Former U.S. President Donald Trump has issued a scathing critique of current President Joe Biden, accusing him of attempting to destroy the cryptocurrency industry in the United States. Trump, who has recently embraced cryptocurrencies in his political campaign, claims Biden wants bitcoin and crypto "to die a slow and painful death."

Trump expressed his positive stance towards the digital asset industry on Truth Social, his social media platform launched in 2022. "I am very positive and open-minded to cryptocurrency companies, and all things related to this new and burgeoning industry," he stated. This comes as Trump’s campaign starts accepting donations in cryptocurrencies, following his successful venture into crypto-based digital trading cards.

The political climate in Washington has been notably adverse to cryptocurrency since the collapse of the FTX exchange. However, recent developments, such as the approval of a spot exchange-traded fund (ETF) for Ethereum, the second-largest cryptocurrency after Bitcoin, suggest a potential shift. This approval could attract a new wave of investors who had previously avoided the crypto market.

Shark Tank billionaire Mark Cuban, an outspoken Biden supporter, recently warned that Biden's anti-crypto stance could cost him the 2024 election. Bitcoin's resurgence, reaching its all-time high of over $70,000 per coin, has been bolstered by the introduction of several spot Bitcoin ETFs on Wall Street.

Sergei Gorev, risk manager at YouHodler, a bitcoin and crypto trading platform, commented on the evolving political landscape: "Ahead of the U.S. elections, Biden's team has been radically changing its attitudes toward crypto. Also, note that Trump's popularity is caused, among other things, by his positive attitude toward the crypto market."

Mike Novogratz, CEO of Galaxy Digital and a former Goldman Sachs partner, has also weighed in on the matter, predicting that crypto prices, including Bitcoin and Ethereum, are poised to rise significantly due to these political shifts. "It feels like someone at the Biden White House made a call and said ‘Guys, we can’t be the party against crypto anymore,'" Novogratz told CNBC.

In a notable legislative development, the U.S. House of Representatives passed the Financial Innovation and Technology for the 21st Century Act (Fit21), which seeks to divide cryptocurrency regulatory responsibilities between the Securities and Exchange Commission (SEC) and the Commodities Futures Trading Commission (CFTC). Despite opposition from the Biden administration, the bill received bipartisan support, indicating a broader shift in the political approach to crypto regulation.

As the 2024 presidential election approaches, Trump's favorable stance on cryptocurrency could prove influential. His criticism of Biden and his proactive engagement with the crypto community highlight a significant policy divergence that may sway voters who are invested in the future of digital assets.