A historical account of Trump’s inextricable relationship with the crypto industry
In addition to pushing for the passage of a Bitcoin futures ETF during his tenure as president, Trump's indissoluble bond with the crypto industry can be traced back to February 20, 2016, when a cryptocurrency project called TrumpCoin was issued in tribute to Donald Trump, who had not yet won the presidential election that year. Although the project was subsequently warned by Trump's son Eric Trump, Trump's connection with cryptocurrency has since become uncontrollable.
The ambiguous attitude of being indecisive
On December 1, 2017, the U.S. Commodity Futures Trading Commission (CFTC) officially announced the Bitcoin futures ETF launched by the Chicago Mercantile Exchange (CME) and the CBOE Futures Exchange (CFE). The futures ETF went online on December 18 of that year and once helped Bitcoin soar to nearly US$20,000. This move was one of the policy operations of the Trump administration in its first year in office.
On July 3, 2018, the American Libertarian Party had called on Trump to pardon Silk Road founder Ross Ulbrich after the U.S. Supreme Court rejected Ulbrich's request for a review of his life sentence.
On December 15, 2018, Trump appointed Bitcoin supporter Mick Mulvaney as White House Chief of Staff.
On December 21, 2018, Lyn Ulbricht, the mother of Silk Road founder Ross Ulbricht, expressed her hope that US President Trump would pardon her son.
On March 7, 2019, Manisha Singh, U.S. Under Secretary of State for Economic Growth, Energy, and the Environment, said that the Trump administration hopes to "support and participate in the blockchain industry" and hopes to "maintain competitiveness and strengthen the United States' leadership in blockchain development."
On July 12, 2019, Trump tweeted, "I am not a fan of Bitcoin and other cryptocurrencies. They are not currencies, their value fluctuates greatly, and comes out of thin air. Unregulated crypto assets can facilitate illegal behavior, including drug trafficking and other illegal activities." Coinbase CEO responded, "This is the only way for crypto to win." CZ said that Trump's criticism of cryptocurrencies will only benefit the industry. Influenced by Trump's post, the number of searches for "Bitcoin" on Google surged.
On October 23, 2019, former CFTC Chairman Christopher Giancarlo expressed his approval of the Trump administration's use of the launch of Bitcoin futures to burst the Bitcoin bubble.
In February 2020, Trump released his fiscal year 2021 budget proposal, and documents showed that federal agencies including the U.S. Department of Justice and the Treasury Department were seeking millions of dollars in additional funding to support their oversight and law enforcement work on cryptocurrencies.
In April 2020, billionaire and blockchain supporter Mark Cuban was appointed as a consulting advisor to Trump.
On June 4, 2020, Trump nominated Hester Peirce, Commissioner of the U.S. Securities and Exchange Commission (SEC) and "Crypto Mom", for a second term.
On June 18, 2020, according to media reports, former US National Security Advisor John Bolton quoted Trump's remarks on Bitcoin in his unpublished book "The Room Where It Happened". It is said that as early as May 2018, Trump told Treasury Secretary Steven Mnuchin, "Go after Bitcoin (fraud)."
On January 20, 2021, Trump pardoned Ripple board member Ken Kurson.
On June 7, 2021, Trump said in an interview with Stuart Varney of Fox Business Channel that "Bitcoin is a scam, and I would not be surprised if it fell below $6,000." He said that the reason he hated Bitcoin was that Bitcoin was competing with the US dollar. Trump also said: The currency of this world should be the US dollar, and we should not have Bitcoin. In addition, Trump also called for stricter regulation of cryptocurrencies.
In September 2021, Trump warned that investing in cryptocurrencies "could be a disaster waiting to happen," and said he was "not a big fan of cryptocurrencies" and had not invested in Bitcoin or any cryptocurrency.
In December 2021, Trump said in an interview that he never liked cryptocurrencies because he liked to own dollars and was never a fan of cryptocurrencies, but the influence of cryptocurrencies was getting bigger and bigger, and no one was doing anything about it. Cryptocurrency is a very dangerous thing and it will explode one day.
