Donald Trump Won’t 'Make Bitcoin Great Again'

The newest Bitcoin warrior is former US president Donald Trump. Yes, you read that right—the same guy who called Bitcoin and all cryptocurrency a scam a few years ago. Well, Trump is singing a new tune these days, and, as you can guess, it's all because of the upcoming elections.

I won’t spoil the juicy details here. All you need to know is that this article will expose some of the thoughts behind most Trump statements. It will tell you what you can expect after Trump’s move and also provide an update on the latest happenings in the Bitcoin world.

What Great Things Has Donald Trump Said about Bitcoin

Since his days in office as the 45th US President, Donald Trump has had some interesting things to say about digital currency.

He Is Not a Fan

We can argue that this was when he was still the 45th president of the United States. At the time, however, Donald Trump hated Bitcoin and was distrustful of all things cryptocurrency. In his opinion, the value or worth of cryptocurrency was based on thin air and could aid drug trade and other illegal activities.

In the above tweets, you’ll see more reasons why he doesn’t trust cryptocurrency. Donald Trump just doesn’t want to see anything that’ll ‘trump’ the US dollar, as America only needs one real currency. You could say that he is pro-dollar, as he believes that the US dollar is the most dominant in the world.

While it can be easier to just call him a Bitcoin hater, Trump’s ideology was logical for his person. As a real estate mogul and pro-US personality, Donald Trump has deep trust in the traditional financial system and the US dollar.

So, the advent of Bitcoin, which stood above the traditional financial system and was characterized by volatility, was very much unwanted. The fact that there was no control over this new financial instrument that could affect the US financial market wasn’t helping matters either.

As president, Donald Trump was very concerned about economic security, and the fact that Bitcoin could bypass regulation was not cool. When you think about the things the blockchain can help criminals do, some of his points are not unwarranted. Of course, I don’t like them, but when you think about it, it's fair.

So, you can say that Trump’s opinion of Bitcoin and the digital currency industry is a reflection of many people’s opinions. It’s the result of what happens when the new world of cryptocurrency clashes with the established traditional financial system.

'Biden’s Hatred of Bitcoin Only Helps China, Russia, and the Communist Left'

On June 12, 2024, Trump hosted a meeting with a group of Bitcoin miners at his residence in Mar-a-Lago. The meeting was attended by several big names in the blockchain community. Companies like Marathon Digital, CleanSpark, and Riot Platforms had their representatives at the meeting. Amanda Fabiano of Fabiano Consulting; Salma Khan, CFO at Marathon Digital; and Brian Morgenstern, CEO of Riot Platforms, were also in attendance.

There, they talked about how bitcoin mining can serve as a job solution and even strengthen the electrical grid. They also talked about how the US needed more senators who were interested in learning about the advantages of Bitcoin and Bitcoin mining.

Their meeting was probably successful, as Trump later came out on social media to show his support for Bitcoin mining. In his opinion, Biden’s hatred of Bitcoin gives China, Russia, and the Communist Left an advantage.

While you could say that the blockchain industry leaders care for the welfare of the crypto space, the same can’t be said about Trump. After all, his support for Bitcoin and Bitcoin mining doesn’t concern the financial market. It’s just a political plot to get back at his old rivals: Russia, China, and now, Joe Biden.

The statement about having the rest of the Bitcoin mining done in the US is a very Trump-like move.

He loves America after all. Well, his own version of America. So, it's no surprise he wants the country to reap the apparent benefits of the cryptocurrency industry.

All Future Bitcoin Should Be Minted in the US. It Will Help the US to Be Energy Dominant

Now, I can boldly say that Donald Trump doesn’t understand anything about Bitcoin energy dominance. He’s just someone who’ll say anything for a vote, and many people can confirm.

So, his talk about making the US energy dominant using Bitcoin is typical politician talk. As long as it can get more people to cast their votes in his favor, it's okay.

The Central Bank Digital Currency (CBDC) is a move that the Central Bank is considering but hasn’t put into effect. Well, Donald Trump has branded this digital dollar a threat to freedom, and freedom is something the blockchain community desires.

So, he promises that if he’s reelected into office, he’ll block its creation. Whether or not he’ll actually do that is something that’s left for the future.

Impact of Trump’s 180-Degree on Bitcoin

Trump has been pro-Bitcoin in a way that is honestly nauseating. If you think that picture is cringeworthy, then you’ve seen nothing yet. There is a whole X handle dedicated to connecting Bitcoin to every move that he makes.

Now, most cryptocurrency enthusiasts do not believe Donald Trump or any economic policy he vows to create in Bitcoin’s favor. This also includes the leaders of the cryptocurrency industry, but what choice do they have? The crypto landscape is in need of a savior to foster greater acceptance, and Trump is willing to assume that position.

No matter how much industry leaders can smell the lies coming from a mile away, they just need to work with him.

There are not many politicians with the clout of Trump on the side of cryptocurrency. So, having him is better than having no one. The fact that the Biden administration is creating new rules to further restrict cryptocurrency isn’t helping matters.

While the cryptocurrency community does not believe Trump one bit, there are many people who are buying his ideas. In fact, some pro-Trump individuals have opened up to the idea of Bitcoin and cryptocurrency since Trump endorsed them. So, you can expect the adoption of cryptocurrency to increase in the upcoming months until the election in November.

Conclusion

Donald Trump’s support for Bitcoin is simply a weapon against Biden in the upcoming elections. He is trying to get chummy with the cryptocurrency crowd to get their votes when the time comes.

Of course, many people are not buying his propaganda, especially when he was against digital currency during his tenure as president. Nonetheless, Trump won’t be stopping anytime soon, as he has already declared himself the ‘crypto president’ at a fundraiser in San Francisco.

So, you can expect more talks about making Bitcoin in the ‘Make America Great Campaign’ MAGA. However, you shouldn’t get your hopes up. Donald Trump is a politician and a TV personality with a flair for convincing people. All this talk about Bitcoin is just a way to get your votes for November, and it's back to business as usual.

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