Cryptocurrency and Bitcoin: Key Focus in Trump’s 2024 Campaign
By: Eva Baxter
Former US President and Republican Presidential candidate Donald Trump has indicated a firm stance on bolstering the cryptocurrency sector, hinting at the launch of a new NFT series following the successes of his previous collections. In a recent interview with Bloomberg Businessweek, Trump emphasized the growing demand for digital assets from his supporters, influencing his potential decision to release another NFT collection. Trump claimed, “We had one year to sell it out and it sold out in one day. The whole thing sold out: 45,000 of the cards. And I did it three times [and] I’m going to do another one, because the people want me to do another one.”
Over the years, Trump has released three NFT collections, each experiencing varying degrees of success. However, these initiatives have also faced criticism from the community, citing concerns related to internal minting and design plagiarism. Nonetheless, Trump’s involvement in NFTs has significantly altered his views regarding the cryptocurrency industry, as he noted a substantial portion of the payments received were in digital currencies. “The thing I really noticed was everything was paid in—I would say almost all of it was paid in crypto, in this new currency. And it opened my eyes,” he remarked.
In parallel, Mark Cuban, billionaire entrepreneur and Dallas Mavericks owner, has voiced his strong belief in the soaring future prices of Bitcoin, viewing it as a “safe haven” asset due to its limited supply and growing global demand. Cuban recently expressed his predictions that Bitcoin (BTC) prices will be significantly higher than current estimates, driven by its role as a dependable store of value during times of economic uncertainty. He highlighted that geopolitical uncertainties and a declining dollar could further elevate Bitcoin's appeal and value.
Cuban also shared his insights on the burgeoning support for Trump within Silicon Valley, attributing it not solely to Trump’s pro-crypto stance, but also to the potential economic policies that could escalate Bitcoin values. Trump’s policies, including lower tax rates and tariffs, have historically spurred inflation, which may benefit cryptocurrencies by creating favorable conditions for price increases. Cuban suggested, “It’s a Bitcoin play,” linking tech leaders' support for Trump to potential shifts in the economic landscape that could bolster cryptocurrency markets.
The trend of increasing support for Trump among tech leaders extends to prominent figures like Marc Andreessen and Ben Horowitz, co-founders of Andreessen Horowitz (a16z). The venture capitalists have publicly endorsed Trump, citing his advantageous policies toward technology, including AI and crypto regulation. Their endorsement signifies a shift from Andreessen's prior Democratic affiliations, motivated by a belief that Trump's policies will better support technological innovation in the United States.
Additionally, Trump has mentioned the possibility of JP Morgan CEO Jamie Dimon, a known Bitcoin critic, softening his stance toward cryptocurrencies. In a Bloomberg interview, Trump revealed that he would consider Dimon for the position of Secretary of the Treasury, underscoring Dimon’s evolving viewpoints. Despite his historical criticisms, Dimon has shown support for blockchain technology, advocating for its potential through JP Morgan’s initiatives like the Liink network and JPM Coin.
