Donald Trump has shifted to a pro-cryptocurrency stance as he runs for another term as President of the United States. This change is significant, considering his past criticisms of Bitcoin.
Back in June, he stated on his social media platform, Truth Social, “We want all remaining Bitcoin to be made in the USA.” This marks him as a candidate who supports crypto ahead of the upcoming election in November. He’s attracting considerable donations in cash and digital assets from tech leaders in Silicon Valley.
Historically, Trump has been critical of cryptocurrencies. In 2019, he made it clear he didn’t like Bitcoin. He tweeted, “I am not a fan of Bitcoin and other cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air.” He emphasized the strength of the U.S. dollar, calling it the only real currency in the country. Even during a Bitcoin surge in 2021, he labeled it a “scam” and reiterated his preference for the dollar.
The former president’s journey toward embracing crypto began with NFT collectibles. After leaving office in late 2021, Melania Trump announced plans for an NFT collection on Solana. However, Solana Labs clarified they weren’t involved. Despite this, Trump continued to criticize crypto as “dangerous.” But in 2022, he launched his own NFT collection on the Ethereum scaling network Polygon. While it received some ridicule, it sold out quickly and made millions. Trump later remarked that he found NFTs “sort of cute.” Since then, he has released more collections, including some minted on Bitcoin.
This year, Trump’s rhetoric changed significantly. In a March interview with CNBC’s Squawk Box, he stated, “I make money with it, I have fun with it too.” He referred to cryptocurrencies as “crazy new currencies.” At a gathering of his NFT holders in May, he said he was “good with” crypto and criticized Biden for being “against it.” This marked a turning point in the conversation about crypto policy.
Now, with his support for U.S. Bitcoin mining, digital assets have become a key topic in his campaign. Rumors surfaced in May that Elon Musk, a major donor to Trump, was advising him on crypto strategies, though Musk denied these reports. In July, the Republican Party introduced a draft platform mentioning crypto, which is a first for the party.
After surviving an assassination attempt in July, Trump gained endorsements from notable figures in the crypto space. Major donations came from the Winklevoss twins and Kraken founder Jesse Powell. Trump also picked Senator J.D. Vance as his running mate, a candidate known for his pro-crypto stance.
Trump’s commitment to cryptocurrency was further solidified at the 2024 Bitcoin Conference in Nashville. There, he promised to create a “strategic Bitcoin stockpile” for the country and aimed to make the U.S. the “crypto capital of the planet.” The Trump family has also hinted at a decentralized finance (DeFi) project called “World Liberty Financial.” Donald Trump Jr. suggested it would empower average Americans against financial elites.
Following another assassination attempt, Trump launched the DeFi project during a live interview with Rug Radio. The project aims to provide borrowing and lending services for cryptocurrencies on Ethereum. His team has also expanded to include more crypto advocates. Recently, Bitcoin supporter Robert F. Kennedy Jr. suspended his campaign to endorse Trump.
As the election approaches, Trump’s crypto policies are likely to gain more attention. He recently became the first former U.S. leader known to use Bitcoin for a purchase, buying burgers for supporters at a Bitcoin-themed bar in New York City.
As we get closer to the election, it remains to be seen how much of Trump’s pro-crypto rhetoric will translate into actual policy if he returns to office. Some experts doubt his sincerity, while others believe a potential Trump administration could be less hostile toward crypto compared to Biden’s current approach.