Donald Trump Expresses Strong Support for Crypto Companies

In this post:

  • Donald Trump insists the U.S. must lead the cryptocurrency industry.
  • He criticized Joe Biden and promised to pardon Silk Road founder Ross Ulbricht if re-elected.
  • He promised to protect crypto holders and ensure the future of Bitcoin in the U.S.

Donald Trump has made it clear that the United States must be the leader in the cryptocurrency industry. Yesterday, he posted on Truth Social, a platform he owns, saying, “Our country must be the leader in the field; there is no second place.”

Also Read: Donald Trump Will Build a Crypto Army To Fight Joe Biden

Trump further emphasised his positive view on cryptocurrency companies, stating, “I am very positive and open-minded to cryptocurrency companies and all things related to this new and burgeoning industry.” This came as he continues to criticise President Joe Biden, whom he will face in the 2024 presidential race, with the election slated for November 4.

Trump Will Pardon Silk Road Founder

In a press conference, Trump pledged to grant a presidential pardon to Ross Ulbricht, the founder of Silk Road, if re-elected. At the Libertarian Party’s National Convention in Washington on May 25, Trump declared:

If you vote for me, on day one I will commute the sentence of Ross Ulbricht. He’s already served 11 years, we’re going to get him home.

Silk Road, the first modern darknet market, started in 2011 and was operated by Ulbricht under the username “Dread Pirate Roberts.” The FBI seized Ulbricht’s laptop on October 1, 2013. In 2015, Ulbricht was convicted of various charges related to Silk Road’s operations and sentenced to two life terms plus forty years without parole.

Trump Didn’t Always Like Crypto

Trump’s recent statements reflect a massive flip from his earlier views on crypto. He now vows to ensure that the future of crypto, especially Bitcoin, will be made in the States. Trump promised, “I will ensure that the future of crypto and the future of Bitcoin will be made in the USA, not driven overseas.”

Donald J. Trump. Source: Trump Campaign

He also committed to protecting those who hold their crypto assets outside centralized exchanges, saying, “I will support the right to self-custody. To the nation’s 50 million crypto holders, I say this with your vote: I will keep Elizabeth Warren and her goons away from your Bitcoin.”

Also Read: Donald Trump Champions Crypto, Accuses Biden of Ignorance

This contrasts to his previous view when he labeled Bitcoin a scam during his presidency. Trump didn’t hold back his criticism of Biden, calling him “the worst president in the history of our country” and accusing him of wanting crypto to “die a slow and painful death.”

Trump’s Positive Attitude Raises Expectations

Trump’s new pro-crypto attitude has raised expectations within the crypto industry regarding his potential victory. According to Polymarket, a crypto prediction platform, Trump has a 56% chance of winning the election, compared to Biden’s 38%.

Trump announced that his 2024 presidential campaign would accept cryptocurrency donations. On May 21, his campaign launched a fundraising page for eligible donors to contribute using the Coinbase Commerce product.

Donald Trump Expresses Strong Support for Crypto Companies
Source: Trump Campaign

The fundraising page temporarily featured logos of many cryptocurrencies, including Bitcoin, Ethereum, Dogecoin, Shiba Inu, XRP, USD Coin, Solana, and 0x. Meanwhile, the US House of Representatives passed a landmark crypto bill last week, turning digital assets into a political battleground.

The Financial Innovation and Technology for the 21st Century Act, known as the FIT21 Act, passed with a bipartisan vote of 279 in favor and 136 against, with 71 Democrats supporting the bill. The bill has now moved to the Senate for consideration.

Cryptopolitan reporting by Jai Hamid

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DisclaimerThe information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

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