Nextweek,U.S.voterswillpickthenextpresident.Andoutofthetwomajorpartycandidates,GOPnomineeandformerpresidentDonaldTrumphascomeoutasthemostBitcoin-friendly.
“WewantallremainingBitcointobemadeintheUSA,”hesaidinJuneonhissocialmediaplatformTruthSocial.
Trumphasnowbrandedhimselfasacrypto-friendlycandidateaheadofNovember’sdivisiveelection,bringinginmillionsofdollarsincashanddigitalassetdonationsfromSiliconValleytechleaders.
Butitwasn’talwayslikethis.DespitetheRepublicanpresidentialnomineenowcallingfordomesticBitcoinproduction,hewasonceastaunchcryptocritic.So,howdidwegethere?
IamnotafanofBitcoinandotherCryptocurrencies,whicharenotmoney,andwhosevalueishighlyvolatileandbasedonthinair.UnregulatedCryptoAssetscanfacilitateunlawfulbehavior,includingdrugtradeandotherillegalactivity....
—DonaldJ.Trump(@realDonaldTrump)July12,2019
Trump’smostdefiningearlycommentoncryptocurrencydatesbackto2019,whenaspresidenthemadeitclearhedidn’tlikeBitcoin.
“IamnotafanofBitcoinandothercryptocurrencies,whicharenotmoney,andwhosevalueishighlyvolatileandbasedonthinair,”hesaidonTwitteratthetime,beforeslammingFacebook’splansforadigitalcurrency.
“WehaveonlyonerealcurrencyintheUSA,anditisstrongerthanever,bothdependableandreliable,”headded.“Itisbyfarthemostdominantcurrencyanywhereintheworld,anditwillalwaysstaythatway.ItiscalledtheUnitedStatesdollar!”
TrumpreiteratedhisbeliefsduringaBitcoinbullrunin2021.“Bitcoinjustseemslikeascam,”hesaidonFoxBusiness,repeatingthathewantedthedollartobetheworld’stopcurrency.
EnteringtheNFTworld
Ittookalongtimeforhimtoexplicitlysayhelikedthetopcryptocurrency,andthejourneystartedwithanunlikelycryptocraze:NFTcollectibles.
Bytheendof2021,afterTrumphadlefttheWhiteHouse,hiswifeMelaniaannouncedherplansforaSolana-basedNFTcollection.SolanaLabsclarifiedthatithadnothingtodowiththecollectionlaunchingontheblockchain,andTrumpcontinuedtoslamcryptoas“dangerous”despitehiswife’sventure.
Excitedforthisnewventure,whichcombinesmypassionforartandcommitmenttohelpingourNation’schildrenfulfilltheirownuniqueAmericanDream.#MelaniaNFThttps://t.co/XJN18tMllgpic.twitter.com/wMpmDDsQdp
—MELANIATRUMP(@MELANIATRUMP)December16,2021
Thenextyear,however,theformercommander-in-chieflaunchedhisownNFTcollection.MintedonEthereumscalingnetworkPolygon,thedigitaltradingcardcollectionwasatfirstridiculed—butitstillsoldoutquicklyandmademillionsofdollars.
Trumplatersaidthatheonlylaunchedthecollectionbecausehethoughttheywere“sortofcute.”HehassincelaunchedmorecollectionsonPolygon,andevenmintedsomeofthethirdsetonBitcoinviatheOrdinalsprotocol.AfourthcollectionlaunchedinAugust2024withthelargestnumberofNFTstodate.
TrumphasevenclaimedthatthesuccessofhisNFTcollections,andthesurprisingnumberofbuyerswhousedcryptocurrencyratherthanfiatcurrency,helpedchangehisperspectiveonBitcoinandcryptocurrency.
Adigitalwallettiedtotheex-PresidentbyblockchainanalyticsfirmArkhamIntelligenceshowsthathehasrakedinmillionsinroyaltiesfromtheNFTs—andalsoholdssomeofthebiggestunofficialTrumpmemecoins,whichlikelyweresenttothewalletwithoutTrump\'sknowledgeorconsent.
Trump\'scryptoembrace
ButitwasjustthisyearwhenTrumpreallyuppedthepro-cryptotalk.“Imakemoneywithit,Ihavefunwithittoo,”TrumpsaidinaMarchinterviewwithCNBC’sSquawkBox.“Crazynewcurrencies,that’swhatIcallthem.”
Then,whilehostingholdersofhisNFTsathisMar-a-LagoresortinMay,hetoldthecrowdhewas“goodwith”crypto—andslammedBidenandtheDemocratsforbeing“againstit.”Manysawtheeventasaturningpointincryptopolicyconversations.
