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Former U.S. President Donald Trump has exhibited a shift in stance towards cryptocurrencies, endorsing them ahead of his 2024 election bid. Despite previously criticising Bitcoin as a “scam”, Trump has since launched his own non-fungible tokens and professed holdings of up to $500,000 in digital assets. Standar Chartered Bank projected a potential surge in Bitcoin price if Trump wins and high-profile crypto-enthusiasts, the Winklevoss twins, pledged $2 million towards Trump’s campaign. Trump became the first U.S. president to publicly use Bitcoin for buying burgers. His future support for the industry remains uncertain.

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Bitcoin has been going up in recent weeks, and some folks reckon it’s because people are leaning towards the Republican Party before the 2024 U.S. presidential election.

On October 15, Donald Trump, who used to be the President and is running for President again in 2024, said on X that “Crypto is the future”. He called it a super cool tech and told everyone he wants America to be a global boss in digital money.

Back in September, the big brains at Standard Chartered Bank thought that if Trump wins, Bitcoin’s price might get a boost, and even predicted that Bitcoin might hit $125,000 by the end of the year.

A couple of years back, Trump wasn’t that into crypto. In fact, he even said publically that Bitcoin was a “scam.” But it seems he’s had a change of heart.

Just over a year after calling Bitcoin a rip-off, Trump started getting into cryptocurrency by launching a collection of non-fungible tokens (NFTs) in 2022. These were his first big public move after declaring he was running for president again. He even started selling $99 digital trading cards of himself dressed up as a superhero.

After pulling in $8.9 million from NFTs, Trump started to get more into crypto and even told the world he had between $250,000 and $500,000 in digital assets in a crypto wallet in August 2023.

With the U.S. presidential election coming up on Nov. 5, Trump has been showing himself to be a massive fan of crypto throughout 2024. In June, Trump was super supportive of Bitcoin mining, saying America should be mining “all the remaining Bitcoin.”

And in the same month, Cameron and Tyler Winklevoss, the guys who started the Gemini exchange, promised $2 million to help Trump get reelected, showing that even the big players in the crypto world want him back.

In September, Trump even became the first U.S. president to use Bitcoin publicly when he bought burgers with Bitcoin in a bar in New York City.

Even though Trump’s all about crypto now, he hasn’t talked about why he used to diss Bitcoin and crypto earlier. And even though he’s all cozy with crypto now, nobody knows if he’ll keep backing the industry if he gets reelected.

Source: Cointelegraph