Trump wants to make Bitcoin "Made in America"

Author: Sky, Jack, BlockBeats

"Crypto President" Trump has once again claimed to strongly support Bitcoin.

Today, former U.S. President Donald Trump posted on his social media platform Truth Social, stating, "Bitcoin mining may be our last line of defense against Central Bank Digital Currencies (CBDCs). We want all remaining Bitcoin to be made in the USA. This will help us achieve energy dominance."

As a controversial former president, Trump's campaign trail is always accompanied by the shadow of the crypto industry. In order to gain the support of well-funded crypto lobbying groups, Trump has been continuously showing goodwill.

From Calling It a Scam to Bitcoin Is Great

Former U.S. President Donald Trump, who once viewed Bitcoin as a "scam," has recently expressed support for Bitcoin and cryptocurrencies, attracting widespread attention.

On May 28, 2024, David Bailey, CEO of Bitcoin Magazine and a cryptocurrency advisor to Trump's campaign team, revealed that Trump had asked, "Can we use Bitcoin to solve the U.S. debt problem?"

Looking back at Trump's involvement in cryptocurrency, "it all began when Melania Trump announced the launch of the Melania Trump NFT platform, which would regularly release NFTs based on the Solana blockchain." On December 16, 2021, according to a press release, Melania Trump announced the launch of the Melania Trump NFT platform, which would exclusively release NFTs regularly. The Melania Trump NFT platform uses the Solana network and will accept SOL cryptocurrency and credit card payments through MoonPay.

During his presidency and for a considerable time after leaving office, "former U.S. President Donald Trump's attitude towards cryptocurrency has shown significant divergence": on one hand, the Trump administration somewhat promoted public education about Bitcoin and the construction of a crypto-friendly environment. For example, the then Treasury Secretary stated that the U.S. was studying the establishment of a digital currency, and the SEC chairman also called for reasonable regulation of cryptocurrencies. On the other hand, in personal statements, Trump held a negative attitude towards Bitcoin and other crypto assets. He has repeatedly criticized Bitcoin as "a scam," "competing with the dollar," and claimed that they would fuel criminal activities and should be tightly regulated.

However, on the eve of the Libertarian National Convention, Trump changed his tune and posted on social media that he holds a "positive and open" attitude towards the cryptocurrency industry. He promised that "if elected president again, he will ensure the future of Bitcoin and cryptocurrencies in the U.S., rather than being 'driven overseas.' At the same time, he will support the self-custody rights of 50 million cryptocurrency holders nationwide and oppose interventions in Bitcoin by people like Elizabeth Warren."

To prove his pro-crypto stance, Trump has invested heavily in crypto assets. Data shows that Trump's personal crypto assets are currently valued at over $10 million, including approximately $7.3 million in TRUMP tokens, $1.81 million in ETH, and $120,000 in USDC. Additionally, Trump's conceptual tokens MAGA (TRUMP) and MAGA Hat have recently continued to rise, with prices reaching historical highs of $12.65 and $0.0005287, respectively.

Love for Cryptocurrency or Need for Political Donations?

Former U.S. President Donald Trump today reiterated his support for Bitcoin mining, viewing it as the "last line of defense" against Central Bank Digital Currencies (CBDCs).

On June 11, 2024, Trump posted on his social media platform Truth Social, stating, "Bitcoin mining may be our last line of defense against CBDCs. We want all remaining Bitcoin to be made in America!" He believes that developing domestic Bitcoin mining will help the U.S. "achieve dominance in the energy sector." Previously, Federal Reserve Chairman Jerome Powell stated that the U.S. has no plans to launch a CBDC.

Reports indicate that Trump recently met with executives from several Bitcoin mining companies at his Mar-a-Lago estate in Florida, including leaders from Riot Platforms, CleanSpark, and TeraWulf. Attendees stated that they discussed the role of Bitcoin mining in strengthening the power grid and promoting employment.

Source: Jason Les

Analysts point out that Trump's recent series of support for cryptocurrencies "may be to curry favor with the now well-funded lobbying groups in the industry ahead of the election." He recently announced that he would begin accepting cryptocurrency donations and would host a dinner for NFT holders. Previously, Trump had viewed Bitcoin as a "scam." But now he emphasizes that the U.S. must not take a "backseat" on cryptocurrency issues, even boasting of being the "crypto president." Industry insiders believe that whether Trump genuinely supports cryptocurrencies remains to be seen. However, his series of statements will undoubtedly further increase the exposure of cryptocurrency topics in the election.

A week ago, cryptocurrency exchange Coinbase announced that "it donated $25 million to the crypto-focused super PAC Fairshake to ramp up lobbying efforts ahead of the November U.S. elections."

The Crypto Industry Moving into the Mainstream

On May 19, 2024, Bloomberg reported that "the cryptocurrency industry has contributed $94 million in donations for the 2024 U.S. elections, setting a record high," compared to $83 million in the previous election cycle (2020). Most donations came from political action committees (PACs).

Additionally, Coinbase and Ripple Labs also contributed significant donations, with $20.5 million and $20 million, respectively.

Coinbase CEO Brian Armstrong stated in a blog post on June 3 that "the latest donations have brought the total amount raised by the PAC and its affiliates in this election cycle to $160 million." This amount is comparable to the donations from Ripple and venture capital firm Andreessen Horowitz last week.

In addition to the frequent appearances of cryptocurrency movements in U.S. politics, more and more celebrity influencers are also getting involved in the crypto industry.

Half a month ago, the meme coin $JENNER skyrocketed 160 times in one night, with its development team coming from "a Twitter influencer family member with 33 million followers, Caitlyn Jenner, a transgender woman." Jenner not only used Pump.fun but also tagged a series of crypto community meme OGs like Ansem and Paul in the comments to hype the token.

Just over a week ago, a celebrity coin once again dominated the meme section's trading heat, as female rapper Iggy Azalea tweeted on X, "Don't let your mom down," along with the contract for the meme coin $MOTHER, which surged thirty times in two minutes.

Currently, the crypto industry is receiving increasing attention and mention from mainstream society. Trump's strong statements are a great spread for this. This also brings new user growth and expectations for the crypto industry.

Although some people claim that Trump's statements are aimed at garnering more "political donations," these activities constantly remind the mainstream public that the exploration of the crypto world is not only fascinating but also increasingly popular.