Donald Trump Vows to Champion Cryptocurrency as ‘Crypto President’ at Fundraising Event
Former President Donald Trump has intensified his support for cryptocurrency, declaring his intention to become the “crypto president.” This statement was made during a high-profile fundraising event in San Francisco, co-hosted by David Sacks, a general partner at Craft Ventures, and tech billionaire Chamath Palihapitiya, according to a recent Reuters report.
At the event, Trump underscored his commitment to advancing the cryptocurrency industry. He expressed his willingness to advocate for crypto, contrasting his stance with what he described as the Democratic Party’s tendency toward heavy regulation. This gathering was notably successful for Trump’s fundraising efforts, reportedly raising $12 million ahead of the November 5 U.S. presidential election.
Trump’s Crypto Advocacy vs. Biden’s Policies
Trump’s enthusiastic support for cryptocurrency is part of his broader strategy to differentiate himself from the current administration, especially following a decision by President Joe Biden that drew significant criticism from the crypto community. Biden recently vetoed a resolution intended to overturn the controversial U.S. Securities and Exchange Commission (SEC) Staff Accounting Bulletin (SAB) No. 121. This bulletin requires institutions holding cryptocurrency assets to record them as liabilities on their balance sheets, a move that has been contentious within the industry.
Trump has consistently voiced his support for cryptocurrency, as demonstrated by his recent public statements. On May 26, he emphasized the need for the United States to lead in the crypto sector. “Our country must be the leader in the field, there is no second place,” he asserted in a post on Truth Social, a social media platform owned by Trump Media and Technology Group.
In a move to integrate cryptocurrency into his presidential campaign, Trump announced that his campaign would accept cryptocurrency donations. The fundraising page, utilizing Coinbase Commerce, allows eligible individuals to donate using various cryptocurrencies, including Bitcoin, Ethereum, Dogecoin, Shiba Inu, XRP, USD Coin, Solana (SOL), and 0x (ZRX).
Additionally, Trump promised to grant a presidential pardon to Ross Ulbricht, the founder of Silk Road, if he wins the November election. This pledge is part of his broader strategy to appeal to the crypto community.
Impact of Crypto Stance on Voters
A survey conducted by the Harris Poll indicates that cryptocurrency positions are influential for many voters. The poll revealed that one in three voters in the U.S. consider a candidate’s stance on cryptocurrencies when deciding how to vote.
Further supporting Trump’s appeal within the crypto community, a survey by Paradigm, a leading crypto venture capital firm, showed that Trump enjoys significant support among crypto owners for the 2024 U.S. Presidential Election. The survey, which included 1,000 registered voters, found that 48% of crypto owners plan to vote for Trump, while 39% intend to support President Joe Biden.
Moreover, a recent report from Coinbase suggested that California voters who own cryptocurrencies could have a notable impact on the 2024 elections. This demographic is expected to be a significant factor in the election outcome, reflecting the growing influence of the crypto community in American politics.
Conclusion
Donald Trump’s recent activities and statements demonstrate his strategic focus on cryptocurrency as a key element of his campaign. By positioning himself as the “crypto president,” Trump aims to attract support from the burgeoning crypto community, contrasting sharply with the current administration’s regulatory approach. As the 2024 presidential election approaches, Trump’s pro-crypto stance could play a crucial role in shaping voter preferences and influencing the broader political landscape.
