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Donald Trump has adopted a pro-crime platform as he runs for another term as President of the United States. But Trump hasn't always taken this stance: He calls bitcoin a “fraud” and says he's never been a fan. Crypto is a growing wedge issue in the race between Trump and current VP Kamala Harris.
Former President Donald Trump is once again vying to be America's leader — and this time, he's Bitcoin-friendly.
“We want the rest of Bitcoin to work in the USA,” he said he said. On the social media platform True Social in June.
Trump has now positioned himself as a crypto-friendly candidate, bringing in millions of dollars ahead of a divisive election in November. Cash And Donations of digital assets Technology leaders from Silicon Valley.
But it wasn't always like this. Although the Republican presidential candidate is now calling for domestic Bitcoin production, he was once a staunch critic of crypto. So how did we get here?
It was Trump's clearest early comment on cryptocurrency in 2019 during his presidency. He made it clear He did not like Bitcoin.
“I'm not a fan of Bitcoin and other cryptocurrencies, whose prices are so volatile and based on thin air that they are not money.” he said. On Twitter at the time, before they were crushed Facebook plans For digital currency.
“We have only one real currency in the USA, and it is stronger, safer and more secure than ever,” he added. “It's still the highest currency anywhere in the world, and it always will be. It's called the US dollar!”
Trump he repeated. In the year Beliefs during the Bitcoin bull run in 2021. “Bitcoin looks like a scam,” he said Fox BusinessHe has repeatedly said he wants the dollar to be the world's leading currency.
Entering the world of NFT
It took him a long time to openly say that he liked the top cryptocurrency, and the journey began with an unlikely crypto craze. NFT Collectable.
In the year After Trump leaves the White House at the end of 2021, his wife Melania announced Her plan b Solana-based NFT collection. Solana Labs Explained. It has nothing to do with the collection on the blockchain, Trump continued Slam crypto As “dangerous” despite his wife's work.
The following year, however, the former commander-in-chief launched his own NFT collection. Deployed on the Ethereum Scale Network. PolygonThe digital trading card collection was at the beginning He made fun of himBut it still sold quickly and made millions of dollars.
After Trump he said. He started the collection simply because he thought they were “cute”. He has since. kick off They have developed more collections on Polygon, and even some on Bitcoin via a standard protocol. The fourth batch was launched in August 2024 with a larger number of NFTs.
Trump says the success of his NFT collections, and the surprising number of buyers using cryptocurrency instead of fiat currency, has helped him change his perception of Bitcoin and cryptocurrency.
Blockchain analytics firm Arkham Intelligence reveals a digital wallet tied to the former president. Millions Royalties from NFTs—as well as some unofficial Trump meme coins—were likely sent to the wallet without Trump's knowledge or consent.
Trump's crypto embrace
But it was just this year that Trump stepped up his pro-crime rhetoric. “I make money with it, and I have fun with it,” Trump said he said. In a March interview with CNBC Squawk box. “Crazy new currencies, that's what I call them.
Then in May when he hosted his NFTs at Mar-a-Lago Resort, he They spoke The crowd was cool with crypto—and blamed Biden and the Democrats for saying “we're on it.” Many describe the event as a turning point In crypto policy discussions.
Now, with a recent statement of support for US Bitcoin mining, the digital asset space has become a major talking point of the campaign as it tries to win over the crypto community.
Rumors He came down In May, Elon Musk, the world's richest man and the biggest donor to the Trump campaign, has been advising the presidential hopeful on crypto strategy. (Musk denied the reports.) In July, the Republican Party released a draft party platform that explicitly mentioned crypto—a first for the industry.
Later Survive the murder In July's trial, the business mogul and former reality TV star received public support from Musk and other prominent names in the digital asset space. And major crypto figures like the Winklevoss twins of Gemini and Kraken founder Jesse Powell have donated large sums of money to Trump.
Trump chose Senator JD Vance as his running mate He was seen as a pro-crypto candidate It has previously disclosed Bitcoin holdings between $100,000 and $250,000 in 2021.
But the most tangible sign of Trump's embrace of crypto is when he arrives. They spoke At the 2024 Bitcoin Conference in Nashville, Tennessee. There, he promised the nation that he would build a “strategic bitcoin reserve” for the country and that his plan was to turn the US into the “crypto capital of the planet.”
Since then, the Trump family has teased him Decentralized Finance (DeFi) Trump himself has posted several social media teasers of the project, dubbed “World Financial Freedom” or “The Defiant Ones.”
Details on the upcoming venture are scarce, but the former president's son, Donald Jr., has hinted that it will be an equal. “For too long, the average American has been squeezed by big banks and the financial elite. It is time to stand together,” he said. he said. On Twitter (aka X).
After that one day Second test In his life, Trump kick off The project was revealed during a live interview with Rogue Radio (Decryptsister company). They are exact details. Still Small but the project aims to provide lending and borrowing services for cryptocurrencies on the Ethereum network.
The Republican hopeful has many people on his team. Bitcoin bull Robert F. Kennedy Jr. It is blocked He campaigned last week to support Trump and then joined Trump's transition team. And Howard Lutnick, CEO of Orange Pill Cantor Fitzgerald, is part of Trump's political team, serving as co-chairman of the transition team.
With the November election several weeks away, we're likely to hear a lot more from Trump and his allies about crypto policy, especially if it remains a big issue for voters.
Last week, Trump became the first US president to use Bitcoin to buy something – that we know of. At PubKey, a popular Bitcoin-themed bar in New York City, the former president bought burgers for patrons using the cryptocurrency. “It's the beginning of a new era,” he said of the digital property industry.
But if the GOP candidate gets a second shot at running the U.S., how well will the new crypto-friendly rhetoric work? BitMEX founder Arthur Hayes questions the sincerity of Ethereum creator Vitalik Buterin, who has widely warned voters against blindly supporting “pro-crypto” candidates whose values don't align with the position — though Buterin doesn't name names.
Still, some policy experts believe Republicans will follow through on their promises, or at least believe the Trump administration is less likely to be hostile to the crypt than Biden's current approach.
Edited by Ryan Ozawa and Andrew Hayward.
Editor's note: This story was originally published on July 19, 2024 and was last updated with new information on September 22.
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