Former President Donald Trump, who once criticized cryptocurrency as “highly volatile and based on thin air,” has now embraced the industry and become one of its most well-known supporters. He will address the largest annual gathering of the cryptocurrency industry in Nashville as part of his latest White House bid. Trump’s campaign now accepts bitcoin donations, has collected millions in contributions, and has criticized the Biden administration’s efforts to regulate the industry.
Despite the industry’s recent troubles, Trump has fully embraced the hype and hopes of the nascent industry. He has vowed to make it easier for cryptocurrency mining companies to operate in the United States. Industry leaders and investors have donated millions of dollars to his campaign and have aligned political committees. Many in the industry consider themselves single-issue voters and are supportive of Trump’s pro-bitcoin stance.
Since Trump expressed opposition to bitcoin in 2019, the industry has faced more turbulence, including the arrest and imprisonment of Sam Bankman-Fried, the founder of cryptocurrency exchange FTX. Trump’s campaign has not disclosed the reasons for his change of heart, nor has he addressed the lack of real-world utility for cryptocurrencies. Despite this, his campaign asserts that he is ready to encourage American leadership in emerging technologies.
Republican allies, like South Carolina Sen. Tim Scott, have joined Trump in his pivot towards bitcoin, citing concerns about financial freedom. The industry has been courting Trump for months, educating his campaign on their policy agenda and the opportunity to sway voters on the topic. Billionaire crypto tycoons, such as the Winklevoss twins, have pledged to donate to Trump’s campaign.
Leaders and champions of the cryptocurrency industry have become increasingly political and are helping to bankroll super PACs that overwhelmingly support Republicans. The industry has experienced a resurgence since the downfall of FTX, with the price of bitcoin reaching an all-time high. Despite concerns about cryptocurrency among Americans, Trump’s courtship of crypto voters is consistent with his efforts to find support in unconventional places, such as the Libertarian Party convention.
Trump’s attempts to court cryptocurrency voters have been met with skepticism, even from some within the industry itself. While some, like John Fischer, a 61-year-old crypto investor from Atlanta, plan to support Trump, others like Luke Broyles, a 25-year-old working in the crypto industry, have doubts. Ultimately, the reception to Trump’s pro-bitcoin stance within the cryptocurrency community remains mixed, with some expressing skepticism due to a lack of trust in politicians.
