Trump made headlines recently with his shift from being skeptical to champion of cryptocurrency as president of his nation.

Donald Trump wasn’t always supportive of cryptocurrency, but recently has shown strong backing for it. Industry spending on politics has made crypto an election issue on both sides, according to one source quoted by Business Insider (BI). Trump’s pro-crypto stance makes bitcoin “an integral component” in his trade portfolio, according to Bernstein.
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At a campaign fundraiser event held earlier this month, former president Donald Trump appeared as someone that seemed highly unlikely not long ago. “He announced himself as being president of crypto,” tech executive Trevor Traina who attended a fundraiser said at that time, according to Reuters. That may not have been something Trump himself would have taken kindly during his first term: tweets posted during 2019 made clear his lack of appreciation for crypto assets. “I do not support Bitcoin and other Cryptocurrencies which are unregulated and thus highly unstable. Unregulated Crypto Assets facilitate unlawful activity such as drug dealing….”- Donald J Trump on July 12, 2019.
He remained of this opinion through at least 2021, telling Fox Business that bitcoin appeared “like an elaborate scam”. As part of his argument against crypto, Trump often noted the industry requires tight regulation. With 2024 elections fast approaching however, Trump’s view has taken an almost 180 degree shift: after telling CNBC earlier in 2019 he wasn’t certain of taking crypto away, by May he declared the US as its global leader within this space. “On the other hand, Crooked Joe Biden wants it to die a slow and agonizing death,” according to one post on Truth Social by Trump’s Democratic opponent Joe Biden. This may explain why crypto has become such an election issue – with Democrats as well as Republicans alike placing additional importance on it during this presidential race. “According to all indications, it will likely be an extremely tight election,” Alan Konevsky of tZERO told Business Insider. There will likely be intense competition over campaign funds as well as crypto assets being an influential lobby force – something Alan noted when discussing cryptocurrency’s importance during presidential debates in 2016. “The numbers speak for themselves: Public Citizen reported in May that cryptocurrency has emerged as a formidable source of political funding that’s difficult to ignore. At this election cycle’s close, crypto-backed super PACs had raised over $102 million, placing third among all super PACs. Trump’s promises to support US crypto miners or reduce regulatory overhangs are providing him with new funds from this industry. One crypto executive recently informed CNBC that the industry has pledged $100 million towards his campaign. “As an industry we are committed to raising over $100 million and turning out over 5,000,000 voters for Donald Trump’s reelection,” BTC Inc. CEO David Bailey declared. However, crypto’s presence in electoral contests also stems from its increased prominence among Americans – something Konevsky may have underestimated previously. According to Grayscale surveying data about young voters considering crypto candidates before making up their minds about voting; moreover its increasingly bipartisan character influences President Biden’s platform as well. He too has accepted cryptocurrency donations and his administration has adjusted regulators’ approaches to this industry. With crypto now enjoying increasing political acceptance and no clear winner emerging in the short-term battle between parties, billionaire cryptocurrency bull Michael Novogratz observed. Congress has also supported industry initiatives, like the Financial Innovation and Technology bill. But markets seem more optimistic in Trump to assist their sector; Bernstein noted in late June that should Republicans win November, his promise of better regulation may help bitcoin surge throughout its fourth-quarter run-up. Analysts wrote, if Republican electoral sentiment were to shift more strongly toward cryptocurrency being seen as the go-to trade on hopes for favorable regulatory regime changes that might alter blockchain use cases such as Ethereum. Additionally, Konevsky noted the significance of monitoring how regulatory and court appointees might change under an alternate administration; aside from being concerned with who runs market watchdogs like SEC; there have also been cryptocurrency lawsuits where judges play key roles as decision makers over issues surrounding crypto markets.
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