, Trump seems to have been won over by the value that it provides.
Having reportedly made a fortune from the sale of his own NFT's, it's also been reported that he has invested his own personal wealth into crypto funds and holds a portfolio set to be worth $8 million dollars.
The first ever political candidate to accept crypto donations, it seems that Trump has been fully converted by those believing in the crypto revolution.
Despite his public pledge to lead from the front when it came to promoting the value of cryptocurrencies into the finance mainstream, perhaps the biggest eyebrows of the President's speech were raised when he spoke about his desire to deregulate the American crypto market.
One of the advantages of cryptocurrencies and blockchains is the ability to send and transfer funds without the middleman having to be involved. Obviously the banks don't like the sound of this and by cutting them out of the financial picture, we could all be about to embark on a financial world we simply wouldn't recognise.
With banks unable to regulate volumes and the destination of transactions, lawmakers are worried that the ability to criminalise and create fraudulent crypto payments would dramatically rise.
Although aware of this potential problem and risk, Trump used his speech to double down on his commitments to deregulate the crypto market.
"On Day One, I will fire Gary Gensler and appoint a new SEC chairman." The removal of Gensler, who is a detractor of the potential merits of crypto finance, would help accelerate Crypto's journey into the financial elite.
Deregulation of the crypto market could send shockwaves around the world. Europe has already been beefing up its legislation to ensure that crypto transactions and industries are as regulated as possible, but America stepping it back could undo all of that red tape and send the biggest financial institutions deeply into the world of the unknown.
The crypto community could hand Trump the keys to the White House
With the news that Joe Biden was stepping down as President, the ushering in of Kamala Harris brought in a whole new wave of Democrat donations.
Having seemingly been on life support, the Democrat election race was sparked into life and is now seemingly sprinting towards the line.
In needing to keep pace, Trump has turned to those invested in the world of crypto. His selection of J.D Vance as his running mate certainly came out of left field, but when you look behind the reasoning it's perhaps easy to see why he was the chosen candidate.
Long before he became a political heavyweight, Vance has always championed the positive aspects of crypto currencies could have within American society.
A champion for deregulation, Vance has long been connected with some of the finest crypto minds and his appointment as Trump's running mate has been viewed as a move by Trump in trying to keep these key crypto investors on side.
Although Vance hasn't proved to be a hit with sections of the American public, those sitting on vast wealth accrued by crypto funds remain undeterred in their support for their man and over the the last few weeks, Trump has told the crypto community exactly what it is they have wanted to hear.
With his promises and potential proposals, investment and public support from those well connected to the industry has been forthcoming. Crucially, Trump has been able to secure a raft of new investment which will ensure this is a race that will be fought right to the bitter end.
Backed entirely by the community, it could be that despite being ridiculed and misunderstood in some places, the American cryptocurrency industry could help secure Trump the keys to the most famous house in the world.
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