The political game is audacious, and every politician does what's best for their campaign to succeed. If they need to ally with the enemy or start accepting what their supporters don't like, they will align with it all for the benefit of the cause. This is the case with Donald Trump.
The former president of the United States and current candidate for the White House seems to let the world believe that he's pro-Bitcoin by accepting donations to his campaign in the asset. He also appears to garner support from highly prominent people in crypto, such as Cameron and Tyler Winklevoss, the twin founders of Gemini exchange. Donald Trump is a clever and intelligent politician who is using in his favor everything the Biden administration hates: the crypto industry.
The crypto industry is something the Biden administration never complied with, even using the SEC as a weapon to combat its propagation. The SEC is the main reason many crypto businesses are leaving the US or operating in a constant state of conflict with this institution. Even famous and large corporations like Coinbase (which is US-based) and Binance U.S. haven't been immune to the SEC's scrutiny. Coinbase is still under investigation, and Binance has already paid a price to operate in the US.
The most popular and largest exchange in the world didn't only pay the price to operate in the US but also faced worldwide challenges, leading to huge fines (the exchange paid $4.3 billion) and saw its former CEO going to jail after pleading guilty to accusations related to money laundering. All this was carried out by the Biden administration and their "dogs," the SEC, DOJ, etc., proving that they aren't in favor of the industry in the US. This is where Trump is exploring.
Donald Trump is a businessman and knows that supporting Bitcoin will gain him fans in the industry. Not only that, but by stating that he will destroy Biden's intentions to create a CBDC in the US, he is also gaining support from people who see central bank digital currency as a threat to the dollar. By accepting Bitcoin, Trump is not necessarily telling the world that he will favor it as legal tender in the US, but he is advocating for Americans to have the right to hold and use it according to their wishes. A CBDC is another story.
But is Trump really pro-Bitcoin?
I seriously doubt that, and I have reasons to. In 2019, in a message on his X account, Donald Trump clearly said that "he's not a fan of Bitcoin and any cryptocurrency as they aren't money and are based on thin air." He also added that all crypto is unregulated, highly volatile, and used for crime, drug trade, and many other illegalities. He didn't stop there; he is also not a fan of corporations that plan to create their own digital currency. At the time, he attacked Facebook's Libra (which ended up not being released), saying that if the entity wanted to be a bank, it should seek bank charters and be subject to all bank regulations.
For Donald Trump, the unique and only currency acting in the US is the dollar, which is the most dominant currency anywhere in the world. Those are his own words, stored forever in this tweet below for all the world to see.
So, why does he claim today that he's pro-Bitcoin? I prefer to believe that it's just a campaign move, and I will keep this stance until he proves me wrong. Another thing: the SEC from 2016 to 2020 was also very hostile to the crypto industry, and at the time, it was led by Trump's administration. This may be just a coincidence, but clearly, his administration was not opened to accept crypto, and it continues in that vein. But anyone can change, and if he has changed to become more friendly to the industry, we will see in 2025—of course, if he wins the election.
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