On Saturday, former U.S. president Donald J. Trump made a series of supportive statements regarding cryptocurrency, both on his social media platform Truth Social and at a convention. Truth Social, which belongs to the Trump Media & Technology Group (TMTG), aims to offer an alternative to established social media networks like Twitter and Facebook.

In his posts, Trump voiced his strong backing for the cryptocurrency industry, expressing openness and enthusiasm about its potential. He underscored the importance of the United States taking a leading role in this emerging field, rejecting any notion of playing a secondary role. Drawing a contrast with President Joe Biden, whom he criticized harshly as the worst president in U.S. history, Trump accused Biden of attempting to stifle the industry. Trump assured his followers that under his leadership, the crypto sector would flourish, contrasting it with what he perceives as the slow decline under Biden's policies.

Later that day, at the Libertarian National Convention in Washington, D.C., Trump criticized Biden’s approach to cryptocurrency and pledged to safeguard the future of crypto and Bitcoin in the U.S. He pledged to oppose the establishment of a central bank digital currency and to support the right to self-custody of digital assets.

Trump's recent remarks indicate a shift towards a more favorable stance on crypto.

Earlier this week, Donald Trump’s campaign launched a fundraising page that allows donors to contribute using cryptocurrency through the Coinbase Commerce platform. This move marks a significant milestone as the first instance of a major party presidential nominee accepting cryptocurrency donations, expanding the campaign’s digital fundraising strategies.

The campaign assures that all contributions will adhere to Federal Election Commission regulations, including limits and disclosure requirements. Supporters can now make compliant cryptocurrency donations at Trump Campaign Crypto Donations. Accepted cryptocurrencies include Bitcoin, Ethereum, XRP, Dogecoin, Shiba Inu, USD Coin, Solana, and 0x.

In a blog post, the campaign highlighted Trump’s efforts to reduce regulations and promote innovation in financial technology during his presidency, contrasting these policies with those of Democratic leaders like Joe Biden and Senator Elizabeth Warren, who are depicted as favoring increased government control over financial systems.

The campaign portrays this move as part of a broader effort to enhance individual financial freedom and reduce governmental oversight. They assert that this announcement demonstrates Trump’s commitment to prioritizing personal liberty over “government control.”

Elizabeth Warren has expressed concerns about cryptocurrency, reportedly aiming to build an “anti-crypto army” to impose stricter regulations. In contrast, Trump’s campaign is rallying supporters to form a “crypto army” to support the campaign leading up to the election on 5 November 2024.

According to CNBC, this strategy could provide a new source of funds for Trump’s campaign, which, despite raising more money than Biden’s in April, still has less cash on hand. The report notes that Biden’s campaign remains skeptical of cryptocurrency, reflecting the administration’s cautious stance. Just before Trump’s campaign started appealing to crypto donors, Biden’s team issued a fundraising message warning that “cryptocurrency executives and oil barons are coming out of the woodwork for Trump.”

While Trump’s campaign claims he is the first major party nominee to embrace crypto donations, CNBC points out that he is not yet the official nominee. Additionally, Trump is not the first presidential candidate to accept cryptocurrency; Robert F. Kennedy Jr., running as an independent, began accepting bitcoin donations in May 2023, and Senator Rand Paul accepted bitcoin during his 2015 presidential bid.