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Trump’s participation in the event marked the first time a former American president has addressed a crypto conference. His pledge contributed to Bitcoin’s rise to a six-week high, nearing $70,000, just short of its all-time high of over $73,000. This surge highlights the significant impact of Trump’s statements on the market.
History of Financial Bubbles
Financial bubbles are inherently political, as history has shown from John Law’s Mississippi Co. stock disaster in 18th-century France to Japan’s deregulated market boom in the 1980s. Most recently, the downfall of cryptocurrency exchange FTX saw mogul Sam Bankman-Fried accused of using over $100 million in stolen funds to lobby for political support.
During hard times, political figures often choose not to interfere, which is why the crypto market’s political resurgence, led by Donald Trump, should come as no surprise.
Following the sentencing of Bankman-Fried, new Bitcoin exchange-traded funds (ETFs) have driven digital asset prices to new highs. Former President Trump has capitalized on this momentum, raising over $4 million in crypto donations and selling nearly 200,000 NFTs featuring him as “America’s Superhero.
Trump’s Crypto Campaign
At a recent event Bitcoin conference 2024 “Make Bitcoin Great Again,” Trump said, “If Bitcoin is going to the moon, I want America to lead the way.” This marks a significant shift from his stance five years ago when he dismissed Bitcoin as being based on “thin air.”
During the event, Trump promised to replace top securities regulator Gary Gensler with a more pro-crypto figure, a vow that received raucous applause. The audience cheered Trump’s promise, showing they dislike Gensler’s tough crypto rules.
Divided Opinions In Crypto Space
Despite the positive market reaction, not everyone in the crypto community supports Trump’s pro-crypto stance. Vitalik Buterin, co-founder of Ethereum, criticized the market’s self-interested backing of Trump.
He warned that supporting pro-crypto candidates could mislead politicians into thinking that merely endorsing crypto is enough to gain support. “Running for president and being president are very different things,” Buterin stated. “What he would do when in office is a different question.”
As the crypto market continues to evolve, Trump’s involvement highlights the complex relationship between digital assets and political influence.