Former President Donald Trump is going all-in on crypto as he ramps up his 2024 presidential campaign. At a recent gathering in San Francisco hosted by tech leaders, Trump restated his support for crypto, promising to become the "crypto president" if elected.
According to participants, Trump declared his support for digital assets and purpose to push crypto forward, contrasting his agenda with Democrats' plans for harsh industry regulations. The former president framed the coming US election as a battle over crypto's future in America.
Trump's cryptocurrency enthusiasm marks a sharp shift from his previous negative position toward Bitcoin. But with cryptocurrency becoming a hot-button political issue, the ex-president seems to have realized that supporting digital assets could energize support from wealthy tech leaders and younger crypto-friendly voters.
Experts think Trump's crypto shift reflects a broader regulatory change in Washington. Matt Hougan, chief investment officer at Bitwise Asset Management, thinks the U.S. is finally moving toward much-needed clarity on crypto rules. He argues this regulatory approval could open the doors for the $20 trillion financial advisory industry to invest heavily in digital assets.
The crypto industry itself isn't waiting around for favorable policies. Major exchange Coinbase recently donated a remarkable $25 million to crypto super PAC Fairshake as it champions with policymakers ahead of November's midterm elections. Ripple and venture capital powerhouses like Andreessen Horowitz have made similarly substantial donations totaling $160 million this election cycle.
It's not just American politics getting the crypto treatment. Across the globe, Qatar's central bank has become the latest to launch a central bank digital currency (CBDC) project. In the first phase running through October, Qatari monetary authorities will experiment with using a digital currency for large interbank settlements.
Qatar also introduced a new fintech sandbox allowing rapid testing cycles for blockchain and AI ventures. The dual actions signal the energy-rich Gulf nation's intent to promote financial innovation and enhance digital transactions.
However, not everyone is rolling out the welcome carpet for crypto's societal integration. In Europe, both Spanish and Bavarian data regulators have cracked down on Worldcoin, the controversial project aiming to establish a global digital identity and currency system.
Spanish authorities have banned Worldcoin from collecting any personal data until at least 2025 while investigations are ongoing. Concerns center around Worldcoin's methods of using iris-scans and other biometrics to verify unique human users and distribute its token.
Over in the UAE, the central bank has taken a more welcoming yet tightly controlled approach toward digital assets. New regulations permit licensed issuers to release dirham-backed stablecoins, but bar linking these tokens to outside currencies, assets, or algorithms.
The Middle Eastern financial hub is pushing forward with its own CBDC rollout too. Announced in February, the UAE digital currency aims to boost cross-border payment efficiencies and payment innovation domestically.
From Trump's crypto campaign strategy to Qatar's CBDC trials and Europe's Worldcoin criticism, it's clear digital assets have reached a turning point on the global stage. With so much at stake, the coming years will prove critical in determining crypto's future path in worldwide finance and politics.
As we already made one news for our coingabbar news portal on Donald Trump’s crypto move In US election 2024. Here we discussed how the US presidential election has shifted gears with potential Republican candidate Donald Trump making a significant move in the cryptocurrency world.
Trump revealed that his presidential campaign will now welcome donations in digital currencies. Through the use of Coinbase Commerce, a donation page featuring symbols of popular cryptocurrencies like Bitcoin, Ether, Dogecoin, Shiba Inu, XRP, Solana, and more has been launched, signaling a significant step in accepting crypto within the political landscape.
Also read - Trump VS Biden And The Future Of Domestic Bitcoin Mining
