Trump’s cursory endorsement of Bitcoin
I’m far from convinced that Trump will remain a proponent of Bitcoin should he secure a second term. Even during Bitcoin 2024, his concluding remarks —“enjoy your crypto, and Bitcoin, and all the other things you engage with”— suggested he doesn’t genuinely care about Bitcoin. Indeed, just a few years back, Trump stated he was “not a supporter of Bitcoin and other Cryptocurrencies, which are not actual money, and whose value is extremely volatile and based on illusions”.
Thus, while it may be alluring to view Trump as a crypto advocate, the truth is considerably more nuanced. His support for Bitcoin is minimal at best, and there’s ample reason to anticipate that he will forsake the crypto community the instant it serves his political agenda. Bitcoin enthusiasts, both in the US and Australia, should exercise caution in placing too much trust in a politician who has repeatedly demonstrated that his loyalty is available to the highest bidder.
Considering Trump’s history of broken campaign promises during his first term, I wouldn’t anticipate anything different. Keep in mind, this is the same individual who vowed to “drain the swamp” and subsequently surrounded himself with Wall Street professionals. If he can waver on fundamental issues like that, why would Bitcoin be an exception? The instant Bitcoin becomes a liability for him or his financial supporters, you can bet he’ll shift gears faster than you can utter “blockchain”.
The risk of betrayal post-election
However, it’s painfully clear he merely desires your financial support and your vote. Naturally, this can apply to most politicians, but Trump stands out as a more pronounced example of this tendency. He will essentially swindle you for it if necessary, whether it’s via these absurd NFTs or whatever his latest crypto venture might be.
For Australian Bitcoin holders, this should serve as a warning sign. Although the US may seem distant, American policies significantly affect global markets, including crypto. If Trump were to oppose Bitcoin, it could initiate a series of regulatory actions that would reverberate worldwide, including in Australia. We’ve seen how swiftly governments can act to regulate crypto when they perceive a threat—just consider China’s outright ban on Bitcoin mining. Should Trump decide Bitcoin no longer serves his interests, we could witness similar actions in the US, which would undoubtedly have a dampening impact on the global crypto landscape.
And let’s also remember, Trump has consistently championed the US dollar. He has made it abundantly clear that he regards the dollar as the quintessential emblem of American influence. Bitcoin, with its decentralized characteristics and ability to challenge fiat currencies, fundamentally contradicts that ideology. If pressed, Trump will almost certainly favor the dollar over Bitcoin, particularly if it ensures allegiance from the Federal Reserve or additional financial entities.
Currently, Trump requires your financial contributions and your vote—but that need will vanish once he’s elected. Even if you take his comments like “miners receive all the power they require for mining” seriously, what reason is there to trust he won’t discard Bitcoin the moment it’s advantageous for him… most plainly, in favor of the dollar?
Source: bitcoinmagazine.com
Indeed, Trump is giving mere platitudes to Bitcoin enthusiasts, which is more than we can attribute to Kamala Harris. His appearance at the Bitcoin conference is certainly noteworthy, indicating he’s cognizant of the “crypto voter” as a viable constituency. Additionally, Trump made an appearance at PubKey, a rather amusing stunt—though it seems he wasn’t even able to complete the payment himself.
