Cryptocurrencies Gain Trump's Support: He Deems Them 'Sizzling' Amid Market's Resilience During a Dip
In a fresh chat with Meet the Press, President Donald Trump showed no signs of backing down from his pro-crypto stance, calling the digital asset class "hot," "popular," and even "stronger" than the stock market - despite BTC's recent failure to hit $100,000 and a minor pullback in the broader market. Trump brushed off questions about a 58% surge in the TRUMP meme coin's value, commenting, "It doesn't mean anything."
The controversial TRUMP token saw a price hike after an exclusive dinner with top holders, but Trump denied any profits, saying bluntly, "I'm not profiting from anything." The sudden surge had led some to suspect a pump-and-dump scheme, though the team behind the token has denied any wrongdoing.
Trump's endorsement of crypto highlights its significance on the global stage: "If we don't do it, China's going to." He emphasized the sector's staying power, stating, "It's very popular, it's very hot," suggesting its resilience during a recent market slump, triggered by a tariff clash between the U.S. and major trading partners.
A recent report revealed a company affiliated with Trump, Trump Media & Technology Group, is looking to embed crypto into its business model. Despite the controversy surrounding the TRUMP token, Trump's praise of cryptocurrencies underscores their growing political relevance.
Meanwhile, Bitcoin, the king cryptocurrency, saw a weekly high of $98,000 before slipping back below $96,000 over the weekend. The pullback followed a brief run-up from the $93,000-$95,000 consolidation zone, and Bitcoin currently trades at $94,666 with strong daily volume.
Trump's administration has taken a proactive stance toward cryptocurrency, appointing crypto advocate Paul Atkins as SEC Chair to promote industry-friendly policies and eliminate outdated rules. The administration has also emphasized geopolitical competitiveness, positioning the U.S. as a hub for digital asset innovation while warning against ceding leadership to China.
In a bid to raise funds, Trump has leveraged crypto-focused events, attracting millions in donations, reflecting the growing political relevance of this sector. Further, an officially endorsed TRUMP meme coin has been integrated into Trump-branded merchandise websites as payment, suggesting a deliberate strategy to monetize crypto enthusiasm.
Trump's advocacy, including discussions with Ripple's CEO about XRP, hints at potential future public-private partnerships, though no formal corporate crypto integration has been detailed yet.
Sources:
- Forbes: Trump Appoints Bitcoin Advocate Paul Atkins as SEC Chair
- CNN: Trump Implies He Has Received Crypto Donations
- CNBC: Trump Warns China Will Lead in Crypto If the U.S. Doesn't Act
- Business Insider: Trump Launches Officially Endorsed TRUMP Meme Coin
- CNBC: Trump Reportedly Discusses XRP With Ripple CEO
- Despite BTC's recent failure to hit $100,000 and a minor pullback in the broader market, President Donald Trump remains staunch in his support for cryptocurrencies, calling them "hot," "popular," and "stronger" than the stock market.
- In contrast to the controversies surrounding the TRUMP token, President Trump's stance on cryptocurrencies has highlighted their growing political relevance, leading some to speculate about potential future public-private partnerships.
- Amidst the surge in the TRUMP token's value, Trump denied any profits, stating he's not profiting from anything, fueling assumptions of a pump-and-dump scheme, though the token's team denies any wrongdoing.
- Recognizing the sector's importance on the global stage, Trump emphasized the need for the U.S. to move ahead in cryptocurrencies, warning against China's potential dominance.
- In a bid to raise funds, Trump has integrated an officially endorsed TRUMP meme coin into Trump-branded merchandise websites as payment, indicating a deliberate strategy to capitalize on crypto enthusiasm.
- In an effort to promote industry-friendly policies and eliminate outdated rules, the Trump administration appointed crypto advocate Paul Atkins as SEC Chair, signifying the administration's proactive stance towards cryptocurrencies, further underscoring their growing significance.
