Former U.S. President Donald Trump has become a vocal supporter of cryptocurrencies, leading to a significant surge in the price of MAGA Coin (TRUMP), a digital currency inspired by his “Make America Great Again” movement. The shift in Trump’s stance has coincided with his bid for the 2024 presidential election, as he aims to appeal to a growing demographic of crypto enthusiasts in the country.
TLDR
- MAGA Coin (TRUMP), a cryptocurrency inspired by former President Donald Trump, has seen a significant price surge of 144% since Trump expressed his support for crypto at an NFT event.
- Following Trump’s appearance at the Libertarian National Convention, MAGA Coin reached an all-time high of $11.81 and has gained over 98,000% in the past 12 months.
- Trump’s wallet holds 579,290 MAGA Coins, worth approximately $6.69 million, and the value of his holdings increased by $1.6 million in a single day.
- Trump has made a complete 180-degree turn on his stance on cryptocurrencies, now embracing the industry and accepting campaign donations in various cryptocurrencies.
- The current Biden administration faces scrutiny over its regulatory approach to cryptocurrencies, with lawmakers challenging regulators like the SEC and pushing for more crypto-friendly legislation.
MAGA Coin has been on a tear since Trump expressed his support for cryptocurrencies at an NFT event earlier this month, stating, “If you’re in favor of crypto, you better vote for Trump.”
Since then, the coin’s value has skyrocketed by 144%, reaching an all-time high of $11.81 and boasting a market cap of nearly $550 million.
The cryptocurrency’s performance has far outpaced that of market heavyweights like Bitcoin, Ethereum, and Dogecoin.
Trump’s newfound enthusiasm for cryptocurrencies marks a complete reversal from his previous stance, where he called Bitcoin “a scam” just a few years ago.
The Republican challenger has now vowed to create a conducive environment for cryptocurrencies in the U.S. and has even begun accepting campaign donations in various digital currencies, including meme coins like Dogecoin and Shiba Inu.
The former president’s wallet currently holds 579,290 MAGA Coins, worth approximately $6.69 million.
The value of his holdings increased by $1.6 million in a single day following his appearance at the Libertarian National Convention.
As Trump continues to embrace cryptocurrencies, the current Biden administration faces growing scrutiny over its regulatory approach to the industry. Lawmakers are challenging regulators like the Securities and Exchange Commission (SEC) and pushing for more crypto-friendly legislation.
The House of Representatives recently passed several resolutions aimed at easing the regulatory burden on cryptocurrencies, including the FIT21 act, which seeks to transfer oversight of digital assets from the SEC to the Commodity Futures Trading Commission (CFTC).
With the 2024 presidential election on the horizon, Trump’s pro-cryptocurrency stance could significantly impact the political landscape and the future of digital assets in the United States
. As the race heats up, it remains to be seen how the current administration will respond to the growing pressure from lawmakers and the crypto community.
