“Cryptocurrency President” Trump once again claimed to strongly support Bitcoin. Today, former U.S. President Donald Trump posted on his social media company Truth Social, stating, “Bitcoin mining may be our last line of defense against central bank digital currencies (CBDC). We hope all remaining Bitcoins are made in the USA. This will help us achieve energy dominance.”
As a controversial former president, Trump’s political journey has always been intertwined with the cryptocurrency industry. To gain support from well-funded cryptocurrency lobbying groups, Trump has continuously shown goodwill.
From calling it a “scam” to appreciating Bitcoin, former U.S. President Donald Trump has recently made multiple statements in support of Bitcoin and cryptocurrencies, attracting widespread attention. On May 28, 2024, CEO of Bitcoin Magazine and cryptocurrency assistant to Trump’s campaign team, David Bailey, revealed that Trump had inquired about using Bitcoin to address U.S. national debt issues.
Throughout his tenure and for a considerable period after leaving office, Trump’s attitude towards cryptocurrencies has been inconsistent. While his administration promoted public education on Bitcoin and created a crypto-friendly environment to a certain extent, Trump himself expressed negative views on assets like Bitcoin. He publicly criticized Bitcoin as a “scam,” competing with the U.S. dollar and fueling criminal activities, advocating for strict regulation.
However, on the eve of his participation in the Libertarian National Convention, Trump changed his stance and expressed a “positive and open” attitude towards the cryptocurrency industry on social media. He promised that if re-elected, he would ensure the future of Bitcoin and cryptocurrencies in the U.S., supporting the self-custody rights of 50 million cryptocurrency holders nationwide and opposing interventions by individuals like Elizabeth Warren.
To demonstrate his pro-crypto stance, Trump has invested heavily in crypto assets. Data shows that Trump currently holds crypto assets worth over $10 million, including around $7.3 million in TRUMP tokens, $1.81 million in ETH, and $120,000 in USDC. Additionally, Trump concept tokens MAGA (TRUMP) and MAGA Hat have recently seen continuous price increases, setting historical highs.
Is Trump’s love for cryptocurrencies genuine or a means to receive political donations? Former U.S. President Donald Trump once again expressed his support for Bitcoin mining and viewed it as the “last line of defense” against central bank digital currencies (CBDC). On June 11, 2024, Trump posted on his social media Truth Social, stating, “Bitcoin mining may be our last line of defense against CBDC. We hope all remaining Bitcoins are made in the USA!” He believes that developing local Bitcoin mining will help the U.S. “dominate in the energy sector.” Prior to this, Federal Reserve Chair Powell had stated that the U.S. had no plans to introduce a CBDC.
Reportedly, Trump recently met with executives from several Bitcoin mining companies at his Mar-a-Lago estate in Florida, including Riot Platforms, CleanSpark, and TeraWulf. Attendees mentioned discussing the role of Bitcoin mining in strengthening the power grid, promoting employment, and other aspects.
Analysts point out that Trump’s recent support for cryptocurrencies may be a way to please the now well-funded lobbying groups in the industry before the upcoming elections. He recently announced that he would start accepting cryptocurrency donations and host a dinner for NFT holders. Previously, Trump regarded Bitcoin as a “scam,” but now he emphasizes that the U.S. cannot be “second” in cryptocurrency matters, even dubbing himself the “Cryptocurrency President.” Industry insiders believe that whether Trump genuinely supports cryptocurrencies remains to be seen, but his recent statements are sure to further raise the exposure of cryptocurrencies in the upcoming elections.
A week ago, cryptocurrency exchange Coinbase announced that it had donated $25 million to the super political action committee (PAC) Fairshake, dedicated to cryptocurrency advocacy, to increase lobbying efforts before the November U.S. elections.
The mainstream attention and mentions of the crypto industry are growing. Trump’s strong stance this time is a great way to expand awareness, bringing new user increments and expectations to the industry.
Despite claims that Trump’s statements are aimed at receiving more “political donations,” these activities constantly remind the mainstream population that the exploration of the crypto world is not only attractive but also increasingly popular.
