Donald Trump is now actively courting the votes of the crypto community – and he appears to be far ahead of the incumbent president. The upcoming US election in November could be the first to be influenced significantly by cryptocurrencies.
On Saturday, Donald Trump officially positioned himself as the presidential candidate for the crypto industry during a speech at the Libertarian National Convention in Washington DC. Among his promises, he stated:
“…and I will also end Joe Biden’s crusade against crypto. We will stop that. I will ensure that the future of crypto and bitcoin is shaped in the US and does not migrate abroad. I will protect the right of self-custody for the 50 million crypto owners in our country. I will keep Elizabeth Warren and her minions out of your bitcoins. And I will never allow the creation of a central bank digital currency.”
This statement is revealing. By emphasizing self-custody, Trump is adopting the language of the crypto industry. Self-custody is a significant term for crypto enthusiasts, and it is currently under scrutiny in various regulatory proposals and court cases.
Trump also appeals to the libertarian core of the crypto community with another promise:
“And if you vote for me, I will commute the sentence of Ross Ulbricht, who was sentenced to life imprisonment, on the first day…” – here the speech was interrupted by about 20 seconds of cheering, peppered with shouts of “Free Ross!” – “… he has already served 11 years, we will bring him home.”
Ross Ulbricht, who operated the underground marketplace Silk Road under the pseudonym Dread Pirate Roberts, was arrested in 2013 and sentenced to life imprisonment. Bitcoiners have long lamented Ulbricht’s severe sentence compared to other criminals and fraudsters. Trump’s promise resonates deeply with those who feel justice has not been served.
In the same speech, Trump also announced plans for massive tax cuts, ending the Green New Deal, halting support for electric vehicles, and initiating new oil drilling projects (“Drill Baby Drill”). He also promised unprecedented repatriation of migrants and an end to the war in Ukraine.
There are many in the Bitcoin and crypto industry who might prefer Joe Biden over Donald Trump for various reasons. However, when it comes to crypto, Trump’s promises are more appealing. While Biden’s policies are not as hostile as sometimes portrayed – evidenced by the approval of the Bitcoin ETF under his administration – the past six months have seen numerous lawsuits, regulatory actions, and political campaigns that the crypto community views as attacks.
If Trump is genuine about his commitments to protect self-custody and support the industry, it might be enough for many to overlook their reservations about his presidency.
Furthermore, the psychological effect of coherence plays a role: when people perceive a positive aspect of someone or something, they tend to downplay known disadvantages. Many in the crypto world who oppose Trump’s policies might now view them more favorably.
Trump’s alignment with the crypto sector is also proving financially beneficial. President Joe Biden recently highlighted this in a call for donations, noting: “Crypto managers and oil barons are coming out of the woodwork for Trump.” Trump’s fundraising campaign is millions of dollars ahead of the Democrats, partly due to his acceptance of Bitcoin and other cryptocurrencies.
It’s possible that President Biden could become the first American president to lose an election due to his relatively tough stance on crypto.
While the outcome is still uncertain, one thing is clear: the political debate surrounding crypto in the USA is far more advanced than in Europe. In the US, it may determine who governs the country – in Europe, it isn’t even a significant issue in local elections.
