Trump Hails Crypto as ‘Fledging’ but a ‘Massive Business’

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As a seasoned analyst with over three decades of observing the political landscape and financial markets, I find Trump’s recent pivot towards cryptocurrency both intriguing and predictable. His transformation from crypto skeptic to crypto evangelist underscores his knack for tapping into popular trends to drive his brand and business ventures.

Previously U.S. President Donald Trump has experienced a noteworthy transformation in his perspective towards cryptocurrency, largely due to the triumph of his NFT endeavors. At the inaugural event for World Liberty Financial, organized by Rug Radio, Trump disclosed that the thrill stemming from his Ethereum-based NFT trading card venture significantly influenced his perception about digital currencies.

Prior to unveiling his initial NFT series in December 2022, Trump openly acknowledged his lack of affection for Bitcoin and digital currencies. In fact, he had previously voiced criticism against Bitcoin, going so far as to label it a “scam” back in 2021.

Initially resistant to cryptocurrency, Trump’s viewpoint shifted as he noticed a surge in demand for his NFTs, which are predominantly bought using digital currencies. “I was astounded by the number of people who chose this method,” he remarked. To his surprise, a significant portion of the sales were made in crypto. “If they had been paying in dollars, I would have thought that’s normal—but I was taken aback instead.

After achieving his first NFT success, Donald Trump has introduced three more collections, with the last one debuting in August 2024. This increased engagement in the cryptocurrency sector paved the way for his latest project—World Liberty Financial—a joint venture and cryptocurrency platform founded by Trump, along with his sons Eric and Donald Trump Jr., and businessman Steve Witkoff.

During a chat on X Spaces, Trump expressed his fresh interest in cryptocurrencies and gave credit to his sons, particularly Barron, for enlightening him about the sector. Jokingly, he noted, “Barron knows quite a bit about it. He’s always talking about his digital wallet – he seems to have multiple ones.

Trump referred to cryptocurrency as an “emerging industry” and added that it holds significant potential, even suggesting it could become “extraordinarily remarkable.

Trump additionally voiced worries that the US might lag in the worldwide cryptocurrency competition unless quick action is taken, stating “If we don’t move, China will.” If re-elected, he pledged to make the US the “leader in cryptocurrencies on Earth,” criticizing the Biden administration’s allegedly “unfriendly” stance towards the crypto sector.

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2024-09-17 11:00