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The bitcoin price has dipped toward $60,000 per bitcoin after climbing over $70,000 last month as Elon Musk joins a growing chorus of warnings that the U.S. dollar could be about to collapse.
Now, as former U.S. president Donald Trump and the Federal Reserve are poised to trigger a $4 trillion bitcoin price boom, Trump has unexpectedly backed the U.S. crypto industry, sending the price of one tiny bitcoin rival sharply higher.
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ForbesInsider Sparks Wild Speculation An 'Absolutely Enormous' China Price Earthquake Could Be About To Hit Bitcoin And CryptoBy Billy Bambrough
"If crypto is moving out of the U.S. because of hostility toward crypto... well, we’ll stop it. We don’t want that," Trump, the Republican nominee for the White House race this year, said during a meeting with a group of his non-fungible token (NFT) buyers at a Mar-a-Lago dinner. "If we’re going to embrace it, we have to let them be here."
The bitcoin and crypto industry has come under pressure from the Biden administration's perceived hostility to cryptocurrencies and crypto companies in recent years. Meanwhile, the U.S. Securities and Exchange Commission (SEC) has been criticized for its so-called "regulation by enforcement" approach that has levied huge fines against companies and dragged them through the courts.
"I’m fine with it," Trump said in a clip widely shared on X. "I want to make sure it’s good and solid, but I’m good with it. If you like crypto in any form—it comes in a lot of different forms—if you’re in favour of crypto you’d better vote for Trump."
Trump also promised to accept bitcoin and crypto campaign donations and caused the price of joke memecoin boden to soar by 25% before dropping back slightly.
Boden, a memecoin featuring a misspelling of president Joe Biden's name, surged after Trump responded to a question about it during a Q&A posted to X. "That's a lot of money for a coin," Trump said after hearing boden had $240 million in market capitalization. "I don't like that investment."
The crypto community is increasingly throwing its weight behind Trump as the race for the White House heats up.
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Forbes'The Dollar Will Be Worth Nothing'-Elon Musk Issues Stark Fed Warning As 'Stealth Money Printing' Grinds Bitcoin, Ethereum And XRP Price HigherBy Billy Bambrough
"I didn’t expect to share that I was in Mar-a-Lago tonight, but president Trump spoke very highly about crypto and then... invited me and [polygon founder] Mihailo Bjelic on stage to say a few words," Ryan Selkis, the chief executive of crypto data company Messari posted to X alongside a clip of his appearance. "Fight for crypto, support president Trump," he added.
Bitcoin and cryptocurrencies look likely to play a larger role in this election than they did in either 2016 or 2020. Around 21% of voters in vital U.S. swing states consider crypto policies a topic important enough to sway their support, according to a Harris Poll survey commissioned by the Digital Currency Group (DCG) crypto conglomerate.
Robert F. Kennedy (RFK) Jr., another pro-crypto presidential candidate who is running as an independent after dropping out of the Democratic primary, was the first to accept crypto donations and has promised to put the entire "U.S. budget on blockchain" if he wins the White House this year.