Trump, in Complete Reversal, Endorses Bitcoin
"I will keep Elizabeth Warren and her goons away from your Bitcoin"
My, have the political winds in Washington changed.
Former President Donald Trump, running again this year against incumbent Joe Biden, delivered a barrage of pro-Bitcoin comments on Saturday, while speaking to the Libertarian Party National Convention in Atlanta. Though Trump was, at times, booed by the attendees, his Bitcoin comments sounded very Libertarian.
Notably, Robert F. Kennedy, Jr. spoke to the same gathering the day before and received a much warmer reception. Kennedy, though a lifelong Democrat, is running on an independent line for president, and is very much pro-Bitcoin. He spoke last May at the Bitcoin Magazine Annual Conference in Miami Beach.
Both Trump and Kennedy were spurned by the Libertarians, as they nominated Chase Oliver, from Georgia, as their nominee for president.
In 2019, Trump denounced Bitcoin as “a scam,” and said he was not a fan of any cryptocurrencies.
“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. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity.” - Donald Trump, on Twitter, July 11, 2019.
Trump’s Stance Seems to Have “Evolved”
Much like President Barack Obama’s position on same-sex marriage evolved. When the political winds in the country change, much evolving takes place. Polls are taken. Consultants are consulted with. Positions are crafted. And, at the chosen time, statements are released. The Libertarian National Convention seemed as good a place as any to declare a pro-crypto, pro-Bitcoin position.
Trump echoed his convention comments with a post on social media platform Truth Social. How’s this for a complete 180-degree shift:
“I am very positive and open minded to cryptocurrency companies, and all things related to this new and burgeoning industry. Our country must be the leader in the field. There is no second place. Crooked Joe Biden, on the other hand, the worst president in the history of our country, wants it to die a slow and painful death. That will never happen with me!” - Donald Trump, on Truth Social, May 25, 2024.
Trump told his audience that 16% of Americans own Bitcoin, which, if true, means over 50 million people. That’s a significant voting block.
It’s not hard to see that attitudes toward Bitcoin are changing. Bitcoin spot ETFs have been approved by the SEC. Bad actors in the crypto space have been flushed out (FTX, SBF, and others). More members of Congress are supporting bills to prop up the crypto industry. It seems political candidates are realizing the importance to take a positive, or at least open attitude toward this technology.
Trump Went Further:
“I WILL ENSURE THAT THE FUTURE OF BITCOIN AND CRYPTO WILL REMAIN IN THE USA. I WILL SUPPORT THE RIGHT TO SELF CUSTODY.”
That’s consistent with his America-first attitude. And the right to self-custody your Bitcoin is something that Sen. Elizabeth Warren has been fighting against.
He also spoke out against the proposed creation of Central Bank Digital Currencies (CBDC) and the invasion of privacy that they may represent.
The Trump campaign recently started accepting donations in Bitcoin. Hard to believe that they didn’t, back in 2020.
Trump also went so far as to promise the release of Ross Ulbricht, who has served eleven years in prison for allegedly running a criminal enterprise that facilitated the selling of drugs and other illegal products. Ulbricht created the anonymous e-commerce website called Silk Road, where people could buy products anonymously, mostly using crypto. For creating the site, where others engaged in illegal trade, he received two life sentences plus forty years in prison.
Ulbricht responded, on X, to Trump’s pledge:
“Last night, Donald Trump pledged to commute my sentence on Day 1, if reelected. Thank you. Thank you. Thank you. After 11 years in prison, it is hard to express how I feel at this moment. It is thanks to your undying support that I may get a second chance.”
Other Reactions to Trump’s Declaration
“The right people are in Trump’s ear. Bullish for Bitcoin.” - Dylan LeClair, noted Bitcoiner.
“Trump just won the 2024 presidential election with self-custody.” - Simon Dixon, former investment banker turned Bitcoiner.
“Biden needs a new Bitcoin policy team, yesterday.” - Pierre Rochard, RIOT Platforms.
“Trump has no interest in Bitcoin or crypto. Trump thinks everyone is an idiot (he's probably right on that). He will say whatever to win as this is his last dance.” - Jason Pizzino, crypto investor.
Shark Tank billionaire Mark Cuban, a supporter of President Biden, warned that Trump could win the 2024 election, due to the Biden administration’s opposition to crypto.
Galaxy Digital chief executive Mike Novogratz, a former Goldman Sachs partner and crypto stalwart, has predicted Bitcoin, ethereum and crypto prices "are going to be much higher than here" due to the political sea-change.
Bitcoin legend Max Keiser, an advisor to President Nayib Bukele of El Salvador, predicts that Trump’s supoort will “take Bitcoin to $1 million.”
And this gem, from an anonymous poster on X: “I bet son Barron got Trump’s ear.” Eighteen-year-old Barron Trump has reportedly become very involved in politics, and will be a national delegate from Florida at the Republicam National Convention.
The Bitcoin Files doesn’t endorse any political candidate, even those that are pro-Bitcoin. We also don’t recommend any investment. Do your own research. Only invest what you can afford to lose. And invest for the long term.
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Issue No. 136, May 27, 2024
Rick Mulvey is a CPA, crypto consultant, and frequent contributor to Bitcoin Magazine. He writes about all things Bitcoin, and yells at the Yankees and Giants. He also runs marathons and makes wine, neither professionally.
Trump has no interest in Bitcoin or crypto. Trump thinks everyone is an idiot (he's probably right on that). He will say whatever to win as this is his last dance.” - Jason Pizzino, crypto investor.
Sad day when Trump will do none of what he says and worse. Frightening