Memecoins
Memecoins Rise as Donald Trump Expresses Support for Cryptocurrencies at NFT Gala
In a surprising twist, Donald Trump, the Republican candidate eyeing the U.S. presidential seat in 2024, unveiled a significant embrace of cryptocurrencies during an event at his Mar-a-Lago resort in Palm Beach, Florida. His promise to end US hostility towards digital currencies and welcome cryptocurrency donations for a potential re-election campaign marks a big shift from previous criticisms of him.
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Trump’s crypto promises
At the Trump Cards NFT Gala, Trump didn’t hold back. He reiterated his promise to end the United States’ hostile approach towards cryptocurrencies. He was unhappy with how the Biden administration and Gary Gensler, in particular, were handling crypto regulations.
Meanwhile, Trump has expressed strong support for the cryptocurrency industry and promised to create a more favorable regulatory environment if he is re-elected. He also announced plans to accept cryptocurrency donations for his potential re-election campaign.
Trump’s words had an impact. MAGA (Make America Great Again) memecoin, inspired by its slogan, increased by 80%, becoming the most popular meme coin. Other politically themed tokens like Donal Tremp (TREMP) have also seen huge gains.
Trump’s Next Move: NFT?
In addition to cryptocurrencies, Trump has highlighted the importance of non-fungible tokens (NFTs) by hosting an event specifically for Trump-themed NFT holders. This gesture highlights Trump’s evolving commitment to digital assets, including NFTs that bear his likeness.
Despite calling Bitcoin a “scam” in the past, Trump’s recent use of cryptocurrencies marks a major shift in his position.
Financial analysts and cryptocurrency enthusiasts are speculating on the potential impact of Trump’s pro-crypto rhetoric. Institutions such as Standard Chartered have suggested that a second Trump presidency could benefit Bitcoin and other digital assets by promoting a more favorable regulatory environment.
As Trump’s pro-crypto stance gains traction, the cryptocurrency industry is bracing for potential changes in the coming months.
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Also check: Deutsche Bank warns: Tether and other stablecoins risk failing