It can be seen that Trump's attitude towards cryptocurrencies has been wavering during his tenure and for a long time after he left office: on the one hand, in terms of specific policies, the Trump administration has promoted public education on Bitcoin and the creation of a crypto-friendly environment to a certain extent; on the other hand, in personal remarks, Trump has a negative view of Bitcoin, believing that it will encourage criminal activities and should be strictly regulated. This is due to the limitations of his role as president and his limited understanding of the cryptocurrency industry.
This will undergo a huge change in the future.
From crypto-averse to crypto-friendly: issuing NFTs, hosting dinners, and accepting crypto donations
It is worth mentioning that one of the factors that prompted Trump's transformation from a "crypto-hater" to a "crypto-friendly" may be his wife, former US First Lady Melania Trump, and in terms of issuing NFTs, Trump may have also learned from Melania.
In December 2021, Melania announced the launch of the Melania Trump NFT platform, which will exclusively release NFTs on a regular basis, and said that it will use the Solana blockchain and payment services of the crypto payment infrastructure startup MoonPay. Later, this cooperation news was denied by MoonPay and Solana Labs.
In February 2022, on the eve of President's Day, Melania launched the NFT series POTUS (generally referring to the President of the United States of America), which is the abbreviation of the President of the United States of America during Trump's tenure. The NFT series will launch 10,000 pieces, based on the Solana blockchain, and priced at US$50.
In March 2022, DeepRedSky, an NFT marketplace launched by the Web3 social media platform Parler, issued the Trump-related NFT Official Crypto Trump Club.
In May 2022, Melania launched a limited edition artwork MetaRose NFT to commemorate American Foster Care Month, with a total of 3,000 pieces, each priced at US$150.
In September 2022, Melania plans to launch a series of limited-edition handmade Christmas ornaments, along with corresponding NFTs, to support foster children.
Perhaps it was Melania's example that led Trump to finally start his own "sassy operation" -
On December 16, 2022, Trump announced on truth social the release of a limited edition Trump digital trading card NFT, each for only $99. The NFT was minted on Polygon, with a total of 45,000.
On January 13, 2023, Trump once again issued the "Win Trump Prizes" NFT on Polygon. NFT benefits include dinner with Trump, video calls, playing golf, autographed souvenirs, 1v1 meetings, etc.
On April 19, 2023, according to media reports, former US President Trump announced that he would launch the second series of his personal NFT collection "Trump Digital Trading Cards", priced at US$99 each, with a total of 47,000 NFTs.
On December 13, 2023, Trump launched a new NFT series "Mugshot Edition" for $99. Users who purchase 47 Trump cards will be able to have dinner with Trump at Mar-a-Lago and receive a suit Trump wore when he was arrested in August. According to relevant documents, Trump earned $2.8 million from NFT sales. The "Trump Dinner" pie will not be finalized until May 2024.
In January 2024, Trump said in a campaign speech that if he became the US president again, he would never allow the creation of a central bank digital currency (CBDC), which he believed would give the government absolute control over funds.
On May 9, 2024, Trump announced that he would accept donations to the US presidential campaign in the form of cryptocurrency, and said: "Biden doesn't even know what cryptocurrency is. If you like cryptocurrency, you'd better vote for Trump." He also promised that he would stop the US hostility towards cryptocurrency and embrace it. On May 22, the Trump campaign officially announced that it would begin accepting cryptocurrency donations, and supporters could donate using "any cryptocurrency accepted through Coinbase Commerce products."
On May 26, 2024, Trump said in succession: "We will ensure that the future of cryptocurrency and Bitcoin is created in the United States (Made in the USA)... We will support the self-custody rights of 50 million cryptocurrency holders across the United States, keep Democratic cryptocurrency critic Elizabeth Warren and her supporters away from Bitcoin, and reiterate that we will never allow the creation of a central bank digital currency (CBDC). In addition, he also promised that if he is elected president, he will pardon Silk Road founder Ross Ulbricht.
For a time, Trump’s election calls became much louder, and he himself transformed himself into a “cryptocurrency-friendly” in the eyes of many people. However, is this really the case?
The true nature of politicians: everything for votes
Everything starts with political votes.
Current state of US politics: Cryptocurrency crowd becomes an important influencing force
As of January 2024, at least 18 U.S. senators support cryptocurrency, according to the latest data from Coinbase’s nonprofit advocacy organization Stand with Crypto.
In March 2024, a poll showed that 69% of Americans were dissatisfied with the current financial system, so they began to look for other options including cryptocurrencies. 19% of registered voters in the United States said they had purchased cryptocurrencies, including 19% of self-identified Democrats and 18% of Republicans, and 24% of self-identified independent voters. This means that cryptocurrency holders account for a larger proportion of voters than policymakers expected. In addition, the survey also found that people of color and young people have a higher proportion of cryptocurrency.
According to a research report released by CouponBirds in March, 45.2% of American parents who own cryptocurrencies have already bought some cryptocurrencies for their children, and 40.6% of parents plan to buy cryptocurrencies specifically for their children in the future. Its research shows that parents generally believe in the potential of cryptocurrencies as long-term investments and want to educate their children about this asset class.
In May, according to data disclosed by the listed exchange Coinbase on the X platform, by 2023, 52 million Americans will own cryptocurrencies, accounting for 20% of the adult population in the United States.
It can be seen that, whether for Trump or Biden, the influence of the cryptocurrency crowd on political votes is increasing, so that the two have to take corresponding measures to enhance the "favorability" of this group to serve their own presidential campaigns. In specific opinion polls, Trump's approval rating is currently relatively high.
Polls: Trump has a certain advantage
In December 2023, a poll of 454 people conducted by the Tarrance Group and Patinkin Research Strategies showed that 41% of voters would choose Biden in the 2024 presidential election, while 51% would choose Trump as the next president.
In March 2024, a poll commissioned by crypto investment firm Paradigm and conducted by polling firm Public Opinion Strategies showed that approximately 48% of cryptocurrency holders intend to vote for Trump, while 39% prefer Biden.
In addition, Trump has also received support from a number of cryptocurrency and investment industry insiders.
In early May, Bitcoin Magazine CEO David Bailey wrote: “We intend to raise $100 million for the Trump campaign to ensure that the next US president is pro-Bitcoin.”
Blackstone CEO Steve Schwarzman announced that it will raise money for Trump's campaign to help the presumptive Republican nominee build the donor base that will lead to eventual victory.
Compared with Biden's previous slightly conservative political statements, such as announcing that the FIT 21 crypto bill would not be vetoed if passed by the House of Representatives and that the deadline for deciding on the "Repealing SAB 121" resolution would be postponed to June 3, Trump's "clear-cut" move to stand on the side of the cryptocurrency industry is obviously more popular.
Of course, everything is unknown now that the presidential election has not yet begun. As Trump has always been a fence-sitter, it is difficult for us to judge whether he supports the development of the cryptocurrency industry from the bottom of his heart or is just for the votes of voters.
You know, as the current Republican presidential candidate, Trump also participated in political campaigns as a Democrat in the early days of his political career. No matter how others view it, Trump's character is that of a complete politician.
This can be seen from the incident of "governing the country through Twitter" when he was in office.
From governing the country through Twitter to launching Truth Social: Fighting for free speech?
After being elected president in 2016, Trump used Twitter, a social media platform, as his main "external propaganda channel." People often learned about national affairs and current affairs through Trump's tweets rather than from White House spokespersons. As a result, there was a joke that Trump was "governing the country with Twitter."
But in 2020, in the twilight of his presidency, the incident laid the seeds for Trump’s exit.
Twitter ban: The beginning of Trump’s decline
In May 2020, Twitter officially censored and blocked Trump’s Twitter account, believing that his speech could lead to violence. In response, Ethereum founder Vitalik Buterin commented: “I have previously mentioned that ‘companies that regulate the government’ are on the rise, and now Twitter has censored and blocked Trump’s Twitter account, believing that his speech could lead to violence. This is a major escalation and could be a new chapter in the relationship between companies and the state.”
