Is Trump good for Bitcoin in 2024?

Unlike the ordinary leap year for the average person, 2024 has been a rollercoaster ride for crypto enthusiasts. We’ve witnessed the highly anticipated Bitcoin halving, the landmark approval of both Bitcoin and Ethereum ETFs, and with the US presidential elections looming, the year is far from over. 

Institutional money is pouring into Bitcoin, and its growing adoption is poised to be a major player in the upcoming elections. From campaign contributions to personal holdings, crypto is finding its way into the wallets of an increasing number of candidates. This surging interest underscores Bitcoin’s ascent as a central topic in global finance. One candidate who has been particularly vocal in his support for Bitcoin and cryptocurrencies is Donald Trump. To capture this evolving narrative, we’ve compiled a chronological list of Trump’s declarations about Bitcoin throughout 2024. 

July: A Pivotal Month for Crypto and Elections 

July has been a whirlwind month marked by significant developments in the crypto and political spheres. Bitcoin prices have experienced substantial price changes amid the release of the CPI inflation report and Germany’s complete divestment of its Bitcoin holdings. The upcoming elections are generating tremendous excitement and optimism in the cryptocurrency market, with potential policy shifts that could positively influence Bitcoin’s future. 

• July 13: Trump Survives Attack, Bitcoin Surges: On July 13th, a political rally was disrupted by an attack on Donald Trump, who fortunately sustained minor injuries. The incident paradoxically boosted Trump’s popularity, and Bitcoin’s price surged to $68,000 within a week, recovering from the $60,000 level. 

• July 15: Trump Announces Pro-Crypto Running Mate: Trump announced J.D. Vance as his running mate. This notice has been met with enthusiasm by the crypto community. Vance’s strong pro-crypto stance, including his vocal opposition to the SEC’s regulatory approach, has solidified his position as a crypto advocate. His legislative efforts and Bitcoin ownership further endear him to the industry. 

• July 21: Biden Drops Out of Presidential Race: The political landscape shifted dramatically on July 21st with Joe Biden’s withdrawal from the presidential race. While Vice President Kamala Harris has been endorsed as the Democratic candidate, the crypto community remains wary of the Biden-Harris administration’s anti-crypto policies, including proposed energy taxes, banking restrictions, and sanctions on cryptocurrency mixing services. Despite these challenges, some industry players believe Harris has an opportunity to rebrand the Democratic Party as more crypto-friendly.  

• July 26: At the annual Bitcoin Conference in Nashville, Tennessee, Donald Trump pledged to make the United States the global leader in cryptocurrency technology, drawing parallels between the crypto industry and the steel industry a century ago. Trump emphasized his commitment to transforming America into the “crypto capital of the planet” and a “bitcoin superpower”. He also promised to remove SEC Chair Gary Gensler, whom the crypto community views as an adversary, and to appoint a new chair who supports the industry. Additionally, Trump proposed creating a national bitcoin “stockpile” to serve as a permanent national asset, although he provided few details on this plan. 

  His remarks at the conference highlight the growing political significance of the crypto community. However, the price of bitcoin fell slightly following his speech, possibly due to unmet expectations regarding his strategic reserve proposal. 

June: Trump Endorsed as Best Choice for Bitcoin by Bitcoin Magazine 

Bitcoin Magazine has recognized former President Donald Trump as the best choice for Bitcoin enthusiasts. According to the magazine, Trump pledges to protect the rights of Bitcoin owners, including their right to self-custody and opposition to establishing a central bank digital currency (CBDC). In contrast, the Biden administration has proposed regulations and taxes that could stifle Bitcoin mining and usage. Trump’s stance aligns with the principles of decentralization and financial sovereignty, making him a favorable candidate for those in the crypto community. 

In response to Bitcoin Magazine’s recognition, Trump strongly endorsed Bitcoin, positioning it as a crucial tool for U.S. energy dominance and a defense against the potential threats posed by a CBDC. He emphasized that Bitcoin mining should be kept within the U.S. to achieve energy dominance.

