Donald Trump Calls Himself “Crypto President” at San Francisco Fundraiser

Bittime - Donald Trump reportedly announced his goal to become a “crypto president” at a fundraising event held in San Francisco. Trump even managed to raise $12 million at the event.

Trump's support for Cryptocurrencies

Former United States President Donald Trump is further strengthening his advocacy of cryptocurrencies as part of his 2024 presidential campaign. According to a recent report from Reuters, Trump has now stated the goal of becoming a “crypto president.”

It was reported on June 7, citing sources familiar with the matter, that Trump declared that “he would be a crypto president” at a fundraising event in San Francisco hosted by Craft Ventures general partner David Sacks and tech billionaire Chamath Palihapitiya.

The event reportedly helped Trump raise $12 million to support promotional efforts ahead of the US election on November 5.

Trump also reiterated his support for crypto and his plans to push the industry forward, while indicating the Democratic Party's intention to take the opposite approach with strict regulation, which in the country's crypto industry is generally referred to as regulation-by-enforcement.

This Claim Follows Biden's Controversial Decision Regarding Crypto

This claim comes just a week after the current US President, Joe Biden, received criticism from the crypto industry after vetoing a resolution that would have repealed SEC Staff Accounting Bulletin (SAB) No. 121, a controversial crypto accounting guideline that requires institutions holding crypto assets to record crypto holdings as a liability on their balance sheets.

This follows several recent public statements by Trump expressing his support for the cryptocurrency industry.

On May 26, Cointelegraph reported that Trump reiterated that the US should not settle for anything less than the top spot in the crypto industry.

"Our country must be a leader in this area, there is no second place," Trump said in a May 25 post on Truth Social, a social media platform owned by Trump Media and Technology Group.

"I am very positive and open to crypto companies, and everything related to this new and growing industry," he added.

Trump expressed his belief that cryptocurrencies have great potential to bring innovation and economic progress to the United States.

He promised to create policies that support the industry's development, in contrast to the strict regulations proposed by Democrats. Trump criticized an overly harsh regulatory approach, which he said could stifle growth and innovation in the crypto sector.

Trump Attract Sympathy by Supporting Crypto

Trump's support for cryptocurrencies is nothing new. Over the past few months, he has consistently voiced his views on the importance of the United States leading in technological innovation, including digital currencies.

On various occasions, Trump emphasized that the United States must be a leading country in the adoption and development of crypto technology to ensure its competitiveness in the global market.

At the fundraising event, Trump also spoke about crypto's potential to create new jobs and strengthen the economy. He highlighted how blockchain technology, on which cryptocurrencies are based, can be used to increase efficiency in various industrial sectors.

Crypto Industry Reaction

Trump's support for crypto was welcomed by many industry players. They see Trump's commitment as a breath of fresh air amidst the regulatory uncertainty that has hampered industrial development.

Many hope that if Trump is re-elected as president, he will create a more conducive environment for innovation and investment in the crypto sector.

Some experts also say that Trump's move could be a political strategy to attract the attention of young voters and pro-technology voters, who see the future of the digital economy as an important part of national economic growth.

Conclusion

Donald Trump cemented his position as a leading supporter of cryptocurrencies in the 2024 presidential campaign by declaring his desire to become a “crypto president.”

By promising to push the industry forward and create policies that support innovation, Trump hopes to attract support from voters who believe in the enormous potential of crypto technology.

On the other hand, he also criticized the strict regulations proposed by the Democrats, highlighting the different approaches to managing this fast-growing technology sector.

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