How Trump Became a Crypto Hero
They say there's a fine line between love and hate. In Donald Trump's case, the journey went in the opposite direction: from criticising the crypto industry to fully supporting it. When Trump first spoke out about bitcoin, he called it a "fraud" and a "bubble." But by 2022, having launched his own NFT collection, he had earned up to $1 million, demonstrating that digital assets could, in fact, be profitable for him.
Election Campaign
Over time, Trump began to shift his stance. During his 2024 election campaign, he expressed support for the crypto community and began accepting bitcoin as donations. This move proved timely: by 2024, approximately 40% of American adults owned digital assets, and 20% of voters stated they took presidential candidates' positions on cryptocurrencies into account.
World Crypto Capital
Trump has declared that the United States could become the global capital of the crypto industry. To achieve this, he proposes reducing regulatory pressures. Specifically, he plans to replace SEC Chairman Gary Gensler and is even considering appointing JPMorgan Dimon as Secretary of the Treasury. Trump has also voiced opposition to a digital dollar, fearing it could compromise citizens' financial freedom. The former and possibly future president sees bitcoin as a means of preserving the financial independence of U.S. citizens and has proposed legalising bitcoin payments in the country. As part of his campaign, he demonstrated his commitment to this idea by paying for an order in a New York bar using bitcoin.
The Trump Family and DeFi
Among his proposals is the development of decentralised finance (DeFi). His sons’ project, World Liberty Financial (WLFI), aims to make banking services more accessible through blockchain technology.
Bitcoin Cushion
Another of Trump’s ideas is to create a national bitcoin reserve. Currently, the U.S. government holds over 207,000 bitcoins, and Trump suggests forming a financial "safety cushion" from this reserve to help stabilise the economy.
Productive Mining
To attract investors, Trump promises to reduce tax burdens on the crypto market. Unlike Biden, who proposed a 30% tax on mining, Trump sees mining as an opportunity to support the U.S. energy grid and intends to promote "green mining."
Market Reaction
The financial community welcomed Trump’s return with enthusiasm: the dollar and stock indices rose, and bitcoin reached a record high of $76,401. However, as analysts at the brokerage company XPBEE note, after the initial surge, the growth stopped. Within the crypto community, there is hope that Trump will fulfil his promises and not disappoint the market, as the future of digital assets hinges on his actions.
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