Crypto analyst Croissant delved into former President Donald Trump’s growing involvement in the cryptocurrency space and its potential implications for the 2024 election.
What Happened: The analyst highlights that Trump’s journey into crypto began in December 2022 with the launch of a digital trading card collection featuring 45,000 NFTs on Polygon, which sold out quickly, netting him over $4 million.
Trump’s engagement didn’t stop there. He hosted events for NFT holders, including dinners and golf outings at Mar-A-Lago. This proliferated when his wife, Melania, launched her NFTs, followed by Trump's "mugshot" themed NFTs.
In 2024, Trump's campaign began accepting crypto donations, contrasting sharply with the Democratic stance on digital currencies.
While Trump promised to keep crypto businesses within the U.S., Senator Cynthia Lummis (R-Wyo.) echoed similar pro-crypto sentiments, aiming to build a pro-crypto army.
Also Read: Joe Biden’s Campaign Could Accept Crypto Donations — Donald Trump Effect?
Why It Matters: Donald Trump not only promised to “protect Bitcoin BTC/USD from Elizabeth Warren” but also pitched himself as the “crypto president” at a fundraiser event raising $12 million. He attracted notable figures like the Winklevoss twins and Coinbase executives.
On June 11, Trump met with executives from leading crypto mining companies, declaring, "We want all the remaining bitcoin to be made in the U.S. It will help us be energy dominant!"
With Trump’s crypto wallet holding $14 million in Maga Memecoin TRUMP/USD, Ethereum ETH/USD and other coins, his pro-crypto positioning could significantly impact the electoral landscape.
What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
Image: Shutterstock
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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