Former US president Donald Trump saw the value of the parent company behind his Truth Social media platform drop after it began trading publicly
Donald Trump has started being more vocal about his "support" for the crypto sector. AFP

KEY POINTS

  • The GOP candidate said he will keep Warren 'and her goons' away from the people's Bitcoin holdings
  • Trump wrote on Truth Social that he was 'very positive and open minded' toward crypto firms
  • Some crypto users welcomed his optimism and support while others said he was only after the votes

Republican presidential candidate Donald Trump has publicly expressed his support for the "right to self-custody" among cryptocurrency users, further establishing that his 2024 campaign will especially be inclusive toward the fast-evolving crypto sector.

In a speech at the Libertarian National Convention, the business mogul said he would "make sure that the future of crypto and the future of Bitcoin will be made in the USA." He went on to note that he will support "the right to self-custody" among the nation's 50 million crypto holders.

Trump also took a swipe at Sen. Elizabeth Warren, D-Mass., "and her goons," vowing that he will keep the veteran senator "from your Bitcoin." He also pledged to block any efforts by the Federal Reserve to issue a central bank digital currency (CBDC).

Trump's comments were made after he posted on his Truth Social account that he welcomes the rise of the crypto industry. "I am very positive and open minded to cryptocurrency companies, and all things related to this new and burgeoning industry." The business magnate said the United States "must be the leader in the field."

The GOP frontrunner didn't miss the chance to blast incumbent President Joe Biden, saying the Democratic leader wants the crypto sector to "die a slow and painful death."

Crypto users on X (formerly Twitter) welcomed the apparent shift in Trump's stance toward crypto as a whole and Bitcoin, the world's largest digital asset by market value.

One user said he will keep residing in the U.S. if the Republican candidate wins the 2024 elections, but if he loses, "I'm bound for El Salvador." The said country is known for being very welcoming toward Bitcoin, with its own BTC stash and a president who pledged to build a Bitcoin city.

Another user said Trump is "winning on so many levels" at this point, and another pointed out that it appears the former president had been "doing his research" on the possible impact of crypto users on the 2024 elections.

However, several users disagreed that Trump was actually in favor of the crypto sector, with one saying the Republican was "just after 50M votes" but didn't actually know a thing about cryptocurrency. Another user said Trump will "say anything for votes."

Meanwhile, Biden has yet to officially address the crypto industry. However, it appears he may be making a slow shift as well, following the sudden U.S. Securities and Exchange Commission's (SEC) approval of spot Ether (ETH) exchange-traded funds (ETFs) last week.

Some industry experts have said the Biden campaign was missing the mark regarding the relevance of the crypto sector in the November elections.

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