Donald Trump is embracing cryptocurrency ahead of the 2024 Presidential Election. 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 donations, calling the decentralized currency a reflection of Trump’s commitment to “freedom over socialistic government control.”
“Bitcoin mining may be our last line of defense against a CBDC [Central Bank Digital Currency],” Trump said in a Truth Social post Tuesday. “Biden’s hatred of Bitcoin only helps China, Russia, and the Radical Communist Left. We want all the remaining Bitcoin to be MADE IN THE USA!!! It will help us be ENERGY DOMINANT!!!”
The former President met with the country’s largest Bitcoin mining companies on Tuesday night, according to The New York Times and several photos posted by crypto executives. Trump may be hard-pressed for cash these days given his recent conviction, ongoing legal cases, and, oh yeah, the upcoming 2024 Presidential Election that’s less than five months away. The crypto community, which is searching for allies in D.C. to create friendlier policies, could offer a meaningful 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 “socialistic government control,” is all too familiar. The former President is positioning crypto as a decentralized way to invest in the MