Trump’s Crypto Flip-Flop: A History of Skepticism
Former US President Donald Trump’s stance on crypto has been anything but consistent. While he reportedly attempted to ban Bitcoin in 2020, he’s now courting crypto voters for his re-election bid.
Mike Brock, CEO of TBD, a division of Jack Dorsey’s fintech firm Block Inc., revealed that Trump’s 2020 ban attempt was thwarted by then-Treasury Secretary Steve Mnuchin and other administration officials. Mnuchin was a strong advocate for American competitiveness and innovation, which likely factored into his decision to block the ban.
Trump’s public criticism of Bitcoin and other cryptocurrencies as “not money” and “highly volatile” seems to have been forgotten in his quest for crypto support.
Many crypto experts remain skeptical of Trump’s newfound enthusiasm, arguing that it’s merely a ploy for votes and fundraising.
Brock believes Trump doesn’t genuinely care about Bitcoin and will likely abandon the crypto community once re-elected.
Arthur Hayes, co-founder of the BitMEX exchange, echoed this sentiment, warning against blindly supporting Trump’s campaign. He believes Trump will make empty promises to gain crypto support, only to forget about the industry once in office.
The upcoming November elections have sparked increased political awareness within the crypto industry. Ethereum co-founder Vitalik Buterin has cautioned voters against supporting pro-crypto candidates who may be making empty promises.
The crypto community must be cautious and discerning when evaluating political candidates’ positions on crypto. It’s important to look beyond promises and consider their track record and genuine commitment to the industry.
