Key Points:
Read more: US Election Predictions: The Effects And Importance Of The New US President
Speaking at an event for holders of his NFTs at Mar-a-Lago resort, Trump indicated his intention to embrace cryptocurrency despite regulatory hurdles, stating:
“Crypto is moving out of the US because of hostility toward crypto. We’ll stop it because I don’t want that. If we’re going to embrace it, we have to let them be here.”
Trump criticized President Biden and his administration for their alleged lack of understanding and hostility toward the crypto industry. He rallied support among crypto enthusiasts, urging them to vote for Trump election campaign if they favor cryptocurrency. The former president made these remarks at a gathering with buyers of his “Mugshot Edition” NFTs, where individual purchases exceeded 47 NFTs priced at $99 each.
In response to concerns about crypto businesses leaving the US due to regulatory challenges, Trump assured his commitment to retaining them in the country, emphasizing the need to halt any exodus. His comments had a notable impact on the market, with the “Jeo Boden” memecoin, a satirical token based on President Joe Biden, surging over 25% following Trump’s endorsement.
This development comes in the wake of a recent surge in the prices of meme coins featuring caricatures of both Trump and Biden. In April, tokens like “Jeo Boden” and “Doland Tremp” witnessed significant market capitalizations, signaling a growing interest in cryptocurrency tied to political figures. Trump’s embrace of crypto marks a notable shift in his stance, potentially reshaping the landscape of political fundraising and investment.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
George Town, Grand Cayman, 8th November 2024, Chainwire
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