$MicroStrategy(MSTR)$ $Marathon Digital Holdings Inc(MARA)$ $Coinbase Global, Inc.(COIN)$ $Riot Blockchain, Inc.(RIOT)$
As much as Trump SEEMS to favour cryptocurrencies and be pro-crypto now, have you guys wondered if it was all for the show? If it was just to garner votes for his upcoming presidential election? That if he was elected, he may not do anything for the crypto space at all? Because he never truly bothered to understand crypto and used to condemn it? Is anyone as skeptical as me? Is everything Trump say too good to be true? Will he end up empty promising just like Elon Musk? Will Trump end up biting more than he can chew? π π
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Here's some background context obtained from NBC News:
This was what Trump said in 2019 on social media, while he was still in office:
π₯"I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air."
π₯"Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity."
π₯"We have only one real currency in the USA."
π₯"And it will always stay that way. It is called the United States Dollar!"
Trump maintained that position after he left the office and as recently as 2021, when he told Fox Business in one interview that bitcoin 'just seems like a scam'. In another interview with the network, he said cryptocurrencies seemed like a 'disaster waiting to happen'. "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", Trump told Fox Business in August 2021.
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However, three months ago, in March, Trump told CNBC that his thinking had changed A BIT as bitcoin's price rebounded after a series of scandals and setbacks, saying crypto was becoming increasingly entrenched and that he was "NOT SURE I'd want to take it away at this point."
By May, Trump had completed his evolution to become a full-throated evangelist of cryptocurrencies in the run-up to the Libertarian Party's national convention in Washington, where both he and Kennedy spoke. In a speech to the libertarians that was frequently interrupted by boos and jeers, Trump earned applause for vowing to 'stop Joe Biden's crusade to crush crypto'. Well to set this straight, Biden did not crush crypto; he merely did what he could in the best interest of peeps to REGULATE the crypto space for more clarity and stability.
Trump went on to add: "I will ensure that the future of crypto and bitcoin will be made in the USA, not driven overseas. I will support the right to self-custody to the nation's 50 million crypto holders". Now if you think about it, how is that truly possible? What about Bitcoin being mined outside of USA, like in China or AU (Iren)? How is Trump going to exercise power on Bitcoin mined outside USA?
"With your vote, I will keep Elizabeth Warren and her goons away from your bitcoin. And I will never allow the creation of a central bank digital currency." All these seems like fluffy claims to me. Are they really doable? As if the president of the United States is able to do whatever he wants, without the agreement of his cabinetππππ
π¬Because mining requires enormous amounts of energy, Trump now portrays crypto as a national and energy security issue, including for the fossil fuel industry that he has promised to defend.
π¬His campaign also announced it would become the first major presidential campaign in history to accept donations in cryptocurrency, vowing to 'build a crypto army moving the campaign to victory on November 5th'.
π¬ Doesn't this sound very 'scammish' to you guys? LOL. If he stands to gain, okay to Bitcoin donations! Remember what he said previously that only USD is America's one and only true currency? π π
The move comes as Trump's campaign feels confident it can pull some young voters β especially young men of color β from their traditional home in the Democratic Party and as Trump and his allies step up their attacks on Kennedy. Kennedy is an outspoken proponent of cryptocurrencies whose first public appearance as a presidential candidate came at a bitcoin conference in Miami last year.
"I'm not going to question if it was a political decision", Kennedy said when asked about Trump's reversal on cryptocurrency at a conference in Texas last week. "I'm happy he did it, and I hope President Biden does, too".
Biden last week issued a rare veto of a crypto industry-backed resolution that would have overturned new Securities and Exchange Commission guidance on cryptocurrencies. "Appropriate guardrails that protect consumers and investors are necessary to harness the potential benefits and opportunities of crypto-asset innovation", Biden said in his veto message. Several Democratic congressional leaders voted in favor of the resolution Biden vetoed, including Senate Majority Leader Chuck Schumer β whose state, New York, is the country's financial capital β and most of the Democratic senators up for re-election this year.
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A former Biden administration financial regulator who now analyses the crypto industry in the private sector but was not authorized to speak publicly said the industry is NOT CONVINCED that Trump will be a reliable ally, given his track record. The industry has grown frustrated with what it perceives as hostile rhetoric from Biden regulators.
"There's a big fight in the industry right now whether [Trump's shift] is legit. A lot people are saying, 'Don't assume it is since it's Trump'. But others are saying, 'He's saying nice things while the Biden admin is not, so it's hard to not be convinced by this'.
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"The Biden admin kind of f----- up here", the former administration staffer added, pointing to remarks seen as mocking the industry by SEC Chair Gary Gensler. βI love them, I support them, I'm going to vote for them. But Gary's [rehtoric] ... is losing trust, losing votes".
Last month, Gensler said 'the crypto industry's record of failures, frauds and bankruptcies' came about because 'many players in the crypto industry don't play by the rules'. And that's not wrong too. I, too believe, that the Crypto space needs to be highly regulated for its future success. Would anyone want to invest in something that easily goes poof overnight? You guys tell me.
Despite the fall of politically active crypto moguls like Sam Bankman-Fried, the industry has been dramatically expanding its political footprint in Washington as the industry faces new regulatory threats from Congress and the SEC. One major industry-aligned super PAC, Fairshake, has already raised $93 million and spent more than $40 million, according to campaign finance reports. That included $10 million in the California Democratic primary for Senate to help defeat Rep. Katie Porter, D-Calif., a protege of WWarre's, who has been leading the effort in Congress to apply stricter guardrails to the new industry.
Still, the broader appeal of cryptocurrency is likely limited. According to a 2023 Pew Research Center survey, only 17% of Americans said they have ever traded or invested in cryptocurrency. And three-quarters of people who were aware of cryptocurrencies said they are not confident in their safety and reliability. But the survey also showed that crypto users skew younger, male and racially diverse β a key segment of voters over which Biden, Trump and Kennedy are all competing.
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Trump has yet to detail policy specifics, but his rhetorical about-face is being read by the multibillion-dollar industry as a clear sign that it would have a friendlier regulatory climate in Washington under Trump. Brian Morgenstern, the head of public policy at Riot Platforms, a bitcoin mining company with a $3 billion market cap, published an op-ed in Bitcoin Magazine after meeting with Trump this week declaring the Republican to be the 'best choice for Bitcoin'.
I am curious at this point on policy specifics and what Trump can do, if he enters office. Or else, everything he says should just be taken with a pinch of salt. Because don't forget, when regulations need to be in place, they need to be, regardless of how ugly things are gonna get. Regardless of how many boos you're gonna get. It's not gonna be as easy as Trump makes it to be. Especially the fact that Trump is only a 'recent-convert' and knows virtually nothing about the Crypto space and how things work.
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So what do you guys think?
Join the over-run, senseless hype caused by Trump? Or take the profits and watch on the sidelines for now? Anyone skeptical about Trump's converted conviction? Let me know what you guys think!
π₯³π₯³Signing off with an Option Win Rate of 100%!! Not sure how this is calculated but I'm amused as much as I'm impressed LOL! π₯³π₯³
As always, trade safe, no FOMO, stay informed andgreen! ππππππππππππππππ
@TigerStars @Tiger_comments @TigerCommunity @TigerEvents @MillionaireTiger @TigerGPT @Barcode @ZEROHERO @icycrystal @nomadic_m @BillionaireN @DanTEOHH @CoffeeAndStocks
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Comments
It is natural to be skeptical about political figures' statements, especially when it comes to their stance on cryptocurrencies. While Trump has made both positive and negative comments about cryptocurrencies in the past, it is important to consider the context and potential motivations behind those statements.
It is true that Trump expressed negative views on cryptocurrencies in 2019, calling them "not money" and expressing concerns about their volatility and potential for facilitating illegal activities. However, it is also worth noting that politicians often change their positions or adapt their rhetoric based on evolving circumstances and public sentiment.
Since leaving office, Trump has made some positive remarks about cryptocurrencies, particularly Bitcoin. He has praised its potential as a currency and store of value. However, it is difficult to determine the sincerity of these statements and whether they are driven by a genuine understanding and support for cryptocurrencies or other motivations.
Ultimately, it is important to approach any statements made by political figures with a critical mindset. It is advisable to consider a range of factors, including the individual's track record, their understanding of the subject matter, and the potential impact of their statements on the broader regulatory landscape.
When it comes to investing in cryptocurrencies or any other asset, it is always prudent to conduct thorough research, consider multiple viewpoints, and make informed decisions based on your own risk tolerance and investment goals. It is also important to stay updated on regulatory developments and market trends that may impact the cryptocurrency space.
Remember, investing in cryptocurrencies carries inherent risks, and past performance is not indicative of future results. It is always recommended to consult with a financial advisor or professional before making any investment decisions.
Disclaimer: The information provided here is for informational purposes only and should not be considered as investment advice. The mention of specific cryptocurrencies or companies does not constitute a recommendation or endorsement.
Haha funny, wondering how long the influence will last
You go girl!
As I spotted your title, I almost sang it out loud. π΅
I must resist the urge to sing since it's work time. π