Forbes India 15th Anniversary Special

Donald Trump vows to become the 'Crypto President' if elected

Standard Chartered expects Bitcoin to hit $100,000 ahead of presidential elections and $150,000 if former president Donald Trump wins

Shashank Bhardwaj
Published: Jun 11, 2024 03:53:01 PM IST
Updated: Jun 11, 2024 04:02:23 PM IST

Donald Trump vows to become the 'Crypto President' if electedImage: Brandon Bell/Getty Images .
 
In an exclusive fundraiser event hosted by Craft Ventures in San Francisco on June 7, 2024, former United States President Donald Trump showcased his interest in and support for the cryptocurrency domain. He strongly criticised the Democratic Party for their constant efforts to regulate and discontinue crypto.

The high-profile fundraising event was held at billionaire investor David Sacks’ residence in Pacific Heights. Venture capitalist Chamath Palihapitiya co-hosted it. Both discussed their potential investments in cryptocurrencies, especially Bitcoin.

During the event, Trevor Traina, a San Francisco-based tech executive and former Trump ambassador to Austria, stated that Donald Trump declared himself the ‘crypto president’. The event was the first significant fundraiser following Trump’s conviction. The campaign’s acceptance of crypto is a significant development, as it opens a fresh avenue for potential funds and views Trump as a crypto-friendly political candidate.

The crypto industry is seeking high influence among US politicians as it grapples with heightened regulatory scrutiny. This was the primary reason for the crypto firm bankruptcies in 2022, which exposed numerous misconduct and fraud and left millions of investors in financial crunch.

Trump has shown active support for the crypto industry and pledged to stop the opposition party’s crusade to crush cryptocurrencies. However, he did not provide any specifics regarding crypto policies in the sector. By advocating support for the crypto industry during his presidential campaign, Donald Trump urged crypto supporters to vote for him. He has also acknowledged the growing popularity of Bitcoin and used it as an additional form of currency.

Numerous venture capitalists and crypto investors have supported Donald Trump, citing excessive regulation as the primary concern. Financial experts believe that the crypto shift is happening in Washington. The United States's move towards regulatory policies and clarity could open the country’s $20 trillion financial advisory industry.

Coinbase has donated $25 million to Fairshake, a Political Action Committee (PAC) focusing on crypto-related issues. The company’s significant contribution increases its foundation and presence in the market ahead of the November US elections. The total donation amount raised by the PAC is $160 million for the current election cycle. The amount is comparable to the latest donations from Ripple and venture firm Andreessen Horowitz.

Shashank is the founder of yMedia. He ventured into crypto in 2013 and is an ETH maximalist.
Twitter: @bhardwajshash