“If you’re for crypto, you better vote for Trump.”
The message was simple and it came from the man himself, Donald J Trump, at a special gathering at his Mar-A-Lago resort last week.
As reported by CoinDesk, the 77-year-old and his team hosted a reception of around 200 supporters and interested parties, with admission coming at the cost of $10,000 worth of Trump Trading Card NFTs to join the unlikely congregation in Florida.
Despite the former president describing Bitcoin and other cryptocurrencies as “based on thin air” back in 2019, he has now performed a U-turn to present himself as a champion for the alternate currency.
Some observers might suggest this is nothing more than cynical electioneering and seeking to boost his support base. It was also an attack on the incumbent president, Joe Biden, and the Democrat administration which continues to keep its distance from the crypto industry.
Some figures have warned that without regulation and space for legitimate operators to thrive, resources and value will be driven out of the US and taken elsewhere.
Trump is seeking to fill the void, whether he is truly on board or not.
On the question of crypto, he openly mocked his political adversary. “Biden doesn’t even know what it is. If you ask Biden, ‘Sir, are you for or against crypto?’ he’ll say, ‘What’s that? Get me off the stage.’ He has no idea,” said Trump.
“I’m good with Crypto. If you’re for crypto you better vote for Trump.” pic.twitter.com/3ScdE0TfPR
— Autism Capital (@AutismCapital) May 9, 2024
Warning sent to Biden if he doesn’t take action to protect crypto investments
However, not all those in attendance were impressed by the charm offensive from the New York native.
Trump did not come across as knowledgeable or authoritative on Crypyo, but in his typical bullish, performative matter, he didn’t need to be.
For some, his change of tack will be enough to lend their support, especially with Biden’s team refusing to budge on the matter.
Shark Tank billionaire Mark Cuban, a known backer of President Biden, has warned the door could be left open for Trump based on the issue of crypto.
The Dallas Mavericks investor believes he could succeed in the election later this year because of intransigence.
Under the leadership of Biden, Securities and Exchange Commission (SEC) chair Gary Gensler has refused to provide protections for investors while making it “nearly impossible for legitimate crypto companies to operate,” stated Cuban.
He went on to make the point that the electorate could take care of the matter, sending the balance of power in Trump’s favour, unless Congress takes the appropriate action to address the problem.
Image credit: Ideogram
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