What's happened
As the U.S. presidential election approaches, Donald Trump positions himself as the pro-crypto candidate, launching World Liberty Financial. Despite a rocky start, the cryptocurrency market, particularly Bitcoin, is experiencing significant gains, influenced by political dynamics and investor sentiment.
Why it matters
What the papers say
According to The Independent, Trump's recent support for World Liberty Financial has drawn attention, with only $11 million raised of a $300 million target shortly after launch. The platform aims to secure the future of the U.S. Dollar in a digital context. Meanwhile, Business Insider UK highlights Trump's transformation from a crypto skeptic to a proponent, noting significant donations from crypto investors to his campaign. Analysts suggest that the upcoming election could further influence Bitcoin's price, with Standard Chartered predicting a potential rise to $73,800. The contrasting approaches of Trump and Harris reflect a broader trend of political engagement with the cryptocurrency sector.
How we got here
Donald Trump's recent endorsement of cryptocurrency marks a shift from his previous skepticism. With the upcoming election, both he and Kamala Harris are courting crypto supporters, reflecting the growing significance of digital currencies in U.S. politics.
Common question
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How is Trump's campaign using cryptocurrency?
As the 2024 U.S. presidential election approaches, Donald Trump has emerged as a pro-crypto candidate, launching World Liberty Financial to engage with cryptocurrency supporters. This shift raises questions about the implications of crypto in political campaigns and the future of digital currencies in politics.
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Donald John Trump is an American politician, media personality, and businessman who served as the 45th president of the United States from 2017 to 2021.
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Kamala Devi Harris is an American attorney and politician who has served as the junior United States Senator from California since 2017.
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Bitcoin is a cryptocurrency invented in 2008 by an unknown person or group of people using the name Satoshi Nakamoto and started in 2009 when its implementation was released as open-source software.
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Laurence Douglas Fink is an American billionaire businessman. He is the chairman and CEO of BlackRock, an American multinational investment management corporation.