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Former PresidentDonald Trumpdelivered a notableendorsement of cryptocurrenciesduring a campaign speech on Wednesday and unwittingly sent a meme coin inspired by his arch-political rival surging after commenting on the digital token.
What Happened: In a video shared on X by non-fungible token influencerFrank DeGods, Trump can be seen addressing a large crowd at an NFT event at his Mar-a-Lago residence in Florida, saying, Can we donate to the Trump campaign using crypto? I believe the answer is yes.
If you cant, Ill make sure you can, he said.
Another social media user shared a video clip where he appears to be questioning Trump on how he plans to retain cryptocurrency firms within the U.S. In response, Trump asserted, We'll stop it because I don't want it. If we're going to embrace it, we have to let them be here. The audience reacted with applause to Trumps statement.
See Also:How to Buy Bitcoin (BTC)
Trump also took a jab at his competitor, PresidentJoe Biden, expressing skepticism about his understanding of cryptocurrencies. Towards the end of the video, Trump emphasized, If you're in favor of crypto, you better vote for Trump.
Trump also commented on Jeo Boden BODEN/USD , a token that misspells President Biden's name, saying, I don't like that investment. But the token surged over 14% following the former presidents remark.
Why It Matters:Trumpscrypto portfoliois worth over $5.6 million, as per a recent report, mostly comprisingMAGA CoinTRUMP/USD ,EthereumETH/USD ,Wrapped Etherand other memecoins, obtained through the sale of NFT projects using his name and likeness.
Some also believe this could help himpay the hundreds of millions in fineshe has racked up in ongoing legal cases.
The former president throughout his 2024 campaign has openly shown hissoftening stance onBitcoinBTC/USD , although he has said the dollar remains his favorite currency.Loading… Loading…
Cryptocurrency owners, however, seemto favor him over Biden, as per recent surveys.
British multinational bank Standard Chartered this week predicted positiveprospects for the cryptocurrencysector if Trump secures another term in office.
This stance sharply contrasts with the Biden administrations actions, vetoing legislation that would have permitted reputable financial institutions to hold Bitcoin and other cryptocurrencies.
Read Next: Robinhood Reports 3X Jump In Crypto Volume, Executives Say Business As Usual Despite SEC Wells Notice
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