In a striking turn of events, former President and leading 2024 Republican candidate Donald Trump has expressed his strongest endorsement of the cryptocurrency industry to date. In a post on Truth Social, shared shortly before his scheduled appearance at the Libertarian National Convention, Trump stated, “I am very positive and open-minded to cryptocurrency companies, and all things related to this new and burgeoning industry. Our country must be the leader in the field.” The statement, characteristically delivered in Trump’s signature capital letters, emphasized his belief that “there is no second place” for the United States in the global crypto market.

A Shift in Stance

This marked shift is notable considering Trump’s earlier skepticism towards cryptocurrencies, which he compared unfavorably to the U.S. dollar. In a 2021 interview with Fox Business, Trump remarked, “The currency of this world should be the dollar. And I don’t think we should have all of the Bitcoins of the world out there. I think they should regulate them very, very high.” However, the former president’s perspective appears to have evolved, influenced perhaps by his own venture into the crypto world through Trump-branded NFT trading cards. The “Mugshot Edition NFTs,” for instance, not only gained traction but offered unique incentives, such as a dinner with Trump himself after a trial date.

Political and Economic Implications

Trump’s newfound pro-crypto stance comes at a critical time, with cryptocurrency policy emerging as a significant issue on the campaign trail. His comments precede his address to the Libertarian National Convention, where he may aim to sway voters from supporting third-party candidate Robert F. Kennedy Jr., who also champions pro-crypto and anti-regulation views.

Moreover, the Trump campaign recently launched a tool allowing contributors to donate in cryptocurrencies, further signaling his commitment to integrating crypto into mainstream financial and political systems. Should Trump be re-elected, his positive outlook on the cryptocurrency industry could position the United States as a global leader in the field, fostering innovation and potentially leading to significant advancements in blockchain technology.

Impact on the Crypto Industry

Trump’s endorsement could have far-reaching implications for the crypto industry. A president supportive of self-custody and blockchain innovation could drive significant growth in decentralized systems. Platforms like Uniswap, DEX, and HootDex, which promote self-custody and enable peer-to-peer transactions, could flourish. Similarly, centralized exchanges like Coinbase and Binance stand to benefit from a pro-crypto administration, despite their more centralized operations.

The recent spate of lawsuits against the crypto space—some justified, others seemingly indiscriminate—highlights the need for clear regulatory frameworks. With a supportive president and potential regulatory frameworks from entities like the Commodity Futures Trading Commission (CFTC), the stage could be set for unprecedented innovation within the industry. This environment would allow blockchains such as Ethereum, Solana, Pecu Novus, Cardano, and Avalanche to thrive, further solidifying their positions as leaders in the crypto market.

As the cryptocurrency industry matures, it is increasingly being recognized as a legitimate and transformative technology, rather than a transient fad or scam. With Trump’s potential re-election and his supportive stance, 2025 could witness a robust and dynamic crypto market. Innovators and investors alike should pay close attention to layer-1 blockchains, which are poised to be at the forefront of this new era.

The long and short of it is this, Donald Trump’s endorsement of cryptocurrency represents a significant shift in the political landscape, one that could usher in a new era of growth and innovation for the crypto industry. As the United States positions itself as a leader in the field, the future of cryptocurrency looks promising, marked by increased legitimacy, regulatory clarity, and unprecedented technological advancement.

Terry Jones
Digital Assets Desk

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Bitcoin (BTC) has continued its volatility trend, with recent fluctuations heightening the attention of seasoned investors on its next likely trajectory. Notably, the top crypto asset’s price has been consolidating its gains in the past few weeks, hovering around the $68,000 mark after reaching an all-time high above $73,000 in March.

Meanwhile, amidst the ongoing pullback, Bitcoin whales have embarked on a buying spree, acquiring a staggering 20,000 BTC in just 24 hours, according to insights shared by crypto analyst Ali Martinez.

The significant purchase, totaling approximately $1.34 billion at current market rates, occurred as Bitcoin prices dipped below the $67,000 mark. This sudden surge in whale activity suggests a renewed confidence in Bitcoin’s long-term potential despite short-term market fluctuations.

Martinez’s revelation comes just after crypto analytics firm IntoTheBlock revealed that addresses holding between 1,000 and 10,000 BTC have been the primary accumulators during Bitcoin’s recent surge to $70,000. On Thursday, the firm noted that these addresses added 20,000 BTC ($1.4 billion) to their balances over the past seven days, further solidifying Bitcoin’s position as a preferred asset among institutional and large-scale investors.

Other analysts have also closely monitored Bitcoin’s price movements and market dynamics. Glassnode, a leading on-chain data provider, highlighted a notable decline in Bitcoin Long-Term Holder (LTH) supply leading up to the cryptocurrency’s all-time high (ATH) of over $73,000 in March 2024. However, this distribution pressure has eased off in recent weeks, signaling a shift in market sentiment favoring bullish tendencies.

Adding to the bullish sentiment, cryptocurrency analyst “Gaah” from CryptoQuant highlighted the Puell Multiple, a metric used to gauge Bitcoin miner profitability following halving events. The recent decline in the Puell Multiple indicates a potential market adjustment to increased scarcity, potentially paving the way for a future rally in Bitcoin prices.

“The reduction in miners’ daily revenue indicates that mining has become less profitable, unless the price of Bitcoin increases significantly. The current range in which the Puell Multiple is quoted confirms Price discount, meaning that the network is potentially cheap. The decrease in the supply of new bitcoins could create upward pressure on the price, especially if demand continues to grow. Investors may interpret the fall in the Puell Multiple as a sign that the market is adjusting to a new phase of scarcity, potentially preparing for a rally.” The pundit noted.

Despite market uncertainties, Bitcoin appears to be encountering minimal resistance as it hovers around key support levels. Data from IntoTheBlock suggests that the cryptocurrency faces a crucial supply zone between $70,180 and $70,600, where over 450,000 addresses acquired 273,000 BTC. This accumulation by retail investors further reinforces the bullish outlook for Bitcoin in the near term.

According to CoinMarketCap data, BTC was trading at $69,173 at press time, reflecting a 2.72% price surge over the past 24 hours.