Making Crypto Great Again: Trump rallies behind digital currency before election
At a recent cryptocurrency event, the former President claims he will be “pro-bitcoin President”
Words: Charlie Bentley
The Harris-Walz campaign has begun to close the gap between the Democrats and Republicans after Biden’s withdrawal from the presidential race. Trump’s team has been searching for pockets of votes across the U.S. In a surprising turn of events, the former President has thrown his support behind cryptocurrencies, making an appearance at the Bitcoin 2024 conference in Nashville. This marks a significant shift from his previous stance, where he had dismissed cryptocurrency as a "scam" and a "disaster." The event, which also featured independent presidential candidate Robert F. Kennedy Jr. and whistleblower Edward Snowden, showcased Trump’s apparent enthusiasm for digital currency.
Trump’s keynote speech at the conference emphasised his plan to position the United States as a global leader in the crypto space. "This afternoon I’m laying out my plan to ensure that the United States will be the crypto capital of the planet and the bitcoin superpower of the world," Trump declared. He proposed that the federal government should never sell its bitcoin holdings, though he stopped short of suggesting a formal federal reserve of digital currency.
His speech highlighted a broader Republican embrace of cryptocurrencies, contrasting it with the regulatory approach of the Biden administration. "The Biden-Harris administration’s repression of crypto and bitcoin is wrong and it’s very bad for our country," Trump said, promising to dismantle what he called an "anti-crypto crusade" if re-elected. Though Trump may be attempting to frame this stance as radical due to the content matter, it hardly seems like a novel Republican stance to want low regulation policies.
The Bitcoin 2024 conference, now in its sixth year, was a vivid display of the growing political influence of the cryptocurrency community. The event was a carnival of crypto enthusiasts, many sporting "Make America Great Again" hats alongside bitcoin-themed apparel. The conference’s aesthetic was a blend of tech innovation and political fervour, with booths showcasing everything from bitcoin mining technology to politically charged artwork.
Marshall Beard, COO of the cryptocurrency exchange Gemini, emphasised the potential electoral impact of the crypto community, claiming that a candidate’s stance on cryptocurrency could influence the vote of seven in ten US crypto-owners. This political engagement marks a significant shift from the community’s traditionally apolitical stance.
Trump’s proposals at the conference were relatively moderate compared to those of other speakers. Robert F. Kennedy Jr. advocated for a federal reserve of 4 million bitcoin, while Senator Cynthia Lummis proposed a reserve of 1 million bitcoin to be used to reduce national debt. These ambitious plans underscored the competitive landscape of crypto policy-making among political figures.
The conference also highlighted a growing rift between the regulatory approaches of Republicans and Democrats. While Trump and other Republicans touted crypto-friendly policies, Democrats like Rep. Ro Khanna and Rep. Wiley Nickel called for balanced regulation, stressing that cryptocurrency should not become a partisan issue.
Trump’s pivot to support Bitcoin represents a significant evolution in his political strategy. His campaign has already seen substantial donations in cryptocurrencies, reflecting a broader trend of increasing crypto influence in politics. Notable figures in the tech industry, including the Winklevoss twins and venture capitalists Marc Andreessen and Ben Horowitz, have pledged significant financial support to Trump’s campaign.
As the 2024 presidential election approaches, the stance on cryptocurrency is emerging as a key issue for both parties. Trump’s embrace of Bitcoin is a strategic move to galvanise a growing voter base of digital asset enthusiasts. Whether this tactic will pay off at the polls remains to be seen, but it is clear that cryptocurrency is now firmly entrenched in the political landscape.
Become a Gentleman’s Journal Member?
Like the Gentleman’s Journal? Why not join the Clubhouse, a special kind of private club where members receive offers and experiences from hand-picked, premium brands. You will also receive invites to exclusive events, the quarterly print magazine delivered directly to your door and your own membership card.
