Former President Trump now supports cryptocurrency, launching a crypto business and promising to advance industry
From Nasdaq, October 12, 2024, 07:02 AM:
Former President Donald Trump, once critical of cryptocurrency, now embraces it and positions himself as the “pro-crypto” presidential candidate. He launched a crypto business, endorsed domestic crypto mining, and promised a national bitcoin stockpile if re-elected. Industry leaders have taken notice, with support from venture investors Marc Andreessen and Ben Horowitz.
Trump has launched World Liberty Financial, a crypto banking platform with a Reg D token offering, to encourage borrowing, lending, and investing in crypto. The platform features WLFI tokens, distributed among the founding team, user rewards, and the public. Trump aims to make America a leader in crypto mining and investment.
In a move to bolster his 2024 campaign, Trump announced support for domestic crypto mining, establishment of a presidential advisory council on crypto, and creation of a strategic bitcoin stockpile worth $5 billion controlled by the U.S. government. He pledged to maintain a strong stance on advancing digital currency.
At the Bitcoin 2024 conference, Trump promised to prioritize American leadership in crypto mining and production. He received a standing ovation when pledging to remove SEC Chairman Gary Gensler due to his strict regulation stance. Trump’s commitment to advancing the crypto industry has garnered mixed reactions from enthusiasts and experts.
During a campaign stop at a bitcoin bar in New York, Trump made headlines by being the first former U.S. president to engage in a crypto transaction. He purchased burgers and distributed them to attendees, showcasing his support for the use of cryptocurrency as a means of commerce. This move further solidifies his dedication to embracing digital currency.
At the same conference, Trump vowed to commute the sentence of Silk Road founder Ross Ulbricht, a figure considered a “crypto-martyr” for his role in the first major marketplace to use bitcoin-based transactions. The case highlights the complex intersection of cryptocurrency, law enforcement, and online crime, making Ulbricht a controversial figure in the industry.
Read more at Nasdaq: Trump’s Crypto Alliance — 6 Ways the Former President Embraces Digital Currency