How did Trump, the Crypto Patriarch of the United States, come to be?

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Wenser
half a month ago
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Life is full of ups and downs, constantly turning around.

Original|Odaily Planet Daily

Author: Wenser

How did Trump, the Crypto Patriarch of the United States, come to be?

On May 26, U.S. presidential candidate Trump posted on his social media platform Truth Social , I am very positive and open to cryptocurrency companies and anything related to this emerging industry. The United States must be a leader in this field, not second. On the other hand, Joe Biden, the worst president in American history, wants the industry to die slowly and painfully. That will never happen to me! Combined with his recent offline speech in Washington, ensuring that the future of the crypto industry and Bitcoin happens in the United States, and will protect the wallet self-custody rights of 50 million cryptocurrency holders across the United States and other vote-grabbing remarks and high poll approval ratings, Trump is likely to win the honorary title of Crypto Patriarch in the United States.

Today, Odaily Planet Daily will review Trump’s past experience in the crypto industry with everyone and interpret the signals behind his behavior, and understand the man who was honored as the Crypto President by former CFTC Chairman Chris Giancarlo .

A historical account of Trump’s inextricable relationship with the crypto industry

In addition to pushing for the passage of a Bitcoin futures ETF during his tenure as president , Trumps indissoluble bond with the crypto industry can be traced back to February 20, 2016, when a cryptocurrency project called TrumpCoin was issued in tribute to Donald Trump, who had not yet won the presidential election that year. Although the project was subsequently warned by Trumps son Eric Trump , Trumps connection with cryptocurrency has since become uncontrollable.

Trump is caught between two extremes

On December 1, 2017, the U.S. Commodity Futures Trading Commission (CFTC) officially announced the Bitcoin futures ETF launched by the Chicago Mercantile Exchange (CME) and the CBOE Futures Exchange (CFE). The futures ETF went online on December 18 of that year and once helped Bitcoin soar to nearly US$20,000. This move was one of the policy operations of the Trump administration in its first year in office.

On July 3, 2018, the Libertarian Party of America called on Trump to pardon Silk Road founder Ross Ulbrich after the U.S. Supreme Court rejected Ulbrichs request for a review of his life sentence.

On December 15, 2018, Trump appointed Bitcoin supporter Mick Mulvaney as White House Chief of Staff .

On December 21, 2018, Lyn Ulbricht, the mother of Silk Road founder Ross Ulbricht, expressed her hope that US President Trump would pardon her son.

On March 7, 2019, Manisha Singh, U.S. Under Secretary of State for Economic Growth, Energy, and the Environment , said that the Trump administration hopes to support and participate in the blockchain industry and hopes to maintain competitiveness and strengthen the United States leadership in blockchain development.

On July 12, 2019, Trump tweeted , I am not a fan of Bitcoin and other cryptocurrencies. They are not currencies, their value fluctuates greatly, and comes out of thin air. Unregulated crypto assets can facilitate illegal behavior , including drug trafficking and other illegal activities. Coinbase CEO responded , This is the only way for crypto to win. CZ said that Trumps criticism of cryptocurrencies will only benefit the industry. Influenced by Trumps post, the number of searches for Bitcoin on Google surged.

On October 23, 2019, former CFTC Chairman Christopher Giancarlo expressed his approval of the Trump administrations use of the launch of Bitcoin futures to burst the Bitcoin bubble.

In February 2020, Trump released his fiscal year 2021 budget proposal, and documents showed that federal agencies including the U.S. Department of Justice and the Treasury Department were seeking millions of dollars in additional funding to support their oversight and law enforcement work on cryptocurrencies.

In April 2020, billionaire and blockchain supporter Mark Cuban was appointed as an advisor to Trump .

On June 4, 2020, Trump nominated Hester Peirce, Commissioner of the U.S. Securities and Exchange Commission (SEC) and Crypto Mom, for a second term.

On June 18, 2020, according to media reports , former US National Security Advisor John Bolton quoted Trumps remarks on Bitcoin in his unpublished book The Room Where It Happened. It is said that as early as May 2018, Trump told Treasury Secretary Steven Mnuchin, Go after Bitcoin (fraud).

On January 20, 2021, Trump pardoned Ripple board member Ken Kurson .

On June 7, 2021, Trump said in an interview with Stuart Varney of Fox Business Channel that Bitcoin is a scam, and I would not be surprised if it fell below $6,000. He said that the reason he hated Bitcoin was that Bitcoin was competing with the US dollar. Trump also said: The currency of this world should be the US dollar, and we should not have Bitcoin. In addition, Trump also called for stricter regulation of cryptocurrencies.

