Former President Donald Trump continued his advances toward the crypto community by hosting an event for holders of the Trump Cards NFT Gala on May 8 at his Mar-a-Lago resort in Palm Beach, Florida.During the event, Trump expressed his support for cryptocurrencies, announcing plans to accept digital asset donations for his potential re-election campaign. He also emphasized the need for a more favorable regulatory environment for the growing crypto industry.Following the statements, a Trump-inspired MAGA memecoin lacking utility surged by over 40%. This impressive gain positioned MAGA as the top performer on CryptoSlate’s list of gainers during the reporting period.Videos circulating on social media showed Trump’s critique of the Biden administration’s approach to crypto, signaling potential shifts in policy should he return to office.Trump highlighted the exodus of crypto firms from the US due to regulatory hostility, promising a friendlier environment under his leadership to bolster the industry domestically.The former president chastised Biden’s lack of crypto understanding, attributing it to his administration’s unfavorable stance. Trump said:“Biden doesn’t know, Gensler is very much against it, the Democrats are very much against it.”Notably, Trump previously held anti-crypto sentiments during his tenure, labeling Bitcoin as a scam in 2021. However, his views of the sector appear to have evolved, as evidenced by his embrace of non-fungible tokens (NFTs) bearing his semblance.Trump is banking on this newfound view to gather support for his presidential campaign, stating that:“If you like crypto in any form, and it comes in a lot of different forms, if you are in favor of crypto, you better vote for Trump.”These moves have spurred speculation on how a potential Trump presidency could benefit crypto. Financial institution Standard Chartered suggested that a second Trump term could be a boon for Bitcoin and other digital assets by offering viable alternative investment avenues.Oluwapelumi values Bitcoin’s potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.CryptoSlate is a comprehensive and contextualized source for crypto news, insights, and data. Focusing on Bitcoin, macro, DeFi and AI. Catch the latest in crypto by following us on X. Stay informed on the go.The current uncertainty in the market is being fueled by the impending Federal Open Market Committee’s (FOMC) decision on cutting interest rates.Embracing Bitcoin mining could be pivotal in Trump’s envisioned energy strategy.Courts dismissed the case without prejudice, leaving Musk an option to refile the case at a later date.The S-1 filing follows the SEC’s approval of NYSE Arca’s proposed rule change on behalf of ProShares.CryptoSlate’s latest market report dives deep into the effects corporate Bitcoin purchases have on the market.Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.
