Presidential candidate Donald Trump and his team have been moving favorably toward cryptocurrencies as part of their election campaign. In another move, Donald Trump Jr. made some waves in the cryptocurrency market, teasing investors with a mysterious announcement.
On August 7, Trump’s eldest son, also known as Don Jr., went to X for a “HUGE” announcement, driving speculation. According to Donald Trump Jr., they are “about to shake up the crypto world with something HUGE.” The post calls decentralized finance (DeFi) the future and urges people to “not get left behind.”
As the post got traction among crypto investors, comments showed a mix of feelings related to the announcement. Some are skeptical and fear seeing a new meme coin or “rug pull,” claiming previous launches did a “disservice.” Meanwhile, others show enthusiasm and believe this action could drive renewed interest from a broader population, attracting capital to crypto.
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Donald Trump’s move toward crypto
Before his eldest brother, Don Jr., Eric Trump made a similar post on August 6, saying he had “truly fallen in love with crypto and DeFi.” Recently, an investment expert revealed the “Holy Grail of crypto,” focused on delivering a scalable experience to decentralized finance.
After years of ditching Bitcoin (BTC) and other cryptocurrencies, Donald Trump gradually changed his stance as the presidential election approached. In July, the Republican Party candidate gave a speech at the Bitcoin Conference, which rendered powerful quotes but also skepticism.
Following the event, Trump launched a limited edition of Bitcoin sneakers and referred to cryptocurrencies as something that people could “play with.”
Interestingly, BTC price saw nearly 30% losses from the speech on July 27 to the bottom of a recent crash—going from $69,400 to as low as $49,111 in nine days. As of this writing, Bitcoin trades at $57,118, with traders speculating on the next move as recession fears increase.
Conversely, Kamala Harris has named her vice-president candidate, Tim Walz. As reported by Finbold, Walz has a more strict stance on crypto, signaling an opposing approach to Donald Trump’s team.
In the meantime, cryptocurrency investors can celebrate the positive attention DeFi will receive, although remaining cautious of potential newly launched projects.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