In September 2021, Trump warned that investing in cryptocurrencies could be a disaster waiting to happen, and said he was not a big fan of cryptocurrencies and had not invested in Bitcoin or any cryptocurrency.

In December 2021, Trump said in an interview that he never liked cryptocurrencies because he liked to own dollars and was never a fan of cryptocurrencies, but the influence of cryptocurrencies was getting bigger and bigger, and no one was doing anything about it. Cryptocurrency is a very dangerous thing and it will explode one day.

It can be seen that Trumps attitude towards cryptocurrencies has been wavering during his tenure and for a long time after he left office: on the one hand, in terms of specific policies, the Trump administration has promoted public education on Bitcoin and the creation of a crypto-friendly environment to a certain extent; on the other hand, in personal remarks, Trump has a negative view of Bitcoin, believing that it will encourage criminal activities and should be strictly regulated. This is limited by his role as president and may also be due to his limited understanding of the cryptocurrency industry.

This will undergo a huge change in the future.

From crypto-averse to crypto-friendly: issuing NFTs, hosting dinners, and accepting crypto donations

It is worth mentioning that one of the factors that prompted Trumps transformation from a crypto-hater to a crypto-friendly may be his wife , former US First Lady Melania Trump, and in terms of issuing NFTs, Trump may have also learned from Melania.

In December 2021, Melania announced the launch of the Melania Trump NFT platform, which will exclusively release NFTs on a regular basis, and said that it will use the Solana blockchain and payment services of the crypto payment infrastructure startup MoonPay. Later , this cooperation news was denied by MoonPay and Solana Labs .

In February 2022, on the eve of Presidents Day, Melania launched the NFT series POTUS (generally referring to the President of the United States of America), which is the abbreviation of the President of the United States of America during Trumps tenure. The NFT series will launch 10,000 pieces, based on the Solana blockchain, and priced at US$50.

In March 2022, DeepRedSky, an NFT marketplace launched by the Web3 social media platform Parler, issued the Trump-related NFT Official Crypto Trump Club .

In May 2022, Melania launched a limited edition artwork MetaRose NFT to commemorate American Foster Care Month, with a total of 3,000 pieces, each priced at US$150.

In September 2022, Melania plans to launch a series of limited-edition handmade Christmas ornaments, along with corresponding NFTs, to fund foster children.

Perhaps it was Melanias example that led Trump to finally start his own sassy operation -

On December 16, 2022, Trump announced on truth social the release of a limited edition Trump digital trading card NFT , each for only $99. The NFT was minted on Polygon, with a total of 45,000.

On January 13, 2023, Trump once again issued the Win Trump Prizes NFT on Polygon . NFT benefits include dinner with Trump, video calls, playing golf, autographed souvenirs, 1v1 meetings, etc.

On April 19, 2023, according to media reports , former US President Trump announced that he would launch the second series of his personal NFT collection Trump Digital Trading Cards, priced at US$99 each, with a total of 47,000 NFTs.

On December 13, 2023, Trump launched a new NFT series Mugshot Edition priced at $99. Users who purchase 47 Trump cards will be able to have dinner with Trump at Mar-a-Lago and receive a suit Trump wore when he was arrested in August. According to relevant documents, Trump earned $2.8 million from NFT sales. The Trump Dinner pie will not be completed until May 2024.

In January 2024, Trump said in a campaign speech that if he became the US president again, he would never allow the creation of a central bank digital currency (CBDC), which he believed would give the government absolute control over funds.

On May 9, 2024, Trump announced that he would accept donations to the US presidential campaign in the form of cryptocurrency , and said: Biden doesnt even know what cryptocurrency is. If you like cryptocurrency, youd better vote for Trump. He also promised that he would stop the US hostility towards cryptocurrency and embrace it. On May 22, the Trump campaign officially announced that it would begin accepting cryptocurrency donations, and supporters could use any cryptocurrency accepted through Coinbase Commerce products to make donations.

On May 26, 2024, Trump said in succession : We will ensure that the future of cryptocurrency and Bitcoin is created in the United States (Made in the USA)... We will support the self-custody rights of 50 million cryptocurrency holders across the United States, keep Democratic cryptocurrency critic Elizabeth Warren and her supporters away from Bitcoin, and reiterate that the creation of a central bank digital currency (CBDC) will never be allowed. In addition, he also promised that if he is elected president, he will pardon Ross Ulbricht, the founder of Silk Road.

