Donald Trump has been openly expressing his backing for digital currencies recently, but to what extent does he genuinely endorse them?
Based on the most recent data from Arkham Intelligence, it appears that the ex-President is indeed highly supportive. As of October 18, his cryptocurrency assets were estimated to be worth over $7.89 million.
Fascinatingly, more than 65% of his existing cryptocurrency portfolio is comprised of memecoins, with tokens inspired by Trump constituting a significant part of his holdings.
His largest investment involves the MAGA (TRUMP) token, valued at $3.15 million.
Trump’s Stance on Cryptocurrency
While his investment portfolio reflects a sense of confidence, the Republican figure hasn’t consistently been a proponent of cryptocurrencies. Nevertheless, his viewpoint has evolved over time, and his policies concerning digital assets are now perceived as favorable to the crypto industry.
In May, Trump made history by becoming the first prominent Presidential candidate to welcome cryptocurrency donations. Moreover, a Political Action Committee (PAC) that supports the former President’s presidential campaign managed to raise $7.5 million in cryptocurrency contributions.
As per a filing with the Federal Election Commission on October 15, the PAC received contributions in BTC, Ether, XRP, and stablecoins like Tether and USD Coin between July and September.
The Impact of Cryptocurrency on Elections
The “Crypto Voting Bloc National Survey” conducted by the Digital Chamber discovered that around one in seven probable voters, approximately 16% (26 million individuals), regards cryptocurrency as a significant issue and is more inclined to endorse candidates supportive of crypto.
Furthermore, nearly 40% of Black voters specified that cryptocurrency plays a vital role in shaping their selection for the 2024 elections.
Supporters of both Trump and Vice President Kamala Harris believe that their respective candidates exhibit greater support for cryptocurrencies compared to their rivals.
The survey also proposed that advocating for the crypto industry should at least be of medium-level importance for the President and the U.S. Congress.
Interestingly, those who possess a deeper understanding of cryptocurrency display more favorable attitudes, and individuals with heightened crypto knowledge also tend to have higher trust in the government.
Trump vs. Harris: The Leading Candidate?
Trump’s pro-crypto stance has undeniably boosted his electoral chances. With just 18 days remaining, the former President is leading by approximately 22 points.
According to the 2024 Election Forecast on Polymarket, Trump possesses a 60.7% probability of securing victory, while Harris trails at 38.9%.
As time ticks away, only the unfolding of events will reveal the future of the United States and its relationship with cryptocurrency.