In a 2021 interview with Fox Business, former president and convicted felon Donald Trump blasted Bitcoin, calling it a “scam” that should be regulated “very, very high.”
“The currency of this world should be the dollar,” he said at the time. “And I don’t think we should have all of the Bitcoins of the world out there.”
But given his lackadaisical commitment to virtually any belief, it shouldn’t come as a shock that Trump has since completely flip-flopped on the topic, even issuing a collection of non-fungible tokens (NFTs) in 2022 in a brazen attempt to cash in on a largely unregulated market.
And now, in his bid to be reelected as the president of the United States, Trump is attempting to woo crypto voters — even appearing at this weekend’s Bitcoin Conference in Nashville.
“I will appoint an SEC chair who will build the future, not block the future,” he told audiences, in a total reversal of his prior position.
But if anybody was expecting him to make a meaningful statement about the future of crypto regulation in the US, they’d be sorely disappointed.
Instead, Trump made a characteristically rambling speech at the conference, leading to raised eyebrows and plenty of boredom.
“Most people have no idea what the hell it is,” he said. “So what happens when everyone figures it out? That’ll be something.”
The price of Bitcoin actually fell following Trump’s remarks, indicating a muted response.
Even crypto enthusiasts who were willing to give Trump a pass for his regressive beliefs, criminal record, and keen interest in ending democracy in the US weren’t impressed.
“I was excited to hear what Trump had to say about #bitcoin then I [fell] asleep listening to him ramble and pander to the crowd,” attendee Mike Doan wrote in a social media post, as spotted by Raw Story. “I have to remind myself, vote for the platform, not the personality.”
Other attendees took a less nihilistic approach.
“I don’t think Trump’s speech will gain him a lot of new voters among Bitcoiners,” crypto investor Marc van der Chijs tweeted. “The other way around, many will now see him for what he really is.”
“It was my first time watching him speak live,” he added. “He sounds like a low IQ conman to me, I wouldn’t believe anything he tells me.”
“It was painful to watch, hurting the reputation of the #Web3 community,” crypto exec Kai Meinke tweeted. “Having a racist criminal on stage, a notorious liar who just stated ‘you don’t need to vote anymore after my term’ and was babbling a lot narcissistic nonsense between punchlines and empty promises.”
During his speech, Trump promised to establish a national “stockpile” of Bitcoin to serve as a “permanent national asset.” Exactly how he was planning to do this remains unclear.
Organizers claimed that vice president Kamala Harris declined an invitation to appear at the conference. However, as the Financial Times reports, Harris is looking for a “reset” with crypto companies, suggesting an ongoing dialogue.
In short, Trump isn’t exactly the poster child the crypto community was hoping for. But given the upcoming election, there’s a lot on the line as far as crypto regulation is concerned. And given Trump’s role as a sock puppet that’s only swayed by the promise of making money, he may just give them a chance to further their interests as president.
More on Trump and crypto: Trump Has Completely Flip Flopped on Crypto
