Former President Donald Trump delivered a notable endorsement of cryptocurrencies during a campaign speech on Wednesday and unwittingly sent a meme coin inspired by his arch-political rival surging after commenting on the digital token.
What Happened: In a video shared on X by non-fungible token influencer Frank DeGods, Trump can be seen addressing a large crowd at an NFT event at his Mar-a-Lago residence in Florida, saying, “Can we donate to the Trump campaign using crypto? I believe the answer is yes.”
“If you can’t, I’ll make sure you can,” he said.
Another social media user shared a video clip where he appears to be questioning Trump on how he plans to retain cryptocurrency firms within the U.S. In response, Trump asserted, “We'll stop it because I don't want it. If we're going to embrace it, we have to let them be here.” The audience reacted with applause to Trump’s statement.
See Also: How to Buy Bitcoin (BTC)
Trump also took a jab at his competitor, President Joe Biden, expressing skepticism about his understanding of cryptocurrencies. Towards the end of the video, Trump emphasized, “If you're in favor of crypto, you better vote for Trump.”
Trump also commented on Jeo Boden (CRYPTO: BODEN), a token that misspells President Biden's name, saying, “I don't like that investment.” But the token surged over 14% following the former president’s remark.
Why It Matters: Trump’s crypto portfolio is worth over $5.6 million, as per a recent report, mostly comprising MAGA Coin (CRYPTO: TRUMP), Ethereum (CRYPTO: ETH), Wrapped Ether and other memecoins, obtained through the sale of NFT projects using his name and likeness.
Some also believe this could help him pay the hundreds of millions in fines he has racked up in ongoing legal cases.
The former president throughout his 2024 campaign has openly shown his softening stance on Bitcoin (CRYPTO: BTC), although he has said the dollar remains his favorite currency.
Cryptocurrency owners, however, seem to favor him over Biden, as per recent surveys.
British multinational bank Standard Chartered this week predicted positive prospects for the cryptocurrency sector if Trump secures another term in office.
This stance sharply contrasts with the Biden administration’s actions, vetoing legislation that would have permitted reputable financial institutions to hold Bitcoin and other cryptocurrencies.
Read Next: Robinhood Reports 3X Jump In Crypto Volume, Executives Say ‘Business As Usual’ Despite SEC Wells Notice
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