For a time, Trump’s election calls became much louder, and he himself transformed himself into a “cryptocurrency-friendly” in the eyes of many people. However, is this really the case?

How did Trump, the Crypto Patriarch of the United States, come to be?

Trump offline photos

The true nature of politicians: everything for votes

Everything starts with political votes.

Current political situation in the United States: Cryptocurrency users have become an important influencing force

In January 2024, according to the latest data from Coinbases nonprofit advocacy organization Stand with Crypto, at least 18 U.S. senators support cryptocurrencies.

In March 2024, a poll showed that 69% of Americans were dissatisfied with the current financial system, so they began to look for other options including cryptocurrencies. 19% of registered voters in the United States said they had purchased cryptocurrencies, including 19% of self-identified Democrats and 18% of Republicans, and 24% of self-identified independent voters. This means that cryptocurrency holders account for a larger proportion of voters than policymakers expected. In addition, the survey also found that people of color and young people have a higher proportion of cryptocurrency ownership.

According to a research report released by CouponBirds in March , 45.2% of American parents who own cryptocurrencies have already bought some cryptocurrencies for their children, and 40.6% of parents plan to buy cryptocurrencies specifically for their children in the future. Its research shows that parents generally believe in the potential of cryptocurrencies as long-term investments and want to educate their children about this asset class.

In May, according to data disclosed by the listed exchange Coinbase on the X platform , by 2023, 52 million Americans will own cryptocurrencies, accounting for 20% of the adult population in the United States.

It can be seen that, whether for Trump or Biden, the influence of the cryptocurrency crowd on political votes is increasing, so that the two have to take corresponding measures to enhance the favorability of this group to serve their own presidential campaigns. In specific opinion polls, Trumps approval rating is currently relatively high.

Polls: Trump has a certain advantage

In December 2023, a poll of 454 people conducted by the Tarrance Group and Patinkin Research Strategies showed that 41% of voters would choose Biden in the 2024 presidential election, while 51% would choose Trump as the next president.

In March 2024, a poll commissioned by crypto investment firm Paradigm and conducted by polling firm Public Opinion Strategies showed that approximately 48% of cryptocurrency holders intend to vote for Trump, while 39% prefer Biden.

In addition, Trump has also received support from a number of cryptocurrency and investment industry insiders.

In early May, Bitcoin Magazine CEO David Bailey wrote : “We intend to raise $100 million for the Trump campaign to ensure that the next US president is pro-Bitcoin.”

Blackstone CEO Steve Schwarzman announced that he will raise funds for Trumps campaign to help the presumptive Republican nominee build the donor base that will lead to his eventual victory.

Compared with Bidens previous slightly conservative political statements, such as announcing that the FIT 21 crypto bill would not be vetoed if passed by the House of Representatives and that the deadline for deciding on the Repealing SAB 121 resolution would be postponed to June 3 , Trumps clear-cut move to stand on the side of the cryptocurrency industry is obviously more popular.

Of course, everything is unknown now that the presidential election has not yet begun. As Trump has always been a fence-sitter, it is difficult for us to judge whether he supports the development of the cryptocurrency industry from the bottom of his heart or is just for the votes of voters.

You know, as the current Republican presidential candidate, Trump also participated in political campaigns as a Democrat in the early days of his political career. No matter how others view it , Trumps character is that of a complete politician.

This can be seen from the incident of governing the country through Twitter when he was in office.

How did Trump, the Crypto Patriarch of the United States, come to be?

Trump Twitter Homepage

From governing the country through Twitter to launching Truth Social: fighting for freedom of speech?

After being elected president in 2016, Trump used Twitter, a social media platform, as his main external propaganda channel. People often learned about national affairs and current affairs through Trumps tweets rather than from White House spokespersons. As a result, there was a joke that Trump was governing the country with Twitter.

But in 2020, in the twilight of his presidency, the incident laid the seeds for Trump’s exit.

Twitter ban: The beginning of Trump’s decline

In May 2020, Twitter officially blocked Trump’s Twitter account because it believed that Trump’s speech could lead to violence. In this regard, Ethereum founder Vitalik Buterin commented : “I have previously mentioned that ‘companies that regulate the government’ are on the rise. Now Twitter has blocked Trump’s Twitter account because it believes that Trump’s speech could lead to violence. This is a major escalation and could be a new chapter in the relationship between companies and the state.”

