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Trump's stance on cryptocurrency and its potential impact on the 2024 US elections. 🇺🇲
Former President Donald Trump, known for his past criticism of cryptocurrencies, has recently made a notable shift towards a pro-crypto stance as the 2024 elections approach. This change was prominently highlighted during a May 8, 2024, event at Mar-a-Lago, where Trump accused President Biden and SEC head Gary Gensler of conspiring against the crypto industry.
Historically, Trump labeled cryptocurrencies as “based on thin air” and linked them to illicit activities. However, his recent pivot has drawn mixed reactions from the crypto community. While some view it as a pragmatic move to attract voters, others are skeptical, remembering his earlier harsh criticisms.
President Biden’s administration has maintained a cautious approach towards cryptocurrencies. Recently, Biden threatened to veto the H.J.Res. 109 SEC crypto bill, which would permit U.S.-regulated financial institutions to custody cryptocurrencies. This move has been criticized by influential crypto figures, such as Charles Hoskinson, who accuse the administration of stifling the industry.
Cryptocurrencies could play a significant role in the upcoming election. According to a Paradigm poll, 19% of registered voters have bought crypto, and a significant portion of these voters could be swing votes. The poll indicates that 48% of crypto holders support Trump in 2024, up from 39% in 2020.
Swing states like Michigan, Nevada, Ohio, Montana, Pennsylvania, and Arizona could see the crypto issue becoming a deciding factor. A DCG/Harris Poll revealed that voters in these states are highly engaged, with 93% planning to vote and 74% considering themselves politically active.
Trump’s shift towards a pro-crypto stance may also be financially motivated, given his campaign’s reported financial pressures. Crypto donations could provide a much-needed boost. However, skepticism remains high, and Trump will need to back his words with concrete plans to convince voters of his sincerity.