Now,alongwithhisrecentdeclarationofsupportforU.S.Bitcoinmining,thedigitalassetspacehasbecomeaprominenttalkingpointofhiscampaignashetriestowinoverthecryptocommunity.
RumorsdroppedinMaythattheworld’srichestmanandbiggestdonortotheTrumpcampaign,ElonMusk,hasbeenadvisingthepresidentialhopefulonacryptostrategy.(Muskdeniedthereports.)InJuly,theRepublicanpartyissuedadraftpartyplatformthatexplicitlymentionedcrypto—afirstfortheindustry.
AftersurvivinganassassinationattemptinJuly,thebusinessmogulandformerrealityTVstarearnedMusk’spublicendorsement,aswellassupportfrommanyotherprominentnamesinthedigitalassetspace.AndmajorcryptofiguresliketheWinklevosstwinsofGeminiandKrakenfounderJessePowellhavedonatedsizablesumstoTrump.
TrumpselectedSenatorJ.D.Vanceashispickforrunningmate,withthepotentialVicePresidentseenasapro-cryptocandidatewhopreviouslydisclosedBitcoinholdingsofbetween$100,000and$250,000backin2021.
ButthemosttangiblesignofTrump’sembraceofcryptocamewhenhespokeatthe2024BitcoinConferenceinNashville,Tennessee.There,hepromisedthecrowdthathewouldbuilda“strategicBitcoinstockpile”forthecountryandthathisplanwastoturntheU.S.intothe“cryptocapitaloftheplanet.”
TheTrumpfamilythenteasedadecentralizedfinance(DeFi)projectdubbedWorldLibertyFinancial,withTrumphimselfpostingmultiplesocialmediateasersduringtheinitialrollout.
[email protected]/mwhVIzPJyq
—DonaldJ.Trump(@realDonaldTrump)August29,2024
Theex-President’ssonDonaldJr.hashintedthatthecryptoplatformwillbeegalitarian.“Fortoolong,theaverageAmericanhasbeensqueezedbythebigbanksandfinancialelites.It\'stimewetakeastand—together,”hesaidonTwitter(akaX).
Then,adayafterthesecondattemptonhislife,TrumplaunchedtheprojectduringaliveinterviewwithRugRadio(Decrypt’ssistercompany).WorldLibertyFinancialaimstoofferborrowingandlendingservicesforcryptocurrenciesonEthereum’snetwork.AninitialtokensalefortheprojectinOctoberprovedunpopular,buttheteamispressingon,withsourcesrecentlytellingDecryptthatWorldLibertyFinancialplanstoissueitsownstablecoin.
Inadditiontothoseendeavors,Trumpisalsosurroundinghimselfwiththecryptofaithful.BitcoinbullRobertF.KennedyJr.suspendedhiscampaigntoendorseTrump,andthenjoinedTrump’stransitionteam.Andorange-pilledCantorFitzgeraldCEOHowardLutnickisalsopartofTrump’spoliticalsquad,servingasco-chairofhistransitionteam.
EvenElonMusk,whohasbeenpromotingTrumpduringhislatestrallytour,isanoutspokenDogecoin(DOGE)fan.Trumphassaidthatifelected,Muskcouldrunapotentialcost-cuttingDepartmentofGovernmentEfficiency—andtheD.O.G.E.acronym,whichmirrorsDogecoin\'sticker,isprobablynoaccident.ThelatesthypehashelpedpumpDogecoin\'sprice.
TrumplastmonthalsobecamethefirstformerleaderoftheU.S.—thatweknowof—touseBitcointobuysomething.AtthepopularBitcoin-themedbarinNewYorkCity,PubKey,theex-Presidentboughtburgersforsupportersusingthecryptocurrency.“It’sthebeginningofanewera,”hesaid,referringtothedigitalassetindustry.
IftheGOPcandidatedoesgetasecondshotatrunningtheU.S.,however,howmuchofhisnewcrypto-friendlyrhetoricwillbeputintopractice?BitMEXfounderArthurHayesdoubtshissincerity,whileEthereumcreatorVitalikButerinbroadlywarnedvotersaboutblindlysupporting\"pro-crypto\"candidateswhosevaluesdon\'talignwiththespace—thoughButerindidn\'tnamenames.
Still,somepolicyexpertstoldDecryptthattheybelievethatRepublicanswillfollowthroughontheirpromises—oratleastthatapotentialTrumpadministrationislikelytobelesshostiletocryptothanBiden\'scurrentapproach.
EditedbyAndrewHayward
Editor\'snote:ThisstorywasoriginallypublishedonJuly19,2024andlastupdatedwithnewinfoonNovember1.
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