Former President Donald Trump, who previously called bitcoin a “scam,” is now positioning himself as the crypto-friendly candidate in this year’s elections. What caused such a big change, and how is the cryptocurrency world reacting?
Trump’s Shift on Cryptocurrency
From Doubt to Support
Just a few years ago, Trump was very clear about his dislike of cryptocurrencies. In 2019 he called them “very risky and based on nothing.” Now, Trump is actively supporting digital money and even said he would keep all the bitcoins owned by the U.S. government if elected again. The crypto community has noticed this shift.
Crypto Investments and NFT Projects
Besides changing his words, Trump has also jumped into the crypto market himself. Over two years, he reportedly bought and sold millions worth of digital money — and even launched a series of NFTs showing him in various funny outfits that earned between $100,001 and $1 million. Additionally, almost $8 million worth of cryptocurrency is under Trump’s name, including large amounts in something called ‘TrumpCoin.’
The Nashville Announcement
Bitcoin 2024 Conference Highlights
During the Bitcoin 2024 conference held in Nashville last week, Trump made several big promises:
- Policy Commitment: Keeping 100% of all U.S. government-owned bitcoin.
- Creating a Crypto and Bitcoin Advisory Council: Setting up a council to guide his administration’s crypto policies.
- Becoming a World Leader in Bitcoin Mining: Making America the top country in mining bitcoins.
- Creating Strategic Stockpiles of Seized Bitcoins: Planning to stockpile bitcoins taken by the government.
JD Vance’s Silicon Valley Connection as VP Pick
Choosing JD Vance as vice presidential nominee further strengthens Trump’s ties to technology. Vance’s close connections in San Francisco have already attracted considerable funding from tech billionaires and startup founders involved with cryptocurrency. This choice shows Trump’s desire to attract top investors from Silicon Valley.
The Crypto Industry’s Mixed Reactions
Investor Optimism and Doubts
While many people working in or investing in crypto welcomed Trump’s pro-crypto stance, there were also some doubts:
- Rising Prices Then Falling Again: After his speech on crypto at the conference, where he promised to keep all BTC held by the U.S. Government if reelected, bitcoin prices briefly hit record highs before dropping again.
Key Supporters and Critics
- Shibtoshi: An anonymous crypto billionaire, showed strong support for Trump’s plans, especially his focus on crypto mining and reducing regulations.
- Julie Kennis: Host of an NFTs podcast, liked Trump’s policies but criticized some of his racially charged comments, showing the mixed feelings within the crypto community.
Conclusion
Trump’s new enthusiasm for cryptocurrency marks a big shift in his political strategy, aiming for global dominance in digital money by making America the top country for innovation. However, while these promises may excite those involved with cryptos today, it remains unclear if they will actually come true. As November approaches, we’ll see if Trump’s dreams about digital money become reality.
Join the discussion: Do you think Trump’s crypto promises are too good to be true, or will they lead to a new age for digital money in the U.S.? Let us know what you think in the comment section below.