U.S. Rep. Tom Emmer (R-MN) says the crypto sector will benefit from a second Donald Trump presidency.
Trump has already explored non-fungible tokens (NFTs), but stated that he was “not a fan of Bitcoin” and called it “very volatile and based on thin air.”
Still, some lawmakers speculate that a Trump victory in the upcoming 2024 presidential election could propel Bitcoin (BTC) to new price heights.
Emmer foresees Trump’s influence on Bitcoin prices
Politico reports that pro-crypto Congressman Emmer envisions a regulatory environment conducive to the overall crypto sector if the former president returns to the White House.
Emmer, a Trump ally who advocates for cryptocurrencies, announced in January that he is officially supporting Trump in the 2024 Republican presidential primaries. That’s even though Trump helped deter Emmer’s bid for the House of Representatives chairman.
Trump has expressed strong skepticism toward Bitcoin (BTC) and other cryptocurrencies, citing concerns about their volatility and potential for facilitating unlawful activities.
But after his presidency, he has ventured into the crypto space by launching three NFT collections.
The most recent, called the Mugshot Edition, was unveiled in December. His first NFT collection included digital cards depicting different aspects of his life, while the second, released in April last year, coincided with 34 felony charges.
An analysis of blockchain data shows that Trump recently liquidated Ethereum (ETH), worth in the millions, proceeds from his NFT sales.
Brian Brooks, formerly Chief Legal Officer at Coinbase and Acting Comptroller of the Coin from May 2020 to January 2021, noted that individuals Trump would appoint to regulatory positions would likely be more open to, if not explicitly supportive of, crypto, compared to the current government.
Despite this, Trump has recently warned of a possible stock market crash and a return to Great Depression-era conditions if he fails to secure victory in the upcoming presidential election.
On the other hand, analysts at asset manager Vaneck expect record high Bitcoin prices in the event of a Trump victory, with a predicted peak on November 9, as outlined in the company’s 2024 crypto forecasts.
Reflecting on the potential influence of crypto-conscious voters, former US Securities and Exchange Commission (SEC) official John Reed Stark suggested in September 2024 that Trump could undergo a significant change in his stance on cryptocurrency due to the impact of this passionate constituency.
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Trump’s NFT adventure
Former US President Donald Trump has delved into the cryptocurrency industry through several ventures. His NFT collection, the Trump Digital Collectible Cards, debuted last year and saw a successful second series release in April 2023, generating more than $8.9 million in sales and $298,000 in licensing fees.
A recent financial disclosure revealed that Trump’s wallet balance was between $250,000 and $500,000, marking his entry into the NFT world after leaving the presidency.
Trump’s success in the NFT realm was evident through his limited-edition $99 trading cards, which depicted him in various scenarios such as hunting attire and superhero guise.
Despite criticism for unauthorized use of copyrighted images, both card releases quickly sold out, generating total sales of approximately $8.9 million.
Despite Trump’s previous criticism of crypto during his presidency, there are signs he could embrace it if he returns to the White House, potentially fostering a more crypto-friendly policy and personnel environment.
Read more: Trump releases new mugshot NFT as the former president’s ongoing legal troubles mount