Donald Trump has quite an interesting history with cryptocurrencies. A few years ago, he mentioned that cryptocurrencies are scams and that their value is based more on thin air. In short, he wasn’t a fan of virtual currencies. However, things have started to transform hugely, and now Trump seems to be impressed by digital coins. He has turned into a fan of cryptocurrencies, and what is more, he launched his Trump crypto coin. This proves that Trump’s stance on cryptocurrencies has changed, and as he is also the President of the United States, this can also influence the general perceptions of people worldwide.
In his campaign, Donald Trump mentioned he wished to make America a “Bitcoin superpower” and transform it into the “crypto capital of the planet.” Many crypto enthusiasts believe that with the election of Trump, the crypto space could benefit from a bull market, which has occurred. For example, the price of Bitcoin has risen significantly after the election of the new President.
This has proved that Donald Trump is an important personality that can forever change some things in the crypto space. In this article, we will explore in detail what Donald Trump can bring to the crypto ecosystem.
Image source: https://unsplash.com/photos/2-men-in-black-suit-sitting-on-red-chair-05QvOWAzN3I
Trump and Melania are the first couple to own meme coins
Before returning to the White House, Donald Trump has already made waves in the crypto space by launching its own meme coin, $TRUMP. This occurred on 17 January, on a Friday. After this, it was Melania’s turn to launch her meme coin, $MELANIA, on Sunday.
Both of these cryptocurrencies have received a lot of support from the Trump family’s community, and these meme coins have grown in popularity. Trump’s support of crypto was somehow expected, as he mentioned he would have a crypto-friendly governing. As a result, various crypto names can be seen in the new administration.
The $TRUMP meme coin has already attracted plenty of attention from its community, which is the exact purpose of meme coins. These types of cryptocurrencies don’t have the same tech innovations and use cases, and their value depends more on social media hype or community support. Meme coins are even more volatile than the rest of digital coins, as they don’t have the same use cases.
However, the meme coins launched so far show that these types of cryptocurrencies can also make waves and become important alternatives when people want to diversify their portfolios or invest in highly volatile coins to take advantage of the price fluctuations.
Dogecoin is one of the most popular meme coins, being launched in 2013 as more of a joke. And even though no one expected Dogecoin to grow that much, this meme coin exceeded all expectations. Dogecoin is also a big name that has supported the growth of this meme coin even more, and that is Elon Musk. We don’t know for sure if $TRUMP is going to maintain its current popularity, but we can still hope it will have the same outcome as DOGE and remain one of the most popular meme coins worldwide.
Positively influence the price of Bitcoin and the rest of cryptocurrencies
Another way Donald Trump can change the crypto landscape is to positively influence the price of BTC and the other cryptocurrencies at large. December 2024 was an interesting month for cryptocurrencies, as most of them skyrocketed unimaginably. This fact has attracted a lot of hype from the world, and some have associated this growth in price with the election of Donald Trump.
Donald Trump has supported cryptocurrencies in his presidential campaign, stating that he wants to cement America’s position as a crypto-friendly nation. This is why investors thought that Trump’s election could forever change some things in the crypto landscape and mark the new beginning of laws supporting cryptocurrencies.
What are the first crypto changes that have been made since Trump’s new administration?
Search for ways to solve the current crypto issues
During his first week as the new President of the United States, Trump started to put into practice some of the promises he mentioned in his campaign. In this regard, he signed an executive order where a group of people would examine the crypto regulations of today and offer their opinions on how they can solve some of the issues associated with cryptocurrencies.
Change the SEC’s stance on crypto
Donald Trump also wants to soften the U.S. Securities and Exchange Commission’s (SEC) vision regarding the use of crypto. In this regard, Paul Atkins has been chosen as the new SEC Chair, a name that has been associated with the crypto space over the years.
Bring more innovations to the crypto ecosystem
Since the moment Donald Trump was elected, investors and crypto enthusiasts have decided to launch new products. For example, there are more than 30 new applications related to crypto ETFs already, and the number will surely increase. Other than this, Donald Trump has also launched his own coin, $TRUMP, which is a combination of political, cultural, and financial influences.
The bottom line
Donald Trump is one of the most influential people in the world, so his new approach can truly change the crypto landscape worldwide. He has already shown that his promises during the presidential campaign weren’t in vain and that he respected them since he also launched his own cryptocurrency, $TRUMP.
At the moment, $TRUMP has become an important player in the crypto realm, as this coin is tremendously popular and will probably continue to remain like this in the future. Investing in $TRUMP can be one of the best ways in which Donald Trump fans can show their support for the President’s ideas and political views. However, $TRUMP is a meme coin, which means it is subjected to high volatility, which should be considered before investing in it. As $TRUMP is based more on social media hype rather than on tech innovations, this can pose a problem in the future, when the popularity of $TRUMP might dissipate. This is why it is a better idea to weigh both the advantages and disadvantages before investing in it.