Republican presidential candidate Donald Trump has publicly endorsed Bitcoin, but not long ago, he suggested the currency was based on nothing.
Bitcoin has been on an ascending trend in recent weeks, which some analysts believe is linked to a ‘political event’—namely, support by the Republican party in the lead-up to the U.S. presidential elections in November.
In an October 15 interview on X, Donald Trump emphasized that he would support the U.S. as a leader in crypto, calling it a “great and incredible technology.” In September, analysts at Standard Chartered predicted that a Trump victory could signal a Bitcoin pump, estimating BTC (tickers down to $67,259) could reach an average of $125,000 by the end of the year.
However, this represents a major shift for Trump, who once referred to Bitcoin as a fraud. How did the former president transform from an antagonist of Bitcoin into a key driver of demand for it?
Read also: Arkham Intelligence to Launch Crypto Derivatives Exchange for Retail Traders
Bitcoin’s Value is Based on “Thin Air,” Trump Argued During His Former Presidency
“I do not like it, as it is not money, and highly speculative vehicles such as Bitcoin and other cryptocurrencies are,” Trump tweeted in July 2019.
He also warned against ‘unregulated digital currencies,’ suggesting they could be used to promote “illicit business such as narcotics trafficking and other illegality.”
Trump’s criticisms of Bitcoin and crypto continued after leaving office in January 2021, even after he was banned from X (formerly Twitter) for violating policies related to violence.
In July 2021, Trump described Bitcoin as a ‘scam’ during an interview with Fox Business, arguing that Bitcoin was “another currency competing against the dollar.” He added:
“People just look at Bitcoin and other cryptocurrencies and say, ‘Hey, this is just a scam.’ I don’t like it because it adds one more choice in the market to compete with the dollar. It is a form of money that is in direct competition with the dollar.”
Trump Enters Crypto Shortly After Launching His 2024 Presidential Campaign
By late 2022, Trump began transitioning into the crypto space, 15 months after labeling Bitcoin a scam. He launched an NFT collection, marking his first public venture into crypto after declaring his candidacy for the 2024 presidential election in November 2022.
The NFTs featured Trump as a superhero and were sold for $99 each. His campaign generated $8.9 million from NFT sales. Additionally, Trump disclosed holding $250,000 to $500,000 in cryptocurrencies as of August 2023. According to Arkham Intelligence, Trump’s Bitcoin holdings surpassed $10 million by May 2024.
Trump Pitches Himself as the Pro-Bitcoin Presidential Candidate
As Trump prepares for the 2024 elections, he is actively promoting himself as a pro-Bitcoin candidate. In June, he expressed support for Bitcoin mining and urged the government to promote mining “all the remaining Bitcoin” in the U.S., claiming it would make the country “energy dominant.”
In the same month, hedge funds and companies like Gemini, owned by Cameron and Tyler Winklevoss, contributed $2 million to Trump’s campaign.
In September, Trump made history as the first former U.S. president to use Bitcoin in a payment transaction—buying hamburgers with BTC at a bar in New York City.
Read also: Bitcoin Surges as Trump Widens Lead: ‘Trump Pump’ or Market Rally?
A Major Shift in Stance, But Unclear Future
While Trump has warmed to crypto, particularly Bitcoin, he has not addressed his previous public attacks on the industry. It remains uncertain how he will continue to promote cryptocurrency if he is re-elected as president of the United States.