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In the run-up to the 2024 US presidential election, the future of cryptocurrency and its regulation has become a topic of discussion among voters.
On Thursday, a financial disclosure by Republican candidate Donald Trump revealed that the former president owns over $1 million worth of cryptocurrency, alerting Silicon Valley that the presidential candidate may pursue cryptocurrency policies based on personal interests.
Related: Mark Cuban says he received ‘multiple questions’ about cryptocurrencies from Kamala Harris
The financial filing states that Trump owns a cryptocurrency wallet and a “virtual Ethereum key” that could be worth between one and five million dollars, depending on current market conditions.
Trump’s current stance on cryptocurrencies is a hands-off approach that allows the market to self-regulate.
The former president now also accepts cryptocurrencies such as Bitcoin to finance his election campaign, signaling a clear departure from his previous stance that cryptocurrencies were a “scam” and an “inevitable disaster.”
In an interview with Bloomberg, Trump advocated Bitcoin mining in the US to curb China's growing influence on the market.
“If we don't do it, China will find out and it will hit China – or someone else,” Trump said.
Last month, Mark Cuban told Decrypt in an interview that he had been taking calls from Democratic candidate Kamala Harris’ team about cryptocurrencies and advice on the market.
Related: Musk and Trump charged with federal labor fees for livestream
Cuban then accused Trump-supporting Silicon Valley leaders of doing this as a “bitcoin game.”
“The price of BTC will rise due to lower tax rates and tariffs, which, if history is any guide (and that is not always the case), will have an inflationary effect,” Cuban explained on X. “Combine that with global uncertainty regarding the geopolitical role of the US and the impact on the US dollar as a reserve currency, and the stars couldn't align better for an acceleration in the price of BTC.”
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