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Published February 23, 20242 min read

The Trump Factor: Cryptocurrency Markets React to His Statements

CoinMooner Team

In a recent news article, the Coinmooner team analyzed former US President Donald Trump's recent interview, where he shared his thoughts on Bitcoin and cryptocurrencies overall.

During the interview with Fox News, Donald Trump, known for his strong views on finance and the economy, expressed his belief that Bitcoin's popularity is steadily increasing. He acknowledged the growing societal interest in using the leading cryptocurrency as a means of exchange and store of value. However, despite recognizing this trend, Trump also emphasized his personal preference for the national currency, highlighting its status and stability.

This shift in Trump's views, previously known for his skeptical stance towards cryptocurrencies, marks an interesting turnaround. As both a former president and experienced businessman, he understands the complexities of the financial environment and its connections to the global economy. His earlier statements on cryptocurrencies were highly critical, including labeling Bitcoin as "a scam" and a "threat" to the dollar. Nevertheless, his recent change in tone suggests a potential shift in his perception of cryptocurrencies.

This new development in Trump's relationship with cryptocurrencies comes amidst speculation about his potential return to politics, considering the upcoming 2024 US presidential elections where he is considered one of the main candidates from the Republican Party. The proximity of these elections, coupled with his involvement in NFT-related ventures, makes Trump's new position on cryptocurrencies particularly significant, implying possible changes in the US regulatory framework in the event of his election.

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The political stance on cryptocurrencies has been shaped by Joe Biden, Trump's main rival, who proposed stricter regulations for this sector. Biden suggested increasing taxes on capital gains and energy consumption in cryptocurrency mining, as well as tightening transaction controls to combat money laundering.

Biden hasn't shown much openness to new technologies, but like Trump, acknowledges their relevance in the modern world. On his official Twitter page, he sometimes shares his thoughts, concerns, and assumptions regarding cryptocurrency assets. Even in 2023, Biden's administration stated in its annual economic report that digital assets don't always meet stated usage scenarios and pose risks to investors and financial stability. This document, prepared by the Council of Economic Advisers, was released a year after President Biden signed an executive order coordinating federal agencies' actions in cryptocurrency regulation. It was the first time since 1950 that a section dedicated to this asset class was highlighted in the report.

In the same year, 2023, the president also mentioned on Twitter the need to amend the tax code to apply equally to cryptocurrencies and traditional assets. He believes such amendments could contribute up to $24 billion to the state budget. His plans also include the idea of ​​introducing a 30% tax on consumed electricity in cryptocurrency mining.

The Coinmooner team will closely monitor industry news, understanding that the Web3 industry and cryptocurrency overall have a significant audience and financial power. This power is utilized not only by ordinary investors and companies but even by influential politicians like Donald Trump, who actively pays attention to cryptocurrency information to attract potential voters. Meanwhile, Web3 technology is gradually evolving, better integrating into everyday life and spreading its idea. We also remind our readers of the importance of securing their finances in the world of cryptocurrencies and using the most advanced security methods.

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