From Critic to Meme Coin Mogul: Trump’s Unexpected Crypto Journey

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Over the past six years, I’ve found that the adage “change is the only constant” has proven true in my analysis of President Donald Trump’s involvement with cryptocurrency. Initially skeptical and critical towards Bitcoin and other digital currencies, Trump has since undergone a transformation, even launching his own crypto project and meme coin.

Despite some bumpy rides along the way, Trump’s transformation within the financial markets has notably influenced the industry, and this impact is expected to persist, particularly since he represents the first U.S. President advocating for cryptocurrency with a number of positive pledges for the sector.

When Trump Hated BTC

Back in the third quarter of 2019, I came across an article by CryptoPotato where they shared President Trump’s views on Bitcoin (BTC) and other digital currencies. In his words, he wasn’t fond of these virtual assets due to their lack of being real money, extreme volatility, and the fact that their value seemed to be derived from nothing more than hot air.

Trump argued that unchecked digital currencies could be used for illegal activities such as drug trafficking and other unlawful conducts. At this juncture, Meta Platforms (previously known as Facebook) was preparing to debut its cryptocurrency initiative, Libra. Despite the project being terminated in 2022 due to rigorous regulatory pressure, Trump expressed his view in 2019 that the digital currency lacked credibility and stability.

As a crypto investor, I’ve found myself at odds with the POTUS’s stance on digital currencies, particularly his advocacy for the US dollar. Back in mid-2021, he even went so far as to label Bitcoin as a scam, seemingly implying that it was just competing against the dominant fiat currency. However, I firmly believe in the potential of cryptocurrencies to revolutionize finance and create new opportunities for investment and financial freedom.

Trump had expressed disapproval and indifference towards Bitcoin and cryptocurrencies through various tweets and statements prior to his presidential campaign in late 2022. However, during the subsequent months, he delved a little into the crypto world via non-fungible tokens (NFTs). It wasn’t until the 2024 presidential election campaigns intensified that Trump began showing more acceptance of Bitcoin.

The U-Turn

Intriguingly, Trump’s shift towards a pro-cryptocurrency viewpoint was widely reported news in 2024. On multiple instances, he pledged to shield America’s digital asset sector from crypto skeptics, mine all remaining Bitcoins within the country, and foster a more advantageous climate for the rapidly growing industry.

The shift from a hostile to supportive stance towards cryptocurrencies by Trump significantly influenced veteran investors (OGs) and traders, boosting their support for him during the elections. Notably, influential figures in the crypto industry made donations and campaigned for his victory. Luckily, Trump was victorious, which ignited a market boom that allowed Bitcoin to surpass $100,000 for the first time.

Apart from integrating with the industry, Trump and his family unveiled World Liberty Financial in September 2024, which is a cryptocurrency initiative designed to give regular people more power. Just recently, the President also introduced Official Trump (TRUMP), a meme-based cryptocurrency that saw dramatic growth within two days, making many traders instant millionaires.

Today marks the ceremony where Donald Trump takes office in the White House. With a lot of buzz and anticipation over the past few days in financial markets, it’s yet to be determined how Trump’s presidency might impact the cryptocurrency sector.

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2025-01-20 14:38