Donald Trump Is Working on a 'Day 1' Crypto Policy If Reelected — Would It Be Good for Crypto?

Benzinga – Over the past several years, former President Donald Trump has benefited significantly from cryptocurrency. He has received millions in cryptocurrency from NFT projects and memecoins, even selling 1,075 ETH for $2.4 million in proceeds. His involvement in cryptocurrency has attracted significant attention from the crypto community, some of whom believe that they would benefit from a Trump presidency.

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Trump has reportedly been working with Bitcoin Magazine CEO David Bailey on a “day 1” policy move that would impact cryptocurrency.

“For the past month we have been working with the Trump campaign to develop their bitcoin and crypto policy agenda. We proposed a comprehensive executive order for President Donald Trump to sign on day 1. I will be sharing those details soon. This week Trump took the first step, but there is much work to do. We intend to raise a $100m war chest for the campaign to insure the next President of the United States is pro Bitcoin,” Bailey wrote in a post on X.

The post came just days after Trump hosted an NFT event at Mar-a-Lago for his supporters, in which he said, “The Democrats are very much against [crypto]. And I say this, a lot of people are very much for it … and I’m fine with it. I want to make sure it’s good and solid … but I’m good with it. If you like crypto in any form, and it comes in a lot of different forms, you better vote for Trump.”

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Bailey also posted several other tweets in which he added more context to what a Trump presidency could mean for cryptocurrency, saying that a Trump win in November “will trigger a Bitcoin ‘space race’ as the major powers of the world reposition in response to USA” and that “no future administration will ever mess with us again. We will have proved it’s political suicide. Instead they’ll seek our support.”

While Bailey may be exaggerating the potential impacts of a Trump presidency on cryptocurrency, he is extremely supportive of Trump’s stance on crypto and the potential for a huge increase in crypto adoption. “It’s time for Bitcoin to elect the next President of the United States,” he said.

For many, cryptocurrency is a peripheral issue, if considered at all. However, with some polls showing that Trump and Biden are tied for the upcoming election, peripheral issues, such as crypto, could potentially become a deciding factor in the election. This is particularly true as the amount of crypto users continues to increase and business interests in crypto become more apparent.

Additionally, another less-discussed point is that Trump could potentially bring in large campaign donations through crypto. ” We need to raise $100m for Trump. Already have several seven-figure commitments,” Bailey noted.

As the race heats up, keep an eye on cryptocurrency, as it could potentially become an issue that plays a role in deciding the election.

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© 2024 Benzinga does not provide investment advice. All rights reserved.

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