US presidential candidate Donald Trump has surprised many by shifting from criticising cryptocurrencies to actively supporting the development of the crypto industry. If elected, Trump promises to create favourable conditions for the digital asset market in America and even plans to protect the rights of crypto investors, a surprising move given that he previously called Bitcoin a scam. Furthermore, Trump’s administration may include other proponents of the crypto community.
The editorial team at itez investigated what made Trump change his stance on crypto and which political proteges the crypto industry representatives are betting on.
How and why Trump started supporting the crypto community
In July 2019, Donald Trump wrote on X (formerly Twitter) that he is "not a fan of Bitcoin and other Cryptocurrencies." He explained his dislike for the new financial instrument by expressing doubts about the value of virtual coins, which are not backed by real assets. Since then, he repeatedly criticised crypto until he released an NFT collection in 2022. This move showed that his opinion on digital assets had changed.
Since then, there have been several similar releases. Another NFT collection may appear amid his election campaign.
According to Arkham, Trump's crypto wallet holds $2.8 million, likely partially from NFT sales.
Trump’s love for crypto peaked in 2024. He has aligned himself with the crypto community not out of fondness for digital assets but out of a desire to win the presidential race. In late May 2024, polls showed that for a third of Americans, the candidate's stance on crypto is crucial. Many voters are unwilling to support those who oppose digital assets. Trump seems to have decided to capitalise on the public's interest in crypto. The withdrawal of other pro-crypto candidates from the race also played into his hands, as their supporters shifted their allegiance to Trump.
The politician promises to support miners, protect crypto investors, and create a favourable regulatory environment for the crypto industry in the US. Trump will be aided by his trusted associates, whom we will discuss in the second part of the article.
On July 13, 2024, Trump survived an assassination attempt during a rally in Butler, Pennsylvania. The bullet narrowly missed his head, grazing his ear. His brave reaction boosted his popularity significantly, propelling him ahead in the race. At the time of writing, his chances of winning have approached 70%.
Interestingly, Trump’s main competitor, Joe Biden, who left the presidential race at the end, also tried to win over crypto enthusiasts but did not gain as much support. His cruel initiatives, such as proposing a 30% tax on miners, played against him.
Trump's proteges
During the election campaign, information surfaced about several individuals who might hold key positions in Trump’s administration.
Dan Gallagher, chief legal officer of online broker Robinhood
Dan Gallagher is seen as a potential head of the US Securities and Exchange Commission (SEC). Known for his favourable stance on crypto and criticism of SEC’s pressure on the crypto industry, Gallagher’s connection to Trump stems from their shared Republican Party affiliation and similar views on the future of the crypto market. His extensive experience at the SEC and in resolving crypto-related legal conflicts makes him a strong candidate for the SEC chair position.
Jamie Dimon, head of banking conglomerate JPMorgan Chase
Jamie Dimon might be considered for the Treasury Secretary position under Trump. Despite having previously called Bitcoin a Ponzi scheme, Dimon has since altered his view on cryptocurrencies.
Dimon’s criticism of crypto did not prevent him from promoting crypto initiatives within JPMorgan. The company, for instance, has its token, JPM Coin, and is exploring tokenization opportunities while closely monitoring crypto trends. This might be why Trump is considering Dimon for Treasury Secretary, even though he sees him as an "overrated Globalist."
J.D. Vance, senator from Ohio
J.D. Vance might be Trump’s Vice President. An open supporter of crypto, Vance is also an active investor in digital assets.
A pro-crypto Vice President could further strengthen the US crypto industry.
Conclusion
If Trump and his team come to power, the US crypto industry could experience its best years. Reduced regulatory pressure, support for crypto innovations, and friendly laws will attract more investments and aid the industry's development.
Trump has already garnered support from influential figures in the crypto community, making him a candidate capable of significantly impacting the future of cryptocurrencies in the US. His victory could open up numerous development prospects for the digital asset market.
🤔 What do you expect from Trump’s possible victory? Share your views in our socials!
💌 Telegram, Twitter, Instagram, Facebook
Here are three other cool articles:
What will happen to ETH after the launch of spot Ethereum-ETF trading
How MiCA will change the whole crypto industry
Top 5 NFT games in 2024: the future of blockchain gaming
This article is not investment advice or a recommendation to purchase any specific product or service. The financial transactions mentioned in the article are not a guide to action. It’s not intended to constitute a comprehensive statement of all possible risks. You should independently conduct an analysis on the basis of which it will be possible to draw conclusions and make decisions about making any operations with cryptocurrency.
