Former U.S. President Donald Trump declared his support for cryptocurrency late Wednesday. This declaration was made during a gathering at his Mar-a-Lago resort in Palm Beach, Florida, also known as the Trump Cards NFT Gala. The event was attended by supporters who hold NFTs depicting the former Republican frontrunner’s name.

Donald Trump’s crypto campaign

Trump criticized the current Joe Biden administration’s stance on digital assets. According to his statement during the campaign event on 8 May, Trump boldly announced that he would accept digital assets for campaign donations. The former president claimed that recent unfriendly regulations under the current government are driving digital asset companies out of the United States.

“Crypto is moving out of the US because of the hostility towards crypto,” he claimed.

His campaign strategy aims to appeal to crypto enthusiasts by positioning himself as the more tech-savvy candidate. Donald Trump, however, denounced Bitcoin and its counterparts as not being real money in previous campaign seasons.

Meanwhile, he has reaffirmed his commitment to helping crypto businesses and companies remain in the United States, specifically promising to prevent them from leaving if they were to relocate due to hostility. As the 2024 campaign gains momentum, Trump vowed to reverse his trend. He aims to establish a more welcoming regulatory framework for blockchain and digital currencies.

The impact on crypto market

Interestingly, Donald Trump-related meme coins like $TRUMP and $TREMP have surged in value. In the last 24 hours after Trump’s campaign, their prices rose by 35% and 120%, respectively. This increase followed viral video clips of Trump’s campaign speech on X and other social media platforms.

In a related event, the meme coin Joe Boden (BODEN), named after a misspelling of Joe Biden, saw a sharp rise. It skyrocketed within hours of Donald Trump acknowledging and mentioning the digital asset in his campaign.

As the 2024 presidential campaign intensifies, Trump advocates for pro-crypto policies. This support will attract voters and reshape Republican technology and economic innovation strategies. These policies position him as a central figure and frontrunner in the upcoming U.S. election.

Notably, some financial experts believe this move could positively impact the crypto market, especially in scenarios of economic uncertainty. 

With this recent development, Donald Trump is confident that the crypto community will support him in the forthcoming elections—meanwhile, the U.S. The Securities and Exchange Commission (SEC) monitors regional crypto exchanges and companies closely. They aim to ensure strong security and transparency in the financial market. Biden’s government regulations have affected top cryptocurrency firms like Coinbase, Kraken, Binance, Robinhood, and more.

Also read: Hacker Contacts Victim Promising to Return $68M in Bitcoin