Bitcoin
Trump turns Bitcoin into a test of patriotism
Donald Trump is embracing cryptocurrency ahead of the 2024 presidential elections. The former president issued a rallying cry to Bitcoin miners this week to consolidate support from the crypto industry. Last month, his campaign began accepting crypto donationscalling the decentralized currency a reflection of Trump’s commitment to “freedom from socialist government control.”
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“Bitcoin mining could be our last line of defense against a CBDC [Central Bank Digital Currency],” Trump said in a Social Posting the Truth Tuesday. “Biden’s hatred of Bitcoin only helps China, Russia and the Radical Communist Left. We want all remaining Bitcoins to be MADE IN THE USA!!! This will help us become ENERGY DOMINANT!!!”
The former president met with the country’s biggest Bitcoin miners on Tuesday night, according to The New York Times It is several Photos posted by crypto executives. Trump may be struggling for money these days, given his recent conviction, ongoing legal casesand, oh yes, the upcoming 2024 presidential election, which is less than five months away. The crypto community, which is looking to allies in DC to create friendlier policies, could offer a significant source of funding to Trump in this critical final stretch.
Trump’s strategy around Bitcoin, which he says should be “MADE IN THE USA” and an opposition to “socialist government control,” is all too familiar. The former president is positioning crypto as a decentralized way to invest in the MAGA movement. It is no different from the actions of Truth Social, which has become a form of day traders will invest in Trump through DJT shares. He’s making these financial investments seem patriotic, but they’re actually his way back to the Oval Office.
Silicon Valley executives are increasingly gaining influence with Trump. Andreessen Horowitz executives are reportedly willing to spend tens of millions of dollars on crypto-friendly political campaigns, Disco reported in February. However, it is unclear whether any of that money ever went directly to Trump. Tech venture capitalists David Sacks and Chamath Palihapitiya also launched a fundraiser for Trump last week that attracted high-profile Bay Area executives and large donations.
Donald Trump has done so many somersaults on so many technology issues that it is difficult to keep track of his position. He tried to ban TikTok while in office, but now supports the app’s existence in America. Trump said he was “I’m not a fan” of cryptocurrencies in 2019, but now it appears to be the currency of “freedom”. Many of Trump’s policies appear highly tied to the location of his potential fundraisers. In 2024, it appears the Bitcoin community is prepared to embrace Trump, and he is framing the issue as existential to American ideals.