U.S. Representative Tom Emmer (R-MN) says the crypto sector will benefit from a second Donald Trump presidency.
Trump has already been exploring non-fungible tokens (NFTs), but stated that he was “not a fan of Bitcoin,” calling it “highly volatile and based on thin air.”
Still, some lawmakers speculate that a Trump victory in the upcoming 2024 presidential election could propel Bitcoin (BTC) to new price highs.
Emmer foresees Trump’s influence on Bitcoin prices
Politico is reporting that pro-crypto congressman Emmer envisions a regulatory environment conducive to the overall crypto sector, if the former president makes a comeback to the White House.
Emmer, a Trump ally who advocates for cryptocurrencies, announced in January that he officially endorses Trump in the 2024 Republican presidential primary. That’s even though Trump helped deter Emmer’s bid for the House Speakership.
Trump has expressed strong skepticism towards Bitcoin (BTC) and other cryptocurrencies, citing concerns about their volatility and potential for facilitating unlawful activities.
But, post-presidency, he has ventured into the crypto space by launching three NFT collections.
The most recent, called the Mugshot Edition, was unveiled in December. His initial NFT collection featured digital cards portraying various aspects of his life, while the second, released in April last year, coincided with him facing 34 felony counts.
An analysis of blockchain data reveals that Trump has recently liquidated Ethereum (ETH) valued in the millions, proceeds from his NFT sales.
Brian Brooks, previously the chief legal officer at Coinbase and Acting Comptroller of the Currency from May 2020 to Jan. 2021, remarked that individuals Trump would appoint to regulatory positions are likely to be more open to crypto, if not explicitly supportive, compared to the current administration.
Despite this, Trump has recently issued a warning of a potential stock market crash and a return to Great Depression-era conditions if he fails to secure victory in the upcoming presidential election.
On a different note, analysts at asset management firm Vaneck anticipate record-high Bitcoin prices in the event of a Trump win, with a predicted peak on Nov. 9th, as outlined in the firm’s crypto predictions for 2024.
Reflecting on the potential influence of crypto-savvy voters, former U.S. Securities and Exchange Commission (SEC) official John Reed Stark suggested in Sept. 2024 that Trump might undergo a significant shift in his stance on cryptocurrency due to the impact of this passionate constituency.
Trump’s NFT adventure
Former US President Donald Trump has immersed himself in the cryptocurrency industry through various ventures. His NFT collection, the Trump Digital Collectible Cards, made its debut last year and saw a successful second series release in April 2023, generating over $8.9 million in sales and $298,000 in licensing fees.
A recent financial disclosure revealed Trump’s wallet balance ranging between $250,000 and $500,000, marking his entry into the NFT space after leaving the presidency.
Trump’s success in the NFT realm became evident through his limited edition $99 trading cards, depicting him in diverse scenarios such as hunting attire and superhero guise.
Notwithstanding facing criticism for unauthorized use of copyrighted images, both card releases quickly sold out, accumulating a total revenue of around $8.9 million.
Despite Trump’s past criticisms of crypto during his presidency, there are signs that he may embrace it if he returns to the White House, potentially fostering a more crypto-friendly policy and personnel environment.