Crypto X reacted to the news of former US President Donald Trump’s conviction with a mix of outrage and humour.
Trump was found guilty on 34 felony charges relating to hush money paid to porn star Stormy Daniels.
Messari CEO and co-founder Ryan Selkis tweeted, “Buy guns. Buy Bitcoin. Move to a red state. The US Constitution has fallen.”
Former FTX executive Ryan Salame posted, “Tough to see two great men convicted this week.”
tough to see two great men convicted this week
— Ryan Salame (@rsalame7926) May 30, 2024
Salame was presumably also referring to himself — he was sentenced this week on fraud charges.
On the other hand, crypto venture capitalist Adam Cochran — known among the crypto X community for his viral threads — posted that Trump is “a literal criminal.”
“A twice impeached, convicted felon, found guilty by a jury of his peers on 34 criminal counts,” is running for president, Cochran wrote, adding that Trump has also been found civilly liable for defamation, sexual assault and battery.
“But you’re worried the other guy [incumbent Joe Biden] is old?”
Hush money
There’s no evidence that Trump’s conviction threatens the US Constitution.
He was found guilty in a Manhattan court of falsifying business records.
He did so to cover up a $130,000 payment to Daniels to ensure she didn’t go public before the 2016 presidential election about a sexual encounter they had in 2006 when he was already married to current wife Melania Trump.
“Trump will never be president again,” financier Anthony Scaramucci posted on Thursday.
Trump will never be President again.
— Anthony Scaramucci (@Scaramucci) May 30, 2024
Scaramucci has been critical of Trump since he was fired from his job as White House Communications director in 2017.
However, experts say Trump is unlikely to go to prison. And the conviction doesn’t prevent him from running for president again.
Nor will it likely erode support among his base, who are undeterred by his laundry list of other alleged crimes and civil violations, his close ties to America’s enemies, or his sleazy comments about women.
The only impact it might have, is galvanizing his base for turn out.
But they are already always perma-galvanized.
It will put off the quiet moderates who could have voted for him, and many independents.
They just don’t tend to be as loud on Twitter.
— Adam Cochran (adamscochran.eth) (@adamscochran) May 30, 2024
Trump himself contends he’s the victim of a politically motivated witch hunt.
Crypto ally Republican Senator Cynthia Lummis — who has previously posted images of herself with laser eyes — on Thursday repeated this line, calling the trial a “biased political persecution.”
This hasn’t been a trial; this has been a biased political persecution from the start. pic.twitter.com/53TGMEhD3K
— Senator Cynthia Lummis (@SenLummis) May 30, 2024
Support from crypto
As Trump campaigns for president, he can seemingly count on support from crypto industry leaders.
He’s taken pains lately to position himself as a crypto-friendly candidate, potentially swayed by the industry’s well-funded political lobby.
Selkis, who has lobbied hard for the industry, has been spotted at Mar-A-Lago, Trump’s resort town home in Florida.
Biden has apparently come to a similar realisation, with his administration reportedly cautiously engaging the industry.
Still, it might be too late for Biden, who has embraced some powerful crypto-sceptics — including Securities and Exchange Commission Chair Gary Gensler, and crypto arch-nemesis Senator Elizabeth Warren.
I guess I'm getting a new t-shirt pic.twitter.com/XuO6NduBoh
— Charles Hoskinson (@IOHK_Charles) May 30, 2024
Questioned commitment
While many in crypto rejoice in Trump’s volte face, some are sceptical that he’s really committed to the industry.
Cochran alluded in his post to Trump’s history of lying.
“Imagine thinking he’ll keep his commitments to you when he lies and cheats at everything,” he wrote.
Trump had not shown much interest in crypto in the past, and called Bitcoin a scam in 2021.
He and Melania have both issued lines of non-fungible tokens, commonly known as NFTs.
Reach out to the author at joanna@dlnews.com.