Subsequently, Trump signed an executive order to limit social media's censorship power. The Forbes article stated that this move could deprive social media giants of their "platform" rather than "publisher" privileges and further open the door to blockchain-based decentralized alternatives that have begun to threaten the dominance of Facebook and Twitter. Zuckerberg said in an interview with Fox News: "I firmly believe that Facebook should not be the arbiter of the truth of everything people say online. Private companies should probably not do this, especially these platform companies, should not do this."
Unfortunately, these incidents did not help ease the conflict between Twitter and Trump.
In January 2021, Twitter announced in a statement that it had "permanently banned" President Trump's account due to the risk of further inciting violence. Subsequently, Facebook also banned Trump's account after the riot at the U.S. Capitol.
In this way, the power of the centralized platform achieved the "ultimate judgment" on former President Trump.
Truth Social: Real social interaction or just another information cocoon?
In May 2021, Trump created his own personal website platform, but it was closed after only one month.
On October 20, 2021, Trump Media and Technology Group issued a statement announcing that it would launch the Truth Social social media platform, which would be available on IOS for testing in November 2021 and officially released to the public in 2022.
On February 21, 2022, another "President's Day" arrived, and Truth Social was officially launched on IOS.
In April 2022, Musk said that Truth Social, the social media company created by Trump, existed because Twitter censored free speech.
In October 2022, Musk officially completed the acquisition of Twitter, and subsequently fired Twitter's head of legal policy who banned Trump's account.
On November 19, 2022, Reuters reported that Trump said, "I don't see any reason (to return to Twitter)." Trump said that he insisted on using his own social platform "Real Social", which has higher user engagement than Twitter and performs very well. Subsequently, after Musk initiated a Twitter vote on whether to restore Trump's account, he said that he would respect public opinion and restore his account (51.8% of voters agreed to restore it).
In February 2023, a Meta spokesperson confirmed that Trump’s Facebook and Instagram accounts had been officially restored on February 9 local time, allowing him to post content on the above social platforms.
On August 24, 2023, Trump, who had been silent on X (formerly Twitter) for more than two and a half years, posted again. The content was a "suspect mug shot" taken when he surrendered at the Fulton County Jail in Georgia. The text on the picture recorded the date when he went to surrender, the charge of "overturning the election results", and wrote "never surrender".
Currently, this is also the latest tweet from Trump’s X platform account. He has been mainly active on the Truth Social platform until now.
It can be said that although Truth Social did not develop into a non-mainstream social media platform "speaking for the truth" as Trump had expected, and many people criticized it as just another information cocoon created for Trump and his fans, in some ways, Trump did pay a price for freedom of speech and set an example.
Perhaps this is also the reason why there are still many cryptocurrency projects related to Trump concepts.
America’s “Crypto Patriarch”: Mixed praise and criticism, or is the winner the king?
According to the on-chain data monitoring platform Arkham, the value of Trump's crypto assets has increased significantly over the past period of time, and has now exceeded US$10 million, including 579,290 TRUMPs, worth US$7.5 million; 463.35 ETHs, worth US$1.81 million; 374.69 WETHs, worth US$1.17 million, and other altcoins and Meme coins ranging in quantity and value from hundreds of thousands to thousands of dollars.
In addition, the currencies related to the Trump concept currently include:
MAGA(Trump) (which stands for Make America Great Again);
Tremp (Solana ecosystem Meme coin, as opposed to BODEN);
DONALDCAT (Trump’s cat, a meme coin with a cat theme);
FREE (the token of FreeRoseDAO, which is associated with Trump’s promise to pardon the founder of Silk Road);
JUSTICE (AssangeDAO token, associated with WikiLeaks founder Assange).
Looking back at Trump's past experience, we can also see that the journey of this American "crypto patriarch" who claims to "make the future of encryption happen in the United States" has not been smooth, but full of ups and downs. But as he said, "never surrender", no matter how the outside world evaluates it, whether it is praise or slander, before the dust settles, it is worth affirming that he maintains the spirit and courage to continue fighting. As for whether he will be praised and criticized in the end or the winner will be the king, everything is unknown before the results of the presidential election are produced.