Donald Trump Says He Wants To Be “Crypto President,” Political Meme Coins Surge

Updated: 10 June 2024

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Former US President Donald Trump said he wants to become the “crypto president,” sending political meme coins on a rally at the weekend.

Trump made the remark at a fundraiser in San Francisco on June 6, according to a Reuters report that cited three people present at the event.

“He said he would be the crypto president,” said Trevor Traina, a San Francisco-based tech executive and former Trump ambassador to Austria.

Trump also said crypto is important and emphasized that he’s very very supportive of the sector, Republican National Committeewoman Harmeet Dhillon told the news agency.

Dhillon added that Trump, who is running against President Joe Biden in elections on Nov. 5, did not offer specifics on his proposed crypto policies.

Donald Trump Aims To Bring An End To Biden-Gensler “Crusade” Against Crypto

The fundraising event was hosted by tech billionaire Chamath Palihapitiya and Craft Ventures’ general partner David Sacks. It gave Trump a platform to once again express his support for crypto in front of industry players, including executives from Coinbase, and the Winklevoss twins.

While echoing his support for the burgeoning digital asset space, Trump also criticized the Democratic Party’s regulation-by-enforcement crackdown on crypto, and said he will bring it to an end to if he is elected.

“President Trump made clear that the Biden-Gensler crusade against crypto will grind to a halt within one hour of a second Trump administration,” said Jacob Helberg, an adviser to data analytics provider Palantir, the news agency reported

The Trump campaign raised $12 million at the event for its bid to win the Nov. 5 US presidential election.

Political Meme Coins Surge After Trump’s Bullish Remarks

Trump’s goal to become the crypto president comes after he said that the US “must be the leader in the [crypto] field” in a May 25 post on Truth Social.

Top political meme coins (Source: CoinMarketCap)

Investors rushed to buy meme coins linked to the former president after the event. The largest by market cap, MAGA (TRUMP), saw its value soar over 10% during the past 24 hours to trade at $13.49 as of 3:00 a.m. EST.

Sellers waking up this morning to see $MAGA up 65% from when they sold trying to play it cool. @MagaHAT_ETH

SELLERS GET REKT pic.twitter.com/Yn7cIVooR3

— Juice (@crypto_pisano) June 9, 2024

MAGA (MAGA), Super Trump (STRUMP) and MAGA VP (MVP) also posted 24-hour gains. Leading the charge was STRUMP with its 28% surge, while MAGA and MVP rose 12% and 3%, respectively.