Recalling 2019, while in office, Trump didn’t hesitate to call Bitcoin “not money” and criticized it for being “highly volatile and based on thin air.” He even warned that cryptocurrencies could facilitate illegal activities. “We have only one real currency in the USA, and it is stronger than ever. It is called the United States Dollar!” Trump once declared on Twitter.
However, at the Bitcoin 2024 conference, Trump appeared not as a skeptic but as one of the industry’s most prominent supporters. He pledged that if elected, he would “embrace Bitcoin” and prevent China from “exploiting” this technology. “If crypto is going to shape the future, I want it to be mined, cast, and produced right here in America,” Trump emphasized.
Trump’s shift is not just a smart political move but also reflects a significant change in how American politicians perceive cryptocurrencies. His campaign has reportedly raised around $4 million in Bitcoin donations, according to an insider.
Republican allies have joined Trump in pivoting towards Bitcoin. Speaking at the conference on Friday, Senator Tim Scott of South Carolina argued that the former president understands the attendees’ concerns about financial freedom—a common refrain in the crypto community. “We want people, whether they love the [US] dollar or love digital assets, we want them to hold the power to make their own decisions,” Scott said.
The crypto industry has also reciprocated Trump’s support. Billionaires in the space, like Tyler and Cameron Winklevoss, have pledged to donate millions to his campaign. “It’s time for the crypto army to send a message to Washington that attacking us is political suicide,” Tyler Winklevoss wrote on social media.
However, the road ahead is not entirely smooth. The crypto industry is still facing challenges, especially after the collapse of the FTX exchange and the sentencing of its founder, Sam Bankman-Fried, to 25 years in prison for fraud. A 2023 Pew Research survey showed that 75% of Americans do not believe that cryptocurrencies are safe or secure.
Analysts suggest that Trump’s pursuit of the crypto voter is part of a larger strategy to broaden his base of support. Jacob Silverman, the author of a bestselling book on crypto, comments, “Many of these people consider themselves single-issue voters. If Trump or anyone else says they’re for Bitcoin, that’s very important to them.”
However, not everyone is fully convinced of Trump’s change of heart. John Fischer, a 61-year-old investor from Atlanta, remarks, “Any politician will support something if they’re going to get votes for it.” Luke Broyles, a 25-year-old working in the crypto industry, also expresses skepticism: “Ultimately, people get into Bitcoin because they don’t trust politicians.”
Nonetheless, it’s undeniable that Trump’s support has brought a fresh breeze to the crypto industry. With Bitcoin prices recovering and reaching highs in June, many in the industry hope that support from politicians like Trump will lead to a clearer legal framework and foster the industry’s growth in the future.
