Why Donald Trump Loves Bitcoin
President Donald Trump has made a calculated pivot to embrace Bitcoin and cryptocurrencies as he senses a strategic advantage over incumbent Joe Biden in the 2024 election. While Biden anticipated hostility toward Bitcoin, Trump is appealing directly to the growing bloc of Bitcoin supporters.
In recent months, Trump began accepting Bitcoin donations, became the first US president to accept Bitcoin Lightning payments, and promised pro-crypto policies once he returns to the White House. This marks a notable change for Trump, who was previously indifferent to Bitcoin and cryptocurrencies.
BREAKING NEWS: 🇺🇸 Donald Trump becomes the first US president to accept it. #Bitcoin Campaign donation lightning payment ⚡️ pic.twitter.com/3lERakV64p
— Bitcoin Magazine (@BitcoinMagazine) June 2, 2024
But with more than 50 million Americans now owning Bitcoin and other digital assets, Trump sees a golden opportunity to rip these voters away from the Biden coalition.
At campaign rallies and on social media, Trump attacked Biden’s hostile stance on cryptocurrencies. He accused Biden of trying to “kill” the nascent Bitcoin and cryptocurrency industry and halt American innovation in this field.
President Trump said he is “very positive and open about cryptocurrencies” and that as president he would ensure that the United States leads the world in adopting this new technology. He went on to add that he “will support self-custody for the 50 million cryptocurrency holders across the country.”
Biden, by contrast, has advanced specific anti-cryptocurrency measures. He vetoed a bipartisan bill that would have limited the SEC’s limited oversight of cryptocurrencies, issued a report sharply criticizing Bitcoin’s energy use, and developed a central bank digital currency instead of embracing decentralized cryptocurrencies like Bitcoin. encouraged. His Treasury Department has also outlined an agenda to impose stricter regulations that would stifle cryptocurrency innovation.
Biden appears unaware of Bitcoin’s surging populist appeal among millions of ordinary voters. Opinion polls show that up to a third of voters weigh in on a candidate’s cryptocurrency policies. Trump is strategically leveraging this large constituency that Biden ignored.
At a recent gathering of libertarians, Trump decried central bank digital currencies and vowed that as president he would never allow the Federal Reserve to “rob your money” through such a system. He also made headlines by promising to pardon Silk Road founder Ross Ulbricht, pleasing many Bitcoin enthusiasts.
Trump understands that hostility toward Bitcoin could push voters further toward liberal candidates who are extremely reluctant to expand government regulation. Unlike previous presidents who feared Bitcoin, Trump sees vocal support for Bitcoin as gaining populist appeal with his base.
While this shift may be politically opportunistic, Trump’s embrace shows that Bitcoin’s political influence is rapidly growing. Bitcoin’s unique game theory means that politicians must either attack it or fully embrace it. And openly ignoring a growing voter base of millions now becomes potential political suicide. As Mark Cuban recently said, an anti-crypto stance could cost Biden his presidency.
NEW: 🇺🇸 Billionaire Mark Cuban says anti-crypto stance could threaten Biden’s presidency.
1st #Bitcoin Election 🙌 pic.twitter.com/nOpzmpHFA9
— Bitcoin Magazine (@BitcoinMagazine) May 14, 2024
Whether he wholeheartedly supports it or not, Trump’s political calculations clearly understand this new reality: Bitcoin is now a potential make-or-break issue ahead of the general election.
