Once calling it “not money”, Donald Trump now promises the US will lead the world in cryptocurrency – IF he becomes President.
A Very Good Morning
Investors in cryptocurrency surely cracked a smile on Monday morning when the Bitcoin price climbed above 3%, peaking at about $69,745.
That is the highest it has been in more than six weeks.
The reason? Donald Trump.
Trump for Bitcoin?
Bitcoin 2024, where big names in the industry gathered, was held on Saturday in Nashville, Tennessee.
And it was at this very event where Trump, the keynote speaker, promised that if he wins the White House in November, he will end the “persecution” that the crypto industry has been facing.
America the Crypto King?
Further fueling the audience’s approval was Trump’s statement that he would make the United States the world leader in cryptocurrency while also embracing a more pro-bitcoin stance than Kamala Harris, his rival in the presidential race.
We Must Beat China
At the event, Trump promised: “I pledge to the bitcoin community that the day I take the oath of office, Joe Biden and Kamala Harris’s anti-crypto crusade will be over…”
He added: “If we don’t embrace crypto and bitcoin technology, China will, other countries will. They’ll dominate, and we cannot let China dominate. They are making too much progress as it is.”
A Complete 180
This is quite the U-turn for Trump who, while president, said bitcoin is “not money”.
Calling it “highly volatile and based on thin air”, Trump also warned that cryptocurrency assets contributed to the operation of illegitimate underground markets.
That Was Then
In 2019, Trump even posted on Twitter: “We have only one real currency in the USA, and it is stronger than ever… It is called the United States Dollar!”
At Least One Head Will Roll
Should he win a second term, Trump also promised: “On day one, I will fire Gary Gensler,” which was met by a cheering crowd.
Gensler, the chair of the US financial watchdog the Securities and Exchange Commission (SEC), has previously stated that the crypto industry is full of “hucksters”.
No, but Yes
Although Gensler has expressed skepticism towards cryptocurrencies, he did support them in January by giving approval for exchange-traded funds (ETFs) that track the value of bitcoin and can also be traded on an exchange like shares.
Pretty Promises
During his 45-minute speech, Trump also promised to:
- Keep all the Bitcoin currently held or acquired by the US government, making it a “national Bitcoin stockpile”.
- “Immediately appoint a Bitcoin and crypto presidential advisory council”.
Climate What?
Referencing the required power to mine cryptocurrency, Trump said: “You need tremendous amounts of electricity.”
And “to get that done”, new powerplants would be built “using fossil fuels”.
Bitcoin Joining Politics?
Trump also mentioned that his presidential campaign accepts cryptocurrency donations, and since the two months that he allowed crypto transactions, $25 million has been donated.
But he neglected to say how much of those donations consisted of cryptocurrency.
A Nice Boost
However, according to a source with inside knowledge of Trump’s fundraising, he has received about $4 million worth of cryptocurrency.
It’s Allowed
Since 2014, the Federal Election Commission has allowed bitcoin as a contribution for political committees.
The value would be calculated based on the price at the time of receiving the contribution.
More to Come
And now, Tyler and Cameron Winklevoss, both billionaire crypto tycoons, each promised to contribute $1 million worth of Bitcoin to help Trump’s campaign.
Not Everyone Is Convinced
But although Trump’s excitement about cryptocurrency seems infectious to many, there are still a lot of Americans who remain unsure.
According to a 2023 Pew Research survey, although about 90% of adults had heard of cryptocurrencies, 75% of them still believed it was unsafe and untrustworthy.
That’s Logical
People’s skepticism is understandable.
In March, the “King of Crypto” Sam Bankman-Fried received a prison sentence of 25 years after using his FTX cryptocurrency exchange to steal billions of dollars from clients.
A Sharp Uptick
But since the downfall of FTX, the popularity of the cryptocurrency industry has enjoyed a revival.
2022 saw the price of bitcoin collapsing, yet since then it has recovered and, in June, peaked at an all-time high.
Your Move, Harris
According to Democratic Party lawmaker Wiley Nickel, who also spoke at Bitcoin 2024, Kamala Harris was taking a “forward-looking approach to digital assets and blockchain technology” earlier at the event.
Don’t Trust the Dems
In his statement to CNN, Trump campaign spokesman Brian Hughes stated that “crypto innovators and others in the technology sector are under attack” from Democrats, while Trump was “ready to encourage American leadership in this and other emerging technologies.”
Courting for Currency
On Saturday, Trump stated, “Do not sell your bitcoin.”
But for now, only time will tell whether Trump’s wooing of the bitcoin bunch will mean more votes come November.
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The content of this article is for informational purposes only and does not constitute or replace professional financial advice.
