Former President Donald Trump has doubled down on his support for cryptocurrencies, saying at the Libertarian National Convention that he would ensure that the future of crypto and Bitcoin BTC/USD “will be made in the USA.”
What Happened: Trump also said he would support “the right to self-custody” and promised the audience to “keep Sen. Elizabeth Warren (D-Mass.) away” from their Bitcoin. Trump additionally reiterated his promise to “never allow the creation of a central bank digital currency.”
During his speech, Trump promised to commute the sentence of Ross Ulbricht, the convicted Silk Road founder serving a double life sentence for his role in the marketplace’s creation.
Prior to the event, Trump had written on his Truth Social social media platform that he is “positive and open-minded to cryptocurrency companies” and all things related to “this new and burgeoning industry.” He stated that the United States must be “the leader in this field” and accused President Joe Biden of wanting it “to die a slow and painful death.”
Why It Matters: The statement followed Trump’s recent embrace of cryptocurrencies, which marks a 180-degree turn from his position a few years ago when he called Bitcoin “a scam.”
Over the last few weeks, Donald Trump started accepting cryptocurrency donations in Bitcoin, Ethereum ETH/USD, Dogecoin DOGE/USD, Shiba Inu SHIB/USD and the Trump-themed Maga Memecoin TRUMP/USD.
He also vowed to build a “crypto army” in opposition to Warren’s “anti-crypto army.”
Though some see Trump’s pivot towards crypto as “just another cow to milk,” Trump has been on the record saying that he is "having fun with crazy new currencies."
His call to crypto supporters to “better vote for Trump” is seen by industry experts as a contributing factor to the Democratic Party softening its stance on restrictive cryptocurrency regulation.
What’s Next: The role of crypto policy for the future of the digital asset space is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
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