Donald Trump and Bitcoin: From a Not-Fan to a Crypto President with His Own Meme Coin

Bitcoin-friendly Donald Trump won the election in November, and was inaugurated in January as the 47th President of the United States of America. However, the commander in chief dropped a image coin before being officially sworn in.

Yes, you read that correctly. Running on the Solana network, the TRUMP token at one point had a market cap of$ 14 billion. Since then, it has fallen to$ 2.9 billion, but the move reflects the new President’s growing enthusiasm for the online resource room after campaigning to support Bitcoiners and the fast-moving industry as a whole.

Before the divisive election in November, Trump endorsed himself as a crypto-friendly member, bringing in millions of dollars in electronic property donations from Silicon Valley technology leaders. And therefore he won.

However, it wasn’t always this way: President Trump was previously a fervent crypto writer. So how did we arrive around?

Trump’s most establishing first comment on crypto dates back to 2019, when as leader he made it clear he didn’t like Bitcoin. &nbsp,

Before criticizing Facebook’s plans for a digital currency, he said,” I don’t like Bitcoin and other cryptocurrencies, which are not wealth, and whose value is highly volatile and based on thin air.” &nbsp,

He continued,” We only have one real money in the United States, and it is both trustworthy and trustworthy now more than ever.” It is” by far the most powerful money in the world,” according to the statement. It is called the United States money”!

During a 2021 bulls work, Trump reaffirmed his beliefs. On , he said,” Bitcoin really seems like a scam,” stating that he wanted the money to be the world’s most valuable money.

Entering the Hydroponic earth

It took him a while for him to declare in writing that he liked the most popular cryptocurrency, and the journey began with an unanticipated bitcoin trend: NFT collectibles. &nbsp,

By the end of 2021, after Trump had left the White House, his wife Melania announced her plans for a Solana-based NFT series. Solana Labs, Inc., clarified that the announcement had nothing to do with the blockchain-based set, and Trump continued to criticize crypto as “dangerous” despite his wife’s efforts. &nbsp,

The next year, but, the commander-in-chief launched his own NFT series. The online trading cards collection was initially mocked on the Ethereum scaling network Polygon, but it quickly sold outside and earned millions of dollars. &nbsp,

Trump later said that he only launched the selection because he thought they were” kind of cute”. He has since expanded his collection on Polygon and yet minted some of the third set via the Ordinals convention on Bitcoin. The largest amount of NFTs to date was released in a third set in August 2024.

Trump has also claimed that the success of his NFT series, and the amazing number of buyers who used crypto rather than conventional money, helped change his view on Bitcoin and crypto.

According to a digital wallet owned by the chairman by bitcoin analysis company Arkham Intelligence, he has raked in million in revenues from the NFTs and also holds some of the biggest illegal Trump image coins, which are most likely sent to the bag without Trump’s knowledge or consent.

Trump’s accept of crypto

But it was just last month when Trump actually upped the pro-crypto speak. In a March meeting with CNBC’s , Trump said,” I make money with it, I enjoy it as well.” I call them” mad new assets,” that is what I call them.

Therefore, while hosting recipients of his NFTs at his Mar-a-Lago hotel in May, he told the group he was” great with” crypto—and slammed Biden and the Democrats for being “against it”. Some people thought the incident would be a turning point in discussions of crypto plan.

Rumors surfaced in May that Elon Musk, the world’s richest person and biggest supporter of the Trump campaign, has been giving him advice on a blockchain method. ( Musk denied the reports. ) A first for the sector, the Democratic group released a document party platform in July that made explicit reference to crypto.

After surviving a July assassination attempt, the firm mogul and former reality TV star benefited from the support of numerous other well-known names in the online asset market. And big crypto images like the Winklevoss sisters of Gemini and Kraken leader Jesse Powell donated huge sums to Trump.

Senator J. D. Vance was then chosen by Trump as his running mate, with the Vice President perceived at the time as a pro-crypto candidate who had previously disclosed Bitcoin holdings of between$ 100, 000 and$ 250, 000 back in 2021.

The 2024 Bitcoin Conference in Nashville, Tennessee was Trump’s most eminently revealing speech, which was the most evocative example of his embrace of bitcoin. There, he promised the crowd that he would build a” strategic Bitcoin stockpile” for the country and that his plan was to turn the U. S. into the” crypto capital of the planet”.

The Trump family then teased a decentralized finance ( DeFi ) project known as World Liberty Financial, where Trump himself posted a number of social media teasers prior to its initial rollout.

Donald Jr., the president’s son, claimed that the bitcoin platform will remain equitable. ” For very long, the average American has been squeezed by the major banks and financial leaders. It’s time to stand up together, he declared on Twitter (aka X ).

Finally, a day after the second attempt at his career, Trump launched the project in a live interview with Rug Radio, ‘s sister company. World Liberty Financial aims to offer borrowing and lending companies for cryptocurrencies on Ethereum’s system.

As far as crypto token launch go, the job was a bit of a flop right away, only being able to sell 4 % of its alloted currencies at the time of its release. However, sales significantly increased ahead of Trump’s opening, with the remainder of the reservation closing on January 20—the evening he returned to the White House ).

therefore reported that the World Liberty Financial task had launched its own bitcoin. The gift is accessible on both Binance’s BNB Chain and Ethereum’s, according to on-chain information.

Additionally, the Republican group has more blockchain enthusiasts. Bitcoin bulls Robert F. Kennedy Jr. suspended his campaign to embrace Trump, and therefore joined Trump’s transition group. He is currently the Health and Human Services Secretary. Howard Lutnick, the orange-pilled CEO of Cantor Fitzgerald, is also a member of Trump’s social elite and currently the secretary of commerce.

Meanwhile, noted Dogecoin fan Elon Musk is leading the Department of Government Efficiency ( DOGE ), a program that is slashing budgets and cutting jobs across the government, though he’s said that he will step aside soon.

Crypto aims increase

Trump became the first person to purchase a burger from a favorite crypto bar in New York City using Bitcoin in September, making him the second current or former U.S. president to do so.

” It’s the beginning of a fresh era”, he said, referring to the online resource market. And it wasn’t just communicate. On January 17, he launched a joke coin on Solana, making it one of the most priceless meme coins ever.

Politicians and analysts have frequently criticized the Republican sign launch, and some believe it to be a potential source of corruption. But while the value is down sharply from the top, it continues to view trading need, including in April when Trump revealed plans to host an special dinner for major TRUMP holders.

However, President Trump doesn’t want to go back there.

In his first three months in office, the Republican established a strategic Bitcoin reserve and became the first president to pass a bill into law that would end the IRS’s so-called DeFi broker rule, which might have hampered the growth of crypto apps in America.

Trump’s SEC has also scrapped numerous lawsuits and against crypto companies from the previous administration, and his family is continuing to—albeit controversially—push ahead with its own crypto ventures: Donald Trump Jr. and Eric Trump are launching American Bitcoin, a collaboration with Bitcoin mining firm Hut8 that plans to become the “world’s largest and most efficient Bitcoin miner”.

Trump’s media arm, Trump Media and Technology Group, and Crypto.com both signed an agreement in March to collaborate on ETFs, with Trump Media intending to put its own money into the products.

Silicon Valley bigwigs claim that Trump is pro-innovation despite the fact that his digital asset ventures represent a conflict of interest. One thing is for sure, though: President Trump appears to be going all-in on crypto, shrugging off his past perspective on the industry.

edited by Andrew Hayward