U.S. Representative Tom Emmer expects former U.S. President Donald Trump to become “a lot more” friendly toward cryptocurrency if he returns to the White House. Trump has launched three non-fungible token (NFT) collections since leaving office. Meanwhile, some analysts predict that bitcoin’s price could reach record highs if Trump wins the presidential election this year.
Donald Trump Expected to Become Much More Crypto-Friendly
House Majority Whip Tom Emmer (R-MN) believes that former U.S. President Donald Trump’s potential return to the White House could usher in a regulatory landscape more favorable to the crypto industry. Emmer, who endorsed Trump in the 2024 Republican presidential primary, is a vocal crypto supporter. The congressman was quoted as saying:
If the second Trump administration takes place, [the] president will be a lot more friendly to the crypto industry.
Trump was no fan of bitcoin or other cryptocurrencies while he was president. “I am not a fan of bitcoin and other cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated crypto assets can facilitate unlawful behavior, including drug trade and other illegal activity,” he wrote on Twitter (now X platform) in July 2019.
However, since leaving office, the former U.S. president has launched three non-fungible token (NFT) collections. The most recent one was the Mugshot Edition unveiled in December last year. His first NFT collection was a digital card collection featuring art of his life and career. His second NFT digital card collection was launched in April, which was 19 days after he was indicted with 34 felony counts of allegedly falsifying business records. According to an on-chain analysis, Trump recently sold ETH worth millions he acquired from the NFT sales.
Brian Brooks, a former chief legal officer at crypto exchange Coinbase who served as Acting Comptroller of the Currency from May 2000 to January 2021, commented:
The people that [Trump] would put in regulatory roles are much more likely to at least be crypto-open, if not overtly crypto-friendly, than this administration.
Trump recently warned of a stock market crash and another Great Depression if he doesn’t win the presidential election this year.
Asset management firm Vaneck’s analysts predict that the price of bitcoin will hit record highs if Trump wins the presidential election this year. “We think the bitcoin price will reach an all-time high on November 9th,” the firm wrote in its 15 crypto predictions for 2024. Former U.S. Securities and Exchange Commission (SEC) official John Reed Stark noted in September last year: “Crypto-voters might be one-issue voters and are a powerful and passionate constituency, so perhaps former President Trump will change his crypto-tune dramatically.”