May: Defending Freedom and Financial Autonomy 

In May, Trump’s stance on Bitcoin became clearer, especially after his announcement on May 21st that his campaign would accept cryptocurrency donations. The move was portrayed as a stand against “socialistic government control” over US financial markets, offering supporters the option to donate using “any cryptocurrency accepted through the Coinbase Commerce product,” according to a press release from his campaign.  

Later, on May 25th, Trump reiterated his intentions to halt the creation of central bank digital currencies (CBDCs) and voiced support for self-custody of cryptocurrency. This pledge addresses concerns about crypto users’ freedom, particularly as the EU moves towards restricting self-custody wallet payments and monitoring crypto transfers, which contradicts crypto’s principles of ownership and privacy. “I will never allow the creation of a Central Bank Digital Currency,” Trump asserted, highlighting the government’s potential control over individuals’ money.

March: Trump Acknowledges Bitcoin’s Currency Status 

In an interview with CNBC, Donald Trump shared his perspective on Bitcoin, offering insights into his evolving views on cryptocurrency. “I do little things sometimes for fun, and … make money with it but I have fun with it too,” referring to his sneaker sale. CNBC anchor probed further, asking, “You mean, you bought Bitcoin?” to which Trump clarified, “No, no, no, but I sometimes will let people pay through Bitcoin, or will let people get involved in a new currency.” Trump acknowledged Bitcoin as an additional currency option, though he expressed his preference for the dollar, emphasizing, “I used to say … I want one currency, I want the dollar. I don’t want people leaving the dollar and I feel that way, but I will tell you, it [Bitcoin] has taken on a life.” This candid exchange sheds light on Trump’s nuanced perspective on the growing role of cryptocurrency in the financial landscape.

February: Regulation as a Path to Embracing Bitcoin 

In a moment of reflection on Bitcoin’s rise, former President Donald Trump remarked that the cryptocurrency has “taken a life of its own” during a Fox News town hall event preceding the South Carolina Republican primary last February. Trump’s observations hinted at a shifting perspective towards embracing Bitcoin within the United States. He acknowledged the necessity for some level of regulation but highlighted the growing trend of individuals embracing Bitcoin for transactions. “You probably have to do some regulation. But many people are embracing it. More and more I’m seeing people wanting to pay with Bitcoin, and you’re seeing something that’s interesting, so I can live with it one way or the other,” Trump expressed, underscoring the evolving landscape of financial transactions.  

January: From Skepticism to Neutral 

In January 2024, both Donald Trump and Joe Biden remained quiet about Bitcoin, according to Forbes. Previously, Trump had been quite critical, stating in a 2021 Fox News interview, “Bitcoin, it just seems like a scam. I don’t like it because it’s another currency competing against the dollar.” However, by 2022, he launched a collection of NFT trading cards to rally support from his base and introduced a new collection of “Mugshot” NFTs last month. Financial disclosure documents revealed that Trump once owned $2.8 million in cryptocurrency on an Ethereum wallet.  

Thus, the year began with Trump showing a neutral interest in Bitcoin, on January 17, Trump vowed to “never allow” the Federal Reserve to create a central bank digital currency (CBDC) in the US, declaring during a campaign speech in Portsmouth, New Hampshire, “Tonight I’m making another promise to protect Americans from government tyranny. I will never allow the creation of a central bank digital currency.” 

2024: The Year Crypto Takes Center Stage in the US Presidential Election? 

As we approach the 2024 US presidential election, the question of whether crypto will define the political landscape looms large. While it may be premature to provide a definitive answer, one thing is certain: the growing influx of institutional money into Bitcoin underscores its increasingly influential role in both political and financial arenas. As we navigate the ever-changing landscape of digital finance, one thing remains clear: the crypto revolution is here to stay, shaping the future of global finance in profound and unprecedented ways.  

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