🚨 Trump hopes U.S. will be the "crypto capital of the world" 🚨
The president, who as recently as 2021 described crypto currency as a "scam," has since embraced digital currency, saying he hopes to make the United States the "crypto capital of the world."
Since his inauguration, Mr. Trump has made several moves to unwind the regulatory environment that many industry insiders say crippled crypto businesses.
He has issued multiple executive orders to promote cryptocurrency, including one that seeks to promote the growth of digital currencies and another that instructed the Treasury Department to create a strategic cryptocurrency reserve.
Mr. Trump has also used his office to pardon the three founders of cryptocurrency exchange BitMEX, who pleaded guilty in 2022 to failing to prevent money laundering on their platform, according to a report by Reuters.
The value of Mr. Trump's crypto assets have at times fluctuated with his policy decisions and social media posts.
The value of $TRUMP increased 18.1% in early March after the president issued an executive order promoting a strategic cryptocurrency reserve, according to the report. A few weeks later, on March 23, the president posted "I Love $TRUMP– SO COOL!! The Greatest of them all!!!!" on Truth Social, which led to an increase in the price of the meme coin from $10.93 to $12.24.
Whether or not the $TRUMP coin increases in value, the president's business collects trading fees when people buy or sell the coin. A Reuters analysis found that business entities behind the $TRUMP coin could have made nearly $100 million in fees in less than two weeks of trading.