Subsequently, Trump signed an executive order to limit social medias censorship power. The Forbes article stated that this move could deprive social media giants of their platform rather than publisher privileges and further open the door to blockchain-based decentralized alternatives that have begun to threaten the dominance of Facebook and Twitter. Zuckerberg said in an interview with Fox News: I firmly believe that Facebook should not be the arbiter of the truth of everything people say online. Private companies should probably not do this, especially these platform companies, should not do this.

Unfortunately, these incidents did not help ease the conflict between Twitter and Trump.

In January 2021, Twitter announced in a statement that it had permanently banned President Trumps account due to the risk of further inciting violence. Subsequently, Facebook also banned Trumps account after the riot at the U.S. Capitol.

In this way, the power of the centralized platform achieved the ultimate judgment on former President Trump.

Truth Social: Real social interaction or just another information cocoon?

In May 2021, Trump created his own personal website platform, but it was closed after only one month.

On October 20, 2021, Trump Media and Technology Group issued a statement announcing that it will launch the Truth Social social media platform, which will be available on IOS for testing in November 2021 and officially released to the public in 2022.

On February 21, 2022, another Presidents Day arrived, and Truth Social was officially launched on IOS.

In April 2022, Musk said that Truth Social, the social media company created by Trump, existed because Twitter censored free speech.

In October 2022, Musk officially completed the acquisition of Twitter, and subsequently fired Twitters head of legal policy who banned Trumps account .

On November 19, 2022, Reuters reported that Trump said, I dont see any reason (to return to Twitter). Trump said that he insisted on using his own social platform Real Social, which has higher user engagement than Twitter and performs very well. Subsequently, after Musk initiated a Twitter vote on whether to restore Trumps account, he said that he would respect public opinion and restore his account (51.8% of voters agreed to restore it).

In February 2023, a Meta spokesperson confirmed that Trump’s Facebook and Instagram accounts had been officially restored on February 9 local time, allowing him to post content on the above social platforms.

On August 24, 2023, Trump, who had been silent on X (formerly Twitter) for more than two and a half years, posted again. The content was a suspect mug shot taken when he surrendered at the Fulton County Jail in Georgia. The text on the picture recorded the date when he went to surrender, the charge of overturning the election results, and wrote never surrender.

How did Trump, the Crypto Patriarch of the United States, come to be?

Trumps tweets

Currently, this is also the latest tweet from TrumpX platform account . Later, it was mainly active on the Truth Social platform until now.

It can be said that although Truth Social did not develop into a non-mainstream social media platform speaking for the truth as Trump had expected, and many people criticized it as just another information cocoon created for Trump and his fans, in some ways, Trump did pay a price for freedom of speech and set an example.

Perhaps this is also the reason why there are still many cryptocurrency projects related to Trumps concept.

America’s “Crypto Patriarch”: Mixed praise and criticism, or is the winner the king?

According to the on-chain data monitoring platform Arkham , the value of Trumps crypto assets has increased significantly over the past period of time, and has now exceeded 10 million US dollars, including 579,290 TRUMPs, worth 7.5 million US dollars; 463.35 ETHs, worth 1.81 million US dollars; 374.69 WETHs, worth 1.17 million US dollars, and other altcoins and meme coins with quantities and values ranging from hundreds of thousands to thousands of US dollars.

In addition, the currencies related to the Trump concept currently include:

  • MAGA ( Trump) (short for Make America Great Again);

  • Tremp (Solana ecosystem Meme coin, as opposed to BODEN);

  • DONALDCAT (Trump’s cat, a meme coin with cat themes);

  • FREE (the token of FreeRoseDAO, associated with Trump’s promise to pardon the founder of Silk Road);

  • JUSTICE (AssangeDAO token, associated with WikiLeaks founder Assange).

Looking back at Trump’s past experiences, we can also see that the journey of this American version of the “Crypto Ancestor” who claims to “let the future of encryption happen in the United States” has not been smooth, but full of ups and downs. But as he said, “Never surrender”, no matter what the outside world says, whether it is praise or slander, mixed reviews or the winner is the king, everything is unknown, but it is worth affirming that he maintains the spirit and courage to continue fighting.

Just like the ups and downs of the K-line of cryptocurrency, you never know where it will go in the next second, and all we can do is to do our best and live up to this life.

Original article, author:Wenser。Reprint/Content Collaboration/For Reporting, Please Contact report@odaily.email;Illegal reprinting must be punished by law.

ODAILY reminds readers to establish correct monetary and investment concepts, rationally view blockchain, and effectively improve risk awareness; We can actively report and report any illegal or criminal clues discovered to relevant departments.

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