Former President Donald Trump embraces cryptocurrencies, targets Biden and Kennedy Jr.

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15th June 2024 – (New York) Former President Donald Trump has embraced cryptocurrencies, a technology he once criticized vehemently. Trump’s change of heart is seen as an attempt to gain support from the devoted young fan base of digital currencies and influential industry executives, positioning himself ahead of rivals Joe Biden and Robert F. Kennedy Jr.

Following a meeting with Bitcoin miners at his Mar-a-Lago estate in Florida, Trump took to his Truth Social media platform to urge cryptocurrency users to “vote for Trump!” He claimed that he would stand up against “Biden’s hatred of Bitcoin.”

This announcement follows weeks of dedicated outreach to crypto enthusiasts and industry leaders, and it appears to be yielding positive results. One bitcoin mining executive, who met with Trump, revealed that the industry has committed to raising over $100 million and mobilizing more than 5 million voters to support Trump in the upcoming election.

However, during his time in the White House, Trump expressed strong opposition to Bitcoin and other cryptocurrencies. In 2019, he stated on social media, “I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air.” He also raised concerns about their potential facilitation of illegal activities.

Even after leaving office, Trump maintained his anti-crypto stance as recently as 2021, referring to Bitcoin as a “scam” and a “disaster waiting to happen.” However, his perspective began to shift in March when he acknowledged the increasing prominence of cryptocurrencies, particularly as Bitcoin’s price rebounded.

By May, Trump had fully transformed into a fervent supporter of cryptocurrencies, delivering a speech at the Libertarian Party’s national convention. He garnered applause by vowing to “stop Joe Biden’s crusade to crush crypto” and pledged to prioritize the development of crypto and bitcoin within the United States, rejecting the idea of a central bank digital currency.

Trump now frames cryptocurrencies as a matter of national and energy security due to the substantial energy consumption associated with mining. He also announced that his campaign would accept donations in cryptocurrency, aiming to build a “crypto army” to secure victory in the upcoming election.

Trump’s campaign believes it can attract young voters, particularly young men of colour, away from their traditional alignment with the Democratic Party. Meanwhile, Trump and his allies have intensified their criticisms of Robert F. Kennedy Jr., an advocate for cryptocurrencies who made his first public appearance as a presidential candidate at a Bitcoin conference.

When asked about Trump’s reversal on cryptocurrencies, Kennedy expressed satisfaction and hoped that President Biden would follow suit. The impact of Trump’s embrace of cryptocurrencies and his targeting of Biden and Kennedy remains to be seen as the election approaches.