Mr. Wonderful talks 'excitement' around cryptocurrency under Trump: America is in a 'new phase'
Mr. Wonderful is casting a glimmering light on the cryptocurrency industry, arguing it is entering a "new phase" under the Trump administration.
"The reason they're not comfortable with it right now is they've watched the cowboy era of crypto, but all the crypto cowboys are in jail or out of business. So now we're in a new phase. There's a new tone with the government. Trump has put it forward," O'Leary Ventures chairman Kevin O'Leary said on "My View with Lara Trump" Saturday.
"They're going to provide regulations to allow this to become integrated with the financial institutions of America. It's going to become a payment system, an investment vehicle. It's going to become part of all the sectors of our economy. We have 11 sectors. Eventually, I believe crypto will be the 12th."
President Donald Trump made headlines on the campaign trail last year for embracing the crypto industry as a key issue for the 2024 election.
During an address at the world's largest bitcoin conference in Nashville, Tennessee in July, Trump vowed for the U.S. to become the "crypto capital of the planet" and a "bitcoin superpower of the world."
The now-47th president has made good on many of his crypto promises since taking office in January.
President Donald Trump signed an executive order to establish a Strategic Bitcoin Reserve last week, just a day before the first-of-its-kind crypto summit.
"A U.S. Crypto Reserve will elevate this critical industry after years of corrupt attacks by the Biden Administration, which is why my Executive Order on Digital Assets directed the Presidential Working Group to move forward on a Crypto Strategic Reserve that includes XRP, SOL, and ADA," Trump wrote.
"I will make sure the U.S. is the Crypto Capital of the World. We are MAKING AMERICA GREAT AGAIN!" he added.
Crypto czar David Sacks celebrated the move via a post on X.
"The Reserve will be capitalized with Bitcoin owned by the federal government that was forfeited as part of criminal or civil asset forfeiture proceedings. This means it will not cost taxpayers a dime," he wrote. "It is estimated that the U.S. government owns about 200,000 bitcoin; however, there has never been a complete audit. The E.O. directs a full accounting of the federal government's digital asset holdings. The U.S. will not sell any bitcoin deposited into the Reserve. It will be kept as a store of value. The Reserve is like a digital Fort Knox for the cryptocurrency often called 'digital gold.'"
"The big news is that this will be the first administration that's going to say this sector belongs in America. The development should be here. The technology should be mastered here. We should lead the world in it. Other administrations didn't do that, and I think we should celebrate it because I think we shouldn't fall behind on this," O'Leary told Fox News host Lara Trump during his interview at Pubkey bitcoin bar in New York City.
Pubkey co-owner Thomas Pacchia also weighed in on the future of crypto under Trump, noting the leadership under President Biden was "atrocious."
"For four years, it was a very aggressive administration. I think the biggest win was just moving on from that and not getting stuck with another 4 or 8 years of that. It was very, very punitive. And there was no conversation. It wasn't something that you could go and talk about with the administration."
