- Donald Trump’s media and technology firm (TMTG) is planning to acquire crypto platform Bakkt.
- The President-elect has taken several actions to foster crypto growth in the USA.
Bitcoin bulls appear to have docked at $91K in the past day before moving forward. Other cryptocurrencies have also shown minimal growth over the last 24 hours. Subsequently, the crypto spotlight was taken by the regulatory landscape with new speculation on the next SEC chair.
Notably, on that front, pro-crypto president-elect Donald Trump’s media firm Trump Media & Technology Group Corp. (TMTG) caught market attention. The media company made moves preparing to acquire crypto platform Bakkt as per Bloomberg reports. Following this, the market shares of both parties showed a sharp spike.
Additionally, Trump’s media firm owns the social media platform Truth Social. Regarding the Bakkt acquisition, reports state that Trump’s media firm is working on an all-share purchase of the crypto platform. Bakkt’s shares showed a 162% surge after the aforementioned discussions.
The crypto community has perceived this new market movement as an affirmation of Trump’s pro-crypto stance. Particularly, with a moderate lull being witnessed this week and the President-elect busy setting up office, crypto has seen a modest dip in terms of the limelight. However, his attitude towards building a crypto nation can be seen manifesting in several ways.
How have Trump’s Pro-Crypto Actions Been Post Election?
Donald Trump during his campaigns made several promises and pledged to make the USA a crypto nation. Apart from this causing the overall crypto market and particularly Bitcoin prices to soar during elections, it also got him huge support. Post the elections, Trump has appointed several digital asset-friendly members in leading positions.
The major leading position still continues to be the formation of DOGE (Department of Government Efficiency) headed by Elon Musk and Vivek Ramaswamy. Furthermore, the President-elect has also ventured into crypto projects of his own among which Bakkt could also be counted.
Trump released several NFT collections and recently ventured into DEFI with his World Liberty Financial project. The project has not made any new announcements apart from its recent token launch.
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