President Donald Trump has again advocated for the crypto industry, recently pointing out the resilience from Bitcoin and crypto in the latest market turbulence.
He spoke in an exclusive interview with NBC News on Sunday about his strategies as the 47th US president, but did not fail to mention crypto, his newfound interest. Trump said he wants crypto in America, highlighting the sector’s growing global relevance.
I Want Crypto: Trump
The pro-crypto president stated that crypto is essential for the United States and that the country risks losing innovation to China if it does not step up. Trump noted that the sector is nascent yet has garnered considerable traction.
Notably, Trump took to lobbying the crypto industry before the November election, gaining not just their votes but their financial support. According to his latest comments, “hundreds of millions of people” are dabbling with the nascent industry. Yet, he accused the former administration of a late pretense to buy votes from the growing population of crypto faithful.
Furthermore, Trump stressed that despite its nascent nature, the sector is growing harder than most other aspects of the market. He emphasized that Bitcoin showed more resilience than other sectors, like US stocks, during the latest market turbulence.
Recall that the crypto market initially maintained a correlation with risk-on assets during the tariff trade war but decoupled later on. Bitcoin has recovered more than US stocks, establishing its resilience and value as a hedge against uncertainties.
Not Profiting from Crypto Support: Trump
Meanwhile, he received questions on if he is cashing in big with his support for the sector, Trump insisted crypto is not his cash cow. The pro-Bitcoin president noted that he has been in favor of cryptocurrencies long before the November elections.
He questioned whether owning a stock that performs well because he improved the US economy as the president means he is gaining. According to Trump, he has not even looked at his crypto portfolio to ascertain its profitability.
Remarkably, Trump and his family have been in the spotlight for their increased exposure to the crypto sector. The president’s TRUMP token launch has been a point of criticism, with the backlash citing a conflict of interest.
Additionally, the Trump family’s World Liberty Financials (WLFI) business ventures, among other things, have also sparked speculation that he may be breaking ethics. Nonetheless, Trump seems resolute on his ploy to make America the crypto capital of the world.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
