Is Donald Trump Someone the Crypto Industry Can Trust
Donald Trump’s recent change in stance on Bitcoin has resulted in a significant increase in campaign donations. However, this raises the question of whether he would reverse his position again if he were to be re-elected. With the U.S. election just a few months away, both Trump and Joe Biden are actively fundraising to appeal to undecided voters. The latest fundraising figures for May revealed that Biden raised $85 million, while Trump raised a staggering $141 million. Interestingly, a substantial portion of Trump’s contributions came after he was convicted as a felon. Another noteworthy aspect is the significant donations from the crypto community to Trump’s campaign. The founders of the Gemini exchange, Cameron and Tyler Winklevoss, made headlines by donating $1 million each in Bitcoin to Trump. Tyler explained his support for Trump, criticizing the Biden administration’s approach to crypto and urging the crypto community to send a message to Washington. However, there were limitations to the Winklevoss twins’ contributions due to federal limits on campaign donations. As a result, they received a partial refund, with each brother getting back $155,400 out of their $1 million donation. When June’s figures are released, it will be interesting to see the impact of Trump’s newfound interest in cryptocurrencies on his campaign funds. This shift in Trump’s stance on crypto is a stark contrast to his previous negative comments about Bitcoin and the wider crypto market. Trump now advocates for the mining of all remaining BTC in the U.S., but he also expresses concern about the dollar’s status as the global reserve currency and the need to protect it. This apparent contradiction raises questions about whether one can support Bitcoin while also advocating for the dollar’s influence. Trump’s flip-flopping on various issues has led some to describe him as “transactional.” For example, he initially called for a ban on TikTok but later opposed it to prevent Facebook from gaining more power. Similarly, he appeared to support a boycott of Bud Light but changed his stance after the brand’s parent company hosted a fundraiser for his campaign. Trump’s changing positions may be driven by his desire to accumulate funds and win over wealthy donors. However, given his history of reversing his crypto stance, it is uncertain if he would do the same if he were to be re-elected. As Moe Vela, a former senior adviser to Joe Biden, commented, Trump’s unpredictability raises doubts about the longevity of his current crypto-friendly position.
