‘Donald Trump Accuses Joe Biden of Slowly Killing Bitcoin and Crypto’
Former U.S. president Donald Trump, gearing up for a potential showdown with his 2020 rival president Joe Biden, has issued a warning that Biden is making efforts to undermine the U.S. crypto industry.
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Trump, who has started accepting crypto campaign donations and earned millions from selling crypto-based digital trading cards, accused Biden of aiming to slowly eradicate bitcoin and other cryptocurrencies from the U.S.
On his Truth Social platform, Trump expressed his support for cryptocurrency companies and the growing industry. He emphasized the importance of the U.S. leading in this field and criticized Biden for his negative stance towards crypto.
This shift in political dynamics in Washington has benefited ethereum, the second-largest cryptocurrency, with the approval of a Wall Street spot exchange-traded fund (ETF), expanding the market to new investors.
Mark Cuban, a vocal supporter of Biden, cautioned that Trump could win the upcoming election due to Biden’s anti-crypto policies. Despite this, bitcoin has surpassed its previous record high, buoyed by the introduction of spot bitcoin ETFs on Wall Street.
According to risk manager Sergei Gorev, Biden’s changing stance on crypto and Trump’s favorable view are contributing to the surge in popularity for the former president.
Galaxy Digital CEO Mike Novogratz predicts a substantial increase in bitcoin, ethereum, and crypto prices due to the recent political shift. The U.S. House of Representatives passed the Fit21 Act, dividing cryptocurrency regulation responsibilities between the SEC and CFTC.
Spot ethereum ETFs were approved this week following a U-turn by the SEC, signaling a more supportive stance towards crypto under the Biden administration.
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