Trump's return to the Oval Office is a "massive seat change for the industry," Pacchia added.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Hill
14 minutes ago
- The Hill
Van Hollen on Abrego Garcia's return to US: ‘A victory for the Constitution'
Sen. Chris Van Hollen (D-Md.) celebrated the return of Kilmar Abrego Garcia, a Maryland man who was mistakenly deported and detained in El Salvador's CECOT prison, calling it 'a victory' for the rule of law. The Trump administration doubled down on the deportation, accusing Abrego Garcia, who illegally immigrated to the U.S. from El Salvador in 2011 but was later protected from removal to his home country, of having gang ties. His legal team has denied these allegations and urged for his return to the U.S. On Friday, Attorney General Pam Bondi, after months of fighting against Abrego Garcia's return in court, announced that he was transported back to U.S. soil to face criminal charges stemming from a 2022 traffic stop in Tennessee. 'This is a victory for due process. It's a victory for the Constitution. It should not have taken this long. I mean … the Trump administration dragged its feet for a very long time and ignored a 9 to 0 order from the Supreme Court,' Van Hollen said during a Friday appearance on MSNBC. 'But it's important that Abrego Garcia now come home and have his due process rights upheld in a court of law,' he added. The Maryland lawmaker visited Abrego Garcia while he was detained overseas to check on his well being and champion his release from El Salvadoran custody, which White House officials originally said would never happen. Van Hollen on Friday said that the court battle Abrego Garcia will now face should have been launched prior to his removal. 'If they're now going to take this case into the courts, as they should have, you know, from the beginning, before they just took him off the streets of Maryland and deposited him in a gulag in El Salvador, then that is — that is the due process that we've been fighting for,' he said. 'And, again, not just for his case, but for others. And — and I think that Americans understand that everybody deserves to have their rights, you know, respected. That's what the Constitution is for.' Abrego Garcia's attorney said on Friday that the criminal case is just another attempt to persecute his client. 'This shows that they were playing games with the court all along. Due process means the chance to defend yourself before you're punished, not after. This is an abuse of power, not justice,' attorney Simon Sandoval-Moshenberg previously told The Hill in a statement. 'The government should put him on trial, yes—but in front of the same immigration judge who heard his case in 2019, which is the ordinary manner of doing things, 'to ensure that his case is handled as it would have been had he not been improperly sent to El Salvador,' as the Supreme Court ordered.'
Yahoo
24 minutes ago
- Yahoo
TD Cowen Initiates Coverage of Target (TGT) With Hold Rating
On Wednesday, June 4, TD Cowen analysts began coverage of Target Corporation (NYSE:TGT), giving it a 'Hold' rating and setting a price target of $105. The analysts noted that the company's strong core business is supported by innovative and exclusive products. They also highlighted Target Corporation's (NYSE:TGT) digital fulfillment strategies, which are profitable and have potential for scaling. The analysts pointed out that the company has a 5-year revenue compound annual growth rate (CAGR) of 6.4%, higher than Walmart's 5.4%. A woman purchasing groceries at a Target store, with a cart full of products. Despite this, TD Cowen analysts noted some challenges that Target Corporation (NYSE:TGT) is facing in the near term. These include pressure from competitors on comparable sales and cost inefficiencies that are anticipated to continue throughout the year. The analysts mentioned tariffs and lower consumer confidence as factors contributing to the company's current challenges. They pointed out that these could affect Target Corporation's (NYSE:TGT) performance in the short term. While we acknowledge the potential of TGT as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the best short-term AI stock. READ NEXT: 11 Stocks That Will Bounce Back According To Analysts and 11 Best Stocks Under $15 to Buy According to Hedge Funds. Disclosure: None. Sign in to access your portfolio
Yahoo
24 minutes ago
- Yahoo
Evercore Raises Walmart (WMT) Price Target, Keeps Outperform Rating
On Wednesday, June 4, Evercore ISI analysts raised the price target on Walmart Inc. (NYSE:WMT) from $105 to $107 and kept an 'Outperform' rating. The decision came just before the company's annual Shareholders' Day store tours and executive meetings planned for Thursday and Friday. The analysts noted that Walmart Inc. (NYSE:WMT) has gained 10% year-to-date. This compares to a 1% rise in the S&P 500. This strong performance is due to the company's efforts to grow its market share, increase customer traffic, and improve margins. A manager standing in a hypermarket, pointing out items available for wholesale. According to the analysts, Walmart Inc.'s (NYSE:WMT) ability to handle tariff changes and grow its marketing, membership, and fulfillment services is expected to play a vital role in the medium to long term. They also mentioned that a potential Flipkart IPO could affect the stock. The analysts look forward to learning more about Walmart Inc.'s (NYSE:WMT) plans to gain market share and drive traffic, while also growing earnings before interest and taxes (EBIT) faster than sales. They also noted that the company is moving toward higher-margin businesses like membership programs, advertising, third-party services, and automation. While we acknowledge the potential of WMT as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the best short-term AI stock. READ NEXT: 11 Stocks That Will Bounce Back According To Analysts and 11 Best Stocks Under $15 to Buy According to Hedge Funds. Disclosure: None. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
