Credit: collecttrumpcards.com
President Donald Trump announced plans to embrace blockchain technology and eliminate hostility toward cryptocurrency in the U.S.
Cryptocurrency, or crypto, is a digital currency that uses encryption algorithms to allow people to make online payments to each other. Cryptocurrencies are decentralized, meaning they don’t have a central authority like a bank or government to regulate or issue them. Instead, they use a decentralized system to record transactions and create new units.
The announcement was made at a private dinner event at his Mar-a-Lago estate in Florida, where he hosted a gathering for buyers of his NFT trading cards.
For context, non-fungible tokens (NFTs) are unique cryptographic tokens that exist on a blockchain and cannot be replicated. They can represent digital or real-world items like artwork, real estate, music, or digital content. NFTs can also represent individuals’ identities and property rights.
Trump, taking a day off from court proceedings, welcomed his supporters and addressed private political meetings alongside the exclusive NFT buyers’ dinner.
The evening was an opportunity for the former president to showcase his support for cryptocurrency and reiterate his criticism of the current administration’s stance.
Yahoo News reported, “A source familiar with the planning shared that Trump’s day off from court will also include private political meetings. Axios was first to report Trump’s plans to have dinner with NFT buyers.”
The event prominently featured the latest series of Trump digital trading cards, called the “Mugshot Edition.” Each card comes with a unique feature—a swatch of the suit Trump wore during his booking mugshot in Fulton County, Georgia. Trump faces racketeering charges related to his alleged attempts to overturn the 2020 election results in the state.
Credit: collecttrumpcards.com
“Over the last three years, Trump has used naming rights agreements with Florida-based LLCs to personally profit off his name and likeness. Financial disclosure statements showed that Trump made at least a six-figure dollar amount from his previous ‘superhero’ NFT digital trading cards,” the Yahoo report added.
During the event, Trump boasted of his influence in reviving interest in NFTs. “I made NFTs hot again,” he told the enthusiastic crowd.
Trump announced his intention to end the current administration’s hostility toward cryptocurrency. Responding to crypto enthusiast Malcolm, who asked how he planned to keep crypto businesses in America, Trump answered, “We’re going to end the hostility.”
WATCH:
i asked donald trump how he’s going to keep crypto businesses in america.
sounds bullish pic.twitter.com/rvuztPmQ8P
— Malcolm (33.3%) (@macdegods) May 9, 2024
Trump criticized the Biden regime’s approach and expressed his commitment to removing restrictions.
“They are against it. Biden doesn’t even know what it is. If you ask Biden, ‘Sir, are you for or against crypto?’ What’s that? Get me off the stage. He’s saying, ‘Get me off the stage.’ Now, he has no idea.”
“The Democrats are very much against it,” Trump added. “And I say this, a lot of people are very much for it, probably a lot of the people in this group, and I’m fine with it. I want to make sure it’s good and solid and everything else, but I’m good with it. If you like crypto in any form, and it comes in a lot of different forms, if you’re in favor of crypto, you better vote for Trump.”
WATCH:
BREAKING: DONALD TRUMP IS FINE WITH CRYPTO pic.twitter.com/SCJDKdHQUB
— Frank (33.3%) (@frankdegods) May 9, 2024
Trump also confirmed that he is now accepting donations in cryptocurrency, solidifying his shift toward embracing the digital currency landscape.
Now, Bitcoin.com is reporting that a “second Trump term would be ‘broadly positive’ for crypto.”
More from Coindesk.com:
A Trump election victory could be positive for crypto as his administration would likely push for a more supportive regulatory environment, the report said.
The risk of U.S. fiscal dominance with the monetization of government debt by the Federal Reserve is growing, and such a scenario should be supportive for cryptocurrencies as investors seek out alternative assets, investment bank Standard Chartered said in a research report on Tuesday.
Donald Trump could also be a boon for cryptocurrencies. “We think that a second Trump administration would be broadly positive via a more supportive regulatory environment,” the report said. “In a scenario of U.S. fiscal dominance, we think bitcoin (BTC) would provide a good hedge against de-dollarization and declining confidence in the U.S. Treasury market,” analyst Geoff Kendrick wrote.
U.S. fiscal dominance would likely have three effects on the U.S Treasury curve: “a steeper nominal 2 year/10 year curve, a greater increase in breakevens than real yields, and an increase in term premium” Kendrick said, adding that the bitcoin price has a positive correlation with all three of these potential developments.
If Trump were to win the election a second administration could accelerate the withdrawal of foreign official U.S. Treasury buyers due to fiscal concerns, the bank said, noting that in his first term average annual net selling of U.S. government debt was $207 billion a year versus only $55 billion under Biden’s presidency.
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