Trump’s Pro-Crypto Bluster at NFT Gala Lacked Policy Substance

As a dedicated crypto investor, I’d rephrase that statement as follows: “If you support cryptocurrencies, then you might lean towards voting for Trump, as he aims to put an end to the perceived opposition from Democrats and the current administration led by President Biden. Moreover, I intend to ensure that his campaign welcomes crypto donations.”

As an analyst, I observed with intrigue the unexpected shift in position by the 77-year-old candidate during his speech to an audience of approximately 200 ardent supporters. Among them were individuals who had invested $10,000 each in Trump Trading Card NFTs, adding to the surreal atmosphere of this sweltering outdoor event at the ex-President’s Florida residence. Even a CoinDesk journalist was present among us as my guest.

Trump answered queries from a crowd of perspiring men in suits for approximately an hour. A small number of these questions touched upon crypto, a specialized topic that served as the main theme for the entire gathering.

But it was enough to make a few things clear:

As a crypto investor, I’ve come across various perspectives regarding central bank digital currencies (CBDCs) and government-backed blockchains. One exchange recently brought up points 1 and 3 of this topic, and when asked for my thoughts on these issues, I responded, “I believe there’s a role for both traditional fiat currencies managed by central banks and decentralized digital currencies like cryptocurrencies in our financial system.” (Regarding point 2, I’ll delve deeper into it later.)

He continued:

“Exciting developments are underway in the realm of cryptocurrencies. Just consider their progress over the past couple of years – many dismissed them as insignificant, but now they’re reaching new heights. In essence, they represent a novel form of currency, and I personally support this evolving trend.”

In simpler terms, the specific reasons behind Trump’s endorsement of cryptocurrencies may hold less significance for the small group of crypto enthusiasts compared to the simple fact that he is expressing a positive view towards it. Trump represents the first significant endorsement from a major political figure in the United States for this emerging technology.

Blasting Biden

From the opposing side of the presidential administration, there is open hostility towards the crypto industry. Gary Gensler, who leads the Securities and Exchange Commission (SEC) under President Joe Biden, is employing legal tactics to challenge various sectors within crypto. Earlier in the week, just hours before a golf-resort gala attended by his rival, the President publicly pledged to thwart an attempt by the House of Representatives to abolish an SEC accounting rule for crypto. Critics assert that this particular regulation has impeded the industry’s expansion.

As a crypto investor, I can’t help but share my perspective on recent comments made by former President Trump regarding President Biden’s supposed lack of understanding about cryptocurrencies. While it’s important to note that these are just words from two political figures, let me rephrase Trump’s statement in a more personal way:

Trump expressed his acceptance of crypto, adding that he wanted to ensure its strength and stability. Later, he acknowledged the need to accept and adapt to various aspects of it, even if they’re not universally popular.

Before Trump’s unexpected question-and-answer session, the Biden team criticized individuals who had spent up to $10,000 on digital images of him in an email to their supporters. The Biden team derided Trump for hosting a fancy NFT dinner rather than campaigning during his midweek respite from court proceedings.

On Wednesday night, Trump had been actively seeking support from the passionate crypto community, who felt neglected by Biden. Although only a few hundred attended his rally in person, footage of Trump expressing pro-crypto views went viral on social media, generating significant media attention for the political figurehead of cryptocurrency.

At Mar-a-Lago’s crowded ballroom, where NFT buyers spent $10,000 for access and others paid $4,700 for dinner, Ryan Selkis, the head of crypto data firm Messari, made an astonishing announcement to the surprise of Trump and the attendees. Selkis revealed that there are approximately 50 million crypto holders in the United States – a significant voting bloc.

As a crypto investor, I’ve noticed that some statements from last Wednesday’s NFT gala could potentially widen the divide in the crypto community. These statements might reinforce the same divisive dynamics that are prevalent in American politics. Bitcoin’s initial association with libertarianism has become less relevant in today’s scene. The crypto world now has supporters on various sides of the debate, making it essential for us to engage in open and respectful dialogue to foster growth and understanding.

As a crypto investor, I’ve noticed the political divide between Republicans and Democrats regarding cryptocurrencies. However, it’s essential to understand that not every member of each party shares the same views. That being said, former President Trump recently asserted his perspective on the matter. He declared, “The Democrats are fiercely opposed to it,” referring to cryptocurrencies. This statement came just hours after 21 House Democrats voted to repeal a Securities and Exchange Commission (SEC) accounting rule.

Trump positioned himself as the savior for the industry despite having a limited understanding of its complexities. When queried about altering unfavorable U.S. policies forcing crypto businesses abroad, he declared, “We’ll put an end to it, as I don’t want that and neither should we. If we’re going to welcome it, then they must be allowed to operate here.”

‘We Made NFTs Hot Again’

As a researcher studying the intersection of politics and technology, I’ve come across an intriguing aspect of cryptocurrency where former President Trump has shown a notable expertise: Non-Fungible Tokens (NFTs) associated with him. Three collections of Trump NFTs, which are digital trading cards featuring an exceptionally muscular depiction of the ex-president in various patriotic poses, have raked in millions of dollars in sales. The high rollers who attended Wednesday’s gala were honored for their investment in the “Mugshot Edition” third collection.

Trump boasted about creating a buzz around NFTs before they became popular, with some buyers making substantial profits from resales.

As a seasoned crypto investor, I was asked by an attendee if I planned to sell my fourth NFT collection. However, I hesitated, believing in the fundamental principles of supply and demand. With collections 1, 2, and 3 yielding impressive results, I held onto the hope that the trend might eventually reverse.

He asked the crowd how many were eagerly anticipating a Series 4 collection of NFTs from Mugshot, with high rollers being the majority. Trump expressed confusion: “Given the principles of supply and demand, wouldn’t this possibly keep the prices of previously purchased items in check?” He challenged their determination. “Who among you would prefer not to have a fourth collection released for that reason?” Few hands went up.

“Ok, a couple of economists,” Trump said to the laughter of the crowd.