Former US President Donald Trump, who is set to face off against rival Joe Biden in the 2020 presidential election this year, has warned that Biden is trying to destroy the US cryptocurrency industry.
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Trump, who has made millions selling crypto-based digital trading cards and recently began accepting campaign contributions in the currency, said Biden wants to see a “slow and painful demise” of bitcoin and cryptocurrencies in the United States.
“I have a very positive and open mind about crypto companies and everything related to this new and fast-growing industry,” Trump wrote in a post on TruthSocial, a social media clone of X, better known as Twitter, that launched in 2022.
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Former US President Donald Trump has warned that President Joe Biden is trying to kill Bitcoin. … [+]
“Our country must be a leader in this area,” Trump said. “We can't be second. Meanwhile, the worst president in our country's history, the villainous Joe Biden, wants our country to die a slow, painful death. That will never happen under me.”
This week, a shift in political winds in Washington, which had been strongly opposed to the technology since the collapse of the FTX crypto exchange, means Ethereum, the second-largest cryptocurrency after Bitcoin, will gain a full-fledged spot exchange-traded fund (ETF) on Wall Street, further opening up the cryptocurrency market to an investor base that previously avoided the asset class.
Earlier this month, “Shark Tank” billionaire Mark Cuban, a staunch supporter of President Biden, warned that Biden's opposition to cryptocurrency could help Trump win the 2024 election.
Bitcoin has recovered over the last year, surpassing an all-time high of just over $70,000 per bitcoin, buoyed by the launch of a much-anticipated spot bitcoin ETF on Wall Street.
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A new Bitcoin ETF has boosted Bitcoin prices over the past year.
“Ahead of the US presidential elections, the Biden campaign has radically changed its stance on cryptocurrencies,” Sergey Golev, risk manager at bitcoin and crypto trading platform UHodler, said in emailed comments. “It should also be noted that Trump's popularity is due in particular to his positive attitude towards the cryptocurrency market.”
Galaxy Digital CEO Mike Novogratz is a former Goldman Sachs
Goldman Sachs
The U.S. House of Representatives on Wednesday passed the 21st Century Financial Innovation and Technology Act, known as Fit21. The bill, which splits the responsibility for regulating cryptocurrencies between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), has bipartisan support despite the Biden administration's opposition to the bill.
According to Novogratz, a “broader shift among Democrats” led the SEC to back away from its plans to reject a spot Ethereum ETF this week. CNBC“It almost feels like someone in the Biden administration called and said, 'Guys, we can't be the party against cryptocurrency anymore.'”
