With 50 days left until the 2024 presidential elections in the US, political debates and events continue unabated. This year, former President Donald Trump has rejoined the race and is gaining popularity, especially among cryptocurrency investors. Trump’s preparations to launch World Liberty Financial, a DeFi platform that will help users manage their cryptocurrencies, are also increasing this interest.
Why Is the Hashtag ‘Trump Hitler’ Trending on X?
In the past two months, Donald Trump has survived two assassination attempts. The first occurred in front of hundreds of supporters in Pennsylvania in July, and Trump suffered minor injuries. The second occurred recently while he was playing golf at Trump International Golf Club, and Trump escaped unharmed.
Following these assassination attempts (it is not certain that the second one was an assassination attempt), the hashtag ‘Trump Hitler’ trended on the X platform with 61 thousand shares. While many users questioned why only Trump was targeted, some drew attention to the similarities between Adolf Hitler and Donald Trump, claiming that he would destroy America. The idea that the assassin was influenced by these harsh words is something that Trump has voiced many times. He uses this rhetoric against the Republican candidate Democrats.
Former FBI counterterrorism expert believes assassination attempt by Ryan Routh was likely “politically motivated” and may have been influenced by (previous) rhetoric comparing Trump to Hitler.
— Benny Johnson (@bennyjohnson) September 16, 2024
This comparison has long been made between Trump opponents and Biden-Harris supporters, with a significant number of those drawing similarities between the two leaders, particularly over their anti-immigrant policies and white supremacist views.
Impact on the Crypto Market
Since the beginning of the year, Donald Trump has been showing a positive attitude towards the crypto industry. Describing himself as the “Crypto President,” Trump stated that he would support the mining of cryptocurrencies in America, Bitcoin $59,001 conference and founded a DeFi platform.
With the launch of Trump-themed meme coins, support for the former president has also increased. There is a correlation between Trump’s popularity and the performance of the crypto market. Following the latest (possible) assassination attempt, we saw the global crypto market cap drop by 2.4%, which is the opposite of the previous attempt.
In particular, cryptocurrencies associated with Trump, such as MAGA, TRUMP and TREMP, have lost significant value. This situation once again confirms the volatility of the crypto industry depending on political events, while political donations made with cryptocurrencies reached $190 million.
Brief Summary
The weekend was tough for Donald Trump, with a second assassination attempt and the hashtag ‘Trump Hitler’ making a comeback on social media. This caused fluctuations not only in the political arena but also in the crypto market. Trump’s rising popularity among investors and the crypto sector’s relationship with political developments explain these effects on the market.
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
