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Trump's Crypto Ventures and Potential Election Implications
2024-09-05 13:29:08
Politics
Business

Trump's Crypto Ventures and Potential Election Implications

Image courtesy of : AFP (DAVID DEE DELGADO)

Donald Trump and his family are delving into the crypto world with the launch of World Liberty Financial, aiming to establish the US as the 'crypto capital of the planet.' This move raises concerns about conflicts of interest and regulatory impacts, despite experts noting the legality of officials owning such assets.

Trump's ambitious crypto plans involve banning CBDCs and creating a national crypto reserve. The project seeks to promote US dollar dominance and drive mass adoption of stablecoins and decentralized finance.

Additionally, the Trump family is exploring NFT projects and accepting crypto donations for political campaigns, sparking criticism from some politicians. With crypto companies heavily investing in the upcoming election, polls suggest that crypto owners are more inclined to support Trump over other candidates, highlighting the significance of crypto voters as a pivotal group.

Related news on that topic:

Can institutional Bitcoin adoption buck political fears in crypto?

Experts debate the correlation between Bitcoin and macroeconomic trends, its potential to decouple in the long-term, and the role of institutional adoption and political factors in driving a bull market in 2025. Short-term concerns around the U.S. election are balanced with cautious optimism. Bitcoin is described as a 'last functioning fire alarm' during market stress, highlighting its role in the global financial ecosystem. The 2024 election is seen as crucial for Bitcoin's future in the U.S., with potential impact on its perception and value. The Federal Reserve's influence on Bitcoin volatility is discussed, as well as the potential for a breakout due to historical trends, institutional interest, and the hedge against inflation that Bitcoin offers. The future adoption of Bitcoin in the U.S. is debated, with regulatory improvements, emerging use cases, and bipartisan support as potential drivers. Bitcoin's potential as a strategic reserve asset for the U.S. is also explored, along with its growing role in the global financial system. The impact of the 'crypto vote' on the U.S. election and the entry of major firms like BlackRock and Fidelity into the cryptocurrency space are examined. Political factors, including Trump's pro-crypto stance and the uncertainty around Harris' position, are predicted to drive Bitcoin's price. Critical September events and the regulatory challenges faced by crypto under Harris' administration are discussed. Despite regulatory challenges, Bitcoin and Ethereum prices remain stable, and institutional investment in crypto ETFs is on the rise.

Trump Plans to Make USA the Center of Cryptocurrencies

Donald Trump, the former president and Republican presidential candidate, intends to make the USA the global hub for cryptocurrencies. In a speech outlining his economic program, Trump announced his goal of embracing the industries of the future and making America the world capital for crypto and Bitcoin. As part of his plan, he would appoint Elon Musk, the CEO of Tesla, to lead a commission on government efficiency and initiate significant reforms. This move marks a significant shift in Trump's previous negative stance towards cryptocurrencies, which he once referred to as scams. In contrast to President Joe Biden's administration, which supports regulating cryptocurrencies, Trump aims to position the USA as a leader in digital payments that bypass traditional banking systems. The presidential election, set for November 5th, will see Trump face off against Democratic candidate Kamala Harris, with Musk supporting Trump's campaign financially. Trump's proposed policies also involve the reintroduction of tariffs on foreign products to boost domestic production. Economists warn that such tariffs may fuel inflation and increase consumer costs. However, Trump argues that this approach will reduce the trade deficit and lower inflation rates.

The press radar on this topic:

The Street
6. September 2024 um 02:03

Donald Trump Jr. reveals he's working on a ‘huge’ crypto project

Cryptocurrencies & blockchain
Finance
Economy
Technology
Donald Trump Jr., the former president's eldest son, revealed on his subscription podcast that he is working on a new 'huge' decentralized finance project to challenge the banking industry, citing debanking issues faced by conservatives. The project aims to provide financing opportunities denied to certain people. The Trump family has also ventured into non-fungible token projects and accepted crypto donations for political campaigns. However, Democratic Congressman Wiley Nickel has criticized..
The Street
6. September 2024 um 01:05

Crypto companies bet big on the presidential election TheStreet Daily Newsletter

Politics
Cryptocurrencies & blockchain
Finance
Economy
Crypto companies have donated $119 million to the 2024 election, nearly half of corporate donations. Coinbase and Ripple account for 80%, battling SEC issues. Crypto is playing both sides, donating to Republicans and Democrats to influence legislation. Federal Reserve Chairman Jerome Powell will lay out a plan for lowering interest rates as inflation moderates and the labor market cools. New home sales saw the biggest jump in 14 months, with median sales prices rising to $429,800. Donald Trump..
The Street
18. September 2024 um 23:40

Trump to unveil ambitious plan to make U.S. 'crypto capital'

Politics
Finance
Trump teased a proposal to make the U.S. the "crypto capital of the planet" and promoted his new crypto platform "World Liberty Financial," a joint family effort. He has aggressively pursued crypto fundraising for his 2024 campaign, pledging to ban CBDCs and create a national crypto reserve. The platform aims to provide financing to the "de-banked," citing "inequality" in finance and the appeal of decentralized finance. Trump appeared as the headline speaker at the Bitcoin Conference, and the..
The Street
18. September 2024 um 23:40

Crypto voters are more likely to support Donald Trump than Kamala Harris, poll says

Politics
Finance
Technology
Fairleigh Dickinson University poll: crypto owners 50% more likely to back Trump, 38% likely to vote for Harris. Non-crypto owners overwhelmingly support Harris with 12-point lead. Republicans polled higher (18%) than Democrats (11%) in crypto ownership. Cassino: "The ideology underlying crypto is based on distrust of existing power structures, and that makes it a reasonable fit for Trump." Crypto ownership cuts across party lines, making crypto voters a significant swing group.
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