by Sana Bukhari
Bitcoin has recently posted a significant recovery, and some attributed it to “political sentiment” in line with the Trump side as the contest for the U.S. presidency in 2024 starts. On October 15, the Republican presidential nominee and former US President Donald Trump wrote on X (previously, Twitter), “Crypto is the future. It is incredible, and I will make America number one in crypto.”
Shockingly, considering his past statements, President Trump chose Bitcoin as his preferred cryptocurrency. In September this year, analysts at Standard Chartered predicted that the crypto could surge as much as a potential Trump victory this year, estimating Bitcoin to hit $125K by 2024.
This is quite a turnaround for Trump, who once had harsh words for Bitcoin, stating that it was a ‘con’ whose value was ‘made up.’The site explored how Trump transitioned from Bitcoin basher to market mover.
As for the use of cryptocurrencies, Trump has been rather hostile throughout his presidency. In July 2019, he tweeted, “I am not a fan of #Bitcoin and other cryptocurrencies, which are not money and whose value is very fluctuant and is based in thin air.” He also spoke against the unfettered adoption of cryptocurrencies, stating that they would be instrumental in unlawful business such as drug dealing and the like.
Trump’s Shift from Crypto Critic to Digital Asset Supporter
Trump remained an unlucky crypto charm after leaving office in January 2021. In December 2020, he reaffirmed his belief on Fox Business, stating that it is “a scam” and “it is trying to replace the US dollar.”
Interestingly, after announcing the commencement of the 2024 presidential campaign, Trump shifted gears and started supporting digital assets. He made his first substantial foray into crypto in December 2022, with an NFT drop – though this showed the slow beginning of his transition toward crypto more broadly.
The former president sought to promote NFT assets through a series of 45 digital cards based on himself as a superhero and collected 8.9 million dollars. According to numbers released by Trump in August 2023, crypto investments in a digital wallet ranged between $250,000 and $500,000.
Blockchain analytics firm Arkham said that Trump’s on-chain investments had reached $10M by May 2024, further supporting this major shift towards cryptocurrency.
As the U.S. presidential election approaches on November 5, Trump has openly supported Bitcoins during the entire campaign for 2024. By June, he had advocated mining Bitcoin and urged the U.S. government to mine “all the remaining Bitcoin” to make the U.S. energy dominant.
The cryptocurrency industry has supported Trump’s change of heart. In June, Cameron and Tyler Winklevoss, who co-founded Gemini, committed $2 million to Trump’s reelection bid as more support came from the industry.
In another affirmation of his new cryophilic stance, Trump again emerged as the first American president to purchase BTC in the public domain in September. He bought hamburgers with BTC at a bar in New York City, showing his increasing adoption of technology.
The Bitcoin community remains optimistic about Trump’s views on its premier cryptocurrency, although he has previously criticized it. However, he has not officially responded to his previous views on Bitcoin, which contradicts his current outlook.
Despite that, the president’s energetic shift towards crypto assets is undeniable, and it remains uncertain whether Trump will continue this way if he is reelected. Having done a U-turn, Trump has become a most unlikely advocate of Bitcoin, stirring up the political and crypto worlds.
The actors in Bitcoin’s future as the 2024 election materializes may crucially depend on Trump’s shifting views toward digital assets.
#blockchain #crypto, #decentralized, #distributed, #ledger