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Breaking News: Bitcoin, XRP, Ethereum Dip Post Fed's Rate Cut: What’s Next For Crypto?
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Breaking News: Bitcoin, XRP, Ethereum Dip Post Fed's Rate Cut: What’s Next For Crypto?

Crypto Backs Donald Trump: $4 Million War Chest In Bitcoin, XRP For Re-election

Ronaldo Marquez
Ronaldo Marquez
1 year ago
3 mins read
Crypto

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Former President Donald Trump is set to deliver a keynote address at the 2024 Bitcoin Conference in Nashville, Tennessee, this weekend, amid growing speculation that Trump may announce Bitcoin as a strategic reserve asset for the United States. This move could have a significant impact on the entire cryptocurrency industry.

Bitcoin Contributions Support Trump and Vance’s Platform

According to a CNBC report, Trump has raised over $4 million in campaign contributions from a variety of digital assets, including Bitcoin, Ethereum (ETH), XRP, Circle’s USDC stablecoin, and various memecoins, ahead of his highly anticipated appearance at the conference. 

Per the report, the contributions were made through the “Trump 47” joint fundraising committee, which raised over $118 million between April 1 and June 30.

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The report also indicates that at least 19 donors contributed more than $2.15 million in Bitcoin to the committee, with contributions from 12 states, including some considered “key battleground regions.” 

CNBC found that donors’ occupations ranged from housewives to US military officers, missionaries, painters, sales representatives, and State Department security technicians.

Crypto figures like the Winklevoss twins, Tyler and Cameron, founders of the US-based crypto exchange Gemini, each contributed over $1 million in Bitcoin. At the same time, Mike Belshe, the CEO of digital asset security company BitGo, donated $50,000 in the cryptocurrency. 

These contributions reflect the growing support for Trump within the crypto industry, which represents a significant shift from his previous stance during his time in the White House.

Support Behind Trump’s 2024 Bid

Trump’s pivot towards a pro-crypto stance has been gradual. Still, it has gained momentum in recent months with moves such as launching his non-fungible token (NFT) collection on the Solana blockchain in April, which has since made increasingly bullish comments on cryptocurrency. 

Furthermore, the former president’s appearance at the Bitcoin Conference in Nashville, where he will also host a campaign fundraiser, is viewed as a strategic move to solidify his position as the pro-crypto candidate for the 2024 presidential election. 

The report noted that the event’s tickets range from $60,000 per person for a photo with Trump to $844,600 per person for a seat at a roundtable with the former president.

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The former president’s support for self-custody of cryptocurrencies, his vow to defend the rights of those who choose to do so, and his pledge to keep Senator Elizabeth Warren and “her goons” away from Bitcoin holders have further endeared him to the crypto community.

Trump’s decision to name Ohio Senator JD Vance as his running mate has also been viewed as a win for the crypto sector. Vance has advocated for looser regulation of cryptocurrencies and disclosed his holdings of Bitcoin.

Bitcoin
The daily chart shows that BTC’s price is trending downward. Source: BTCUSDT on TradingView.com

At the time of writing, the largest cryptocurrency on the market is struggling to find support at the $65,130 level following a 2% price drop in the early hours of Thursday’s trading session.

Featured image from DALL-E, chart from TradingView.com

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Ronaldo Marquez
Ronaldo Marquez

Ronaldo Marquez

Ronaldo is an experienced crypto enthusiast dedicated to the nascent and ever-evolving industry. With over five years of extensive research and unwavering dedication, he has cultivated a profound interest in the world of cryptocurrencies.

Read more

Ronaldo's journey began with a spark of curiosity, which soon transformed into a deep passion for understanding the intricacies of this groundbreaking technology.

Driven by an insatiable thirst for knowledge, Ronaldo has delved into the depths of the crypto space, exploring its various facets, from blockchain fundamentals to market trends and investment strategies. His tireless exploration and commitment to staying up-to-date with the latest developments have granted him a unique perspective on the industry.

One of Ronaldo's defining areas of expertise lies in technical analysis. He firmly believes that studying charts and deciphering price movements provides valuable insights into the market. Ronaldo recognizes that patterns exist within the chaos of crypto charts, and by utilizing technical analysis tools and indicators, he can unlock hidden opportunities and make informed investment decisions. His dedication to mastering this analytical approach has allowed him to navigate the volatile crypto market with confidence and precision.

Ronaldo's commitment to his craft goes beyond personal gain. He is passionate about sharing his knowledge and insights with others, empowering them to make well-informed decisions in the crypto space. Ronaldo's writing is a testament to his dedication, providing readers with meaningful analysis and up-to-date news. He strives to offer a comprehensive understanding of the crypto industry, helping readers navigate its complexities and seize opportunities.

Outside of the crypto realm, Ronaldo enjoys indulging in other passions. As an avid sports fan, he finds joy in watching exhilarating sporting events, witnessing the triumphs and challenges of athletes pushing their limits. Furthermore, His passion for languages extends beyond mere communication; he aspires to master German, French, Italian, and Portuguese, in addition to his native Spanish. Recognizing the value of linguistic proficiency, Ronaldo aims to enhance his work prospects, personal relationships, and overall growth.

However, Ronaldo's aspirations extend far beyond language acquisition. He believes that the future of the crypto industry holds immense potential as a groundbreaking force in history. With unwavering conviction, he envisions a world where cryptocurrencies unlock financial freedom for all and become catalysts for societal development and growth. Ronaldo is determined to prepare himself for this transformative era, ensuring he is well-equipped to navigate the crypto landscape.

Ronaldo also recognizes the importance of maintaining a healthy body and mind, regularly hitting the gym to stay physically fit. He immerses himself in books and podcasts that inspire him to become the best version of himself, constantly seeking new ways to expand his horizons and knowledge.

With a genuine desire to become the best version of himself, Ronaldo is committed to continuous improvement. He sets personal goals, embraces challenges, and seeks opportunities for growth and self-reflection. Ultimately, combining his passion for cryptocurrencies, dedication to learning, and commitment to personal development, Ronaldo aims to go hand-in-hand with the exciting new era that the emerging crypto technology is bringing to the world and societies.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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