[TL; DR]
Donald Trump, the former U.S President, has promised to support the growth of the crptocurrenc sector if re-elected into office.
After Trumps endorsement of crptocurrenc the cumulative market cap of the top 50 memecoins rose b over 10%.
VanEck has launched a memecoin index that tracks the prices of leading memecoins that include DOGE and SHIB.
Introduction
There is a high chance that some people who previousl hated crptocurrencies ma change their mindset as time goes on. This seems to be the case with Donald Trump, the former United States President. During his tenure in office Trump disliked crptocurrencies. However, he now believes in various digital currencies including non-fungible tokens and the fungible ones.
This analsis looks at Trumps endorsement of crptocurrencies and his promise to promote pro-crpto policies if he is elected president for the second time.
Donald Trump's Public Endorsements of Crptocurrenc
Donald Trump, one of the United States presidential aspirants, surprised man U.S citiens through his open endorsement of digital assets including crptocurrencies and non-fungible tokens (NFTs). During a special organied event at his Mar-a-Lago resort in Palm Beach, Florida, Trump promised to end U.S hostilit towards crptocurrencies, if elected as U.S next President.
Trump also said that he welcomes crptocurrenc donations for his campaign financing. B accepting crptocurrenc as part of his political fundraising Trump has personall adopted their use. Generall, his new stance towards crptocurrencies shows a strong mindset change. This is because in some of his previous speeches Trump criticied crptocurrencies for being unstable and being used for illegal activities like drug trafficking. Here are Trumps tweets while he was still in office during his first term. Source: X.com
However, in his speech at the Trump Cards NFT Gala held at Mar-a-Lago resort in Palm Beach he promised to end the United States anti-crpto polic which the Biden Administration has adopted. Speaking to a group of his NFT buers, Trump said, Im good with It. If crpto is moving out of the U.S. because of hostilit toward crpto... well, well stop it. We dont want that. "If were going to embrace it, we have to let them be here."
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Trump also said that man members of the Biden administration are against crptocurrencies. In a recent speech he said, Gensler is much against it, the Democrats are ver much against it. And I sa this a lot of people are ver much for it. I am good with that. If ou are in favour of crpto, vote for Trump. The are against it. Biden does not even know what it is. He has no idea.
Based on Trumps recent speech some crpto enthusiasts have called for digital asset lovers to vote for Trump. For example, Kevin Svenson said, If ou put political biases aside for 2 seconds and just realie that the most likel candidate to win the presidential election has just now, for the first time, announced that he is positive on crpto currencies. It doesn't matter what our opinion is. This is bullish news.
Ran Selkis, the chief executive of Messari, a crpto data compan, shared similar sentiments. He wrote, I didnt expect to share that I was in Mar-a-Lago tonight, but President Trump spoke ver highl about crpto Fight for crpto. Support President Trump.
Also, Trump criticied the current US government for lack of comprehensive knowledge about crptocurrenc, which has forced them to implement restrictive measures against digital assets. During an interview with CNBC last month, Trump said that if elected into office again he will not enforce regulator crackdown on digital assets like Bitcoin.
Read also: Donald Trump Trading Card Volume Pumps Resultant from Criminal Indictment
Likewise, Kristin Smith, CEO of the Blockchain Association, a crpto industr lobbing group, is hopeful that Trumps speech will have a long lasting impact on this ear U.S election campaigns. He said, President Trumps remarks signal a sea of change in the importance of digital assets this election ccle.
As per a Crptoadventure publication, a recent Standard Chartered Bank report said that the crpto market wants Trump since there is a looming fiscal dominance if the current administration continues. However, the bank explained that if the Federal Reserve moneties government debts then man people will opt for crptocurrencies. The Report also clarified that if Trump is re-elected president that can reignite enthusiasm in bitcoin which ma be followed b a strong surge in crpto prices.
Trumps words are good news not just to the United States crpto enthusiasts but to all crpto lovers around the globe. It has sent a positive vibe into the crptocurrenc market, creating confidence among the crpto communit. At least that digresses crpto investors minds from the current U.S crackdown on crptocurrencies.
As a fact, since 2022 the Biden administration has been cracking down on crpto activities in the countr. So far, it is involved in various legal battles with leading crpto firms like Ripple Labs, Binance Exchange, Coinbase, Gemini Exchange and others. As a result, some experts believe that the current United States administration wants to do awa with crptocurrencies. The reason is that some lawmakers have even called for the banning of crptocurrencies.
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Nevertheless, it is et unclear if Trumps recent rhetoric about digital assets can increase the number of votes he will receive b a large margin. Apart from crptocurrencies Trump also talked highl of non-fungible tokens where he has invested much as well. In fact, his Mar-a-Lago resort in Palm Beach gathering was organied for the investors who purchased his NFTs such as the Trump Digital Trading Cards (TRUMP).
Donald Trump's Crpto Endorsement Influences Memecoin Resurgence
Donald Trumps endorsement of digital assets has alread led to a memecoin resurgence. In fact, within a week after his speech the collective market capitaliation of the top 50 memecoins increased b over 10%.
The top performers included MAGA Coin ($TRUMP), Turbo Toad Token ($TURBO), Ponkesol ($PONKE) and Mro ($MYRO) whose values rose b between 9% and 50% within a 24-hour period after Trumps speech. Such a price surge simpl indicates that Trumps rhetoric on digital assets ma change the memecoin market dnamics, at least in the short-term. That also indicates that positive crpto policies ma lead to a robust digital asset market.
Santiment, a market intelligence platform, attributed the memecoin price surge to Trumps recent speech. It posted: Much of the attribution to these latest memecoin rises goes to Donald Trump and his pro-crpto endorsements.
What is also important to note is that MAGA (Make America Great Again) memecoin which was inspired b Trumps political slogans was one of the best crpto performers during that period as its price soared b about 80%. Donal Tremp (TREMP), another political-themed memecoin, also gained b a large margin. Santiment commented positivel about the development as the next image shows.
Related news: The Source: x.com
Trump vs. Biden: The Crpto Sentiment Battle
Donald Trump might have limited knowledge on crptocurrencies but he has positioned himself as a champion in the sector. In fact ,Trump has lamented that man crpto firms are leaving the United States for other countries with crpto friendl regulations. As a result, he assured the attendees at his Florida home gathering that he would stop crpto firms from leaving the countr b instituting pro-crpto measures.
Regarding this, Kitcoin quoted Trump as saing, Crpto is moving out of the U.S. because of hostilit towards crpto. Well stop it because I dont want that if were going to embrace it, we have to let them be here.
On the contrar, during Bidens tenure in office the government has introduced man restrictive measures on crpto activities and has been cracking down on leading crpto firms. For example, in March his government approved a proposal to introduce a 30% excise tax on the cost of electricit channelled towards Bitcoin mining.
Responding to that development Cnthia Lummis, the Republican Woming Senator promised to fight such development. She said, A proposed 30% punitive tax on digital asset mining would destro an foothold the industr has in America. I will not let President Biden tax the digital asset industr out of existence.
Robert F. Kenned Jr, Independent Presidential candidate, felt agitated b the Biden Administrations stance to introduce the tax. He tweeted, Crptocurrencies, led b bitcoin, along with other crpto technologies, are a major innovation engine. It is a mistake for the U.S. government to hobble the industr and drive innovation elsewhere. Bidens proposed 30% tax on crptocurrenc mining is a bad idea. Such sentiments show that Biden is not as progressive as Trump is in relation to digital assets.
Geoffre Kendrick, digital asset researcher at Standard Chartered, commented on Trump and Biden stance towards crptocurrencies. He said, While officials in the Biden administration have taken a relativel tough stance on digital assets, Trump said in a March interview that if elected, he would not crack down on Bitcoin or other digital assets.
He continued, We think that a second Trump administration would be broadl positive via a more supportive regulator environment. In a scenario of U.S. fiscal dominance, we think Bitcoin would provide a good hedge against de-dollariation and declining confidence in the U.S. Treasur market.
During his first tenure in office Trump adopted a laisse-faire approach. Such a hands off approach helped the crpto sector in the United States to grow. His administrations policies like deregulation and tax cuts which were supportive of investment also promoted the growth of the digital sector.
On the contrar, the Biden administration has focused on regulating the crpto sector. Whereas legislation is necessar for the stabilit of the sector and for consumer protection overregulation dampens innovation.
Institutional Embrace: The MarketVector Meme Coin Index
Currentl, there is a rise in institutional investment in crptocurrencies. As an example, VanEck, a New York-based asset management firm known for launching a spot bitcoin ETF in Januar, has introduced a MarketVector Meme Coin Index (memecoin). VanEcks memecoin index tracks the value of leading memecoins Dogecoin (DOGE) and Shiba Inu (SHIB). Such an index gives investors a chance to invest in high-risk but high-reward memecoin sector in a structured wa.
Conclusion
Trumps positive rhetoric on crptocurrenc led to a surge in prices of the top 50 memecoins. It also positioned him as a pro-crpto presidential candidate for this ears elections in the United States. As a result of his recent speech, several prominent regulators and leaders of crpto firms have hailed Trumps new stance on digital assets. In the meantime, VanEck, a New York-based asset management firm, has launched its memecoin index which indicates the greater recognition of memecoins than before.
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