- 1 Donald Trump, a prominent presidential candidate, raised over $12 Million from the cryptocurrency campaign.
- 2 He also declared himself a ‘Crypto president’ at a San Francisco tech fundraiser.
- 3 Trump seems to be seeking the attention of individuals from the crypto sector.
As the US presidential elections are near, candidates are strengthening their roots in the US financial market, especially the crypto sector. On June 6, at a San Francisco Fundraiser, Donald Trump declared himself a ‘Crypto President’ and raised over $12 Million from a crypto campaign.
Donald Trump’s Fundraising
The San Francisco fundraiser was hosted by tech venture capitalists David Sacks and Chamath Palihapitiya on Thursday. The event had many giant crypto players like Coinbase executives and the Winklevoss twins.
At the event, Trump again supported Bitcoin (BTC) and the cryptocurrency sector while raising over $12 Million. Wu Blockchain shared the event highlights over X.
Donald Trump presented himself as a champion for cryptocurrency and slammed Democrats' attempts to regulate the sector during a San Francisco fundraiser on Thursday. He made clear that the Biden-Gensler crusade against crypto will grind to a halt within one hour of a second Trump…
— Wu Blockchain (@WuBlockchain) June 8, 2024
Another incident that drew the attention of individuals to the event was Trump’s words. He declared himself a ‘Crypto President’ and commented on Joe Biden and Gary Gensler.
“The Biden-Gensler crusade against crypto will grind to a halt within one hour of a second Trump administration,” the former US president stated.
Nevertheless, SEC’s spot Ethereum ETFs approval and Biden’s enhanced interaction with crypto industry players showcase their interest in the crypto sector.
Activeness of Donald Trump in the Crypto Sector
In May, Trump declared acceptance of cryptocurrencies for the election campaign to mitigate the US government’s involvement in financial decision-making. With the motive to make America great and pro-player in Crypto, Trump comes forward.
BTC, Ethereum (ETH), Solana (SOL), Shiba Inu (SHIB), and Dogecoin (DOGE) are some major digital assets accepted by the election campaigns. Moreover, before declaring himself as ‘Crypto President,’ Trump publicized himself as a ‘crypto candidate’ in the Mar-a-Lago event.
At that event, Trump had dinner with individuals who purchased at least 47 NFTs, each costing $99. The event and Trump played a major role in making the NFT marketplace hot again.
It can be said that the former president is fighting for a better regulatory environment for the crypto industry in the US market.
Is Trump Influencing US Investors’ Perspective Toward Cryptocurrencies?
The $12 Million funds from the election campaign indicate that Americans are getting interested in digital assets. Moreover, the US marketplace is already leading in terms of crypto adaptation.
According to Statista, the US crypto market generates annual revenue of $8.6 Billion. It generated over $18.0 Billion in 2023. Also, the market was projected to hit $23.2 Billion in 2024 and $32.9 Billion by 2028.
As per Chainalysis data, all crypto investors achieved total gains of $37.6 Billion in 2023, among which investors from the US are at the top.
Estimated crypto gains 2023 I Source: Chainalysis
Furthermore, the US secured the first position in cryptocurrency gains with over $9.36 Billion in 2023. The United Kingdom, on the other hand, secured second position and recorded $1.39 Billion, according to Chainalysis.
Vietnam gained an overall $1.18 Billion in cryptocurrency gains, whereas Norway recorded the last position with total gains of $0.15 Billion.
Disclaimer
The analysis given above is for informational and educational purposes only. You should not take it as financial, investment, or other advice. Investing in or trading crypto assets is risky. Please consider your circumstances and risk profile before making any investment decisions.
