Memecoins Surge as Donald Trump Voices Support for Crypto at NFT Gala

Published by

Mustafa Mulla

May 10, 2024

In a surprising twist, Donald Trump, the Republican candidate eyeing the 2024 US Presidential seat, unveiled a significant embrace of cryptocurrencies during an event at his Mar-a-Lago resort in Palm Beach, Florida. His pledge to end US hostility towards digital currencies and welcome crypto donations for a potential re-election campaign marks a big shift from his previous criticisms.

Here’s his new refined take!

Trump’s Crypto Pledges

At the Trump Cards NFT Gala, Trump didn’t hold back. He reiterated his promise to end the US’s unfriendly approach to cryptocurrencies. He wasn’t pleased with how the Biden administration and Gary Gensler, in particular, were handling crypto regulations.

Meanwhile, Trump expressed robust support for the cryptocurrency industry and promised to establish a more favorable regulatory environment if he were to be re-elected. He even announced plans to accept cryptocurrency donations for his potential re-election campaign.

Trump’s words had an impact. MAGA (Make America Great Again) memecoin, inspired by his slogan, soared by 80%, becoming the hottest meme coin. Other politically-themed tokens like Donal Tremp (TREMP) also saw massive gains.

Trump’s Next Move: NFTs?

Beyond cryptocurrencies, Trump emphasized the importance of non-fungible tokens (NFTs) by hosting an event specifically for holders of Trump-themed NFTs. This gesture underscores Trump’s evolving engagement with digital assets, including NFTs bearing his likeness.

Despite calling Bitcoin a “scam” in the past, Trump’s recent embrace of crypto marks a major change in his stance.

Prepping for Change: Community is Ready!

Financial analysts and crypto enthusiasts are speculating on the potential impact of Trump’s pro-crypto rhetoric. Institutions such as Standard Chartered have suggested that a second Trump presidency could benefit Bitcoin and other digital assets by fostering a more supportive regulatory environment.

As Trump’s pro-crypto stance gains traction, the crypto industry braces for potential shifts in the coming months.

Cryptocurrency and politics – a match made in heaven, or a recipe for disaster? Weigh in with your take!

Also Check Out: Deutsche Bank Warns: Tether and Other Stablecoins To Face Risk of Failure

Mustafa Mulla

Mustafa has been writing about Blockchain and crypto since many years. He has previous trading experience and has been working in the Fintech industry since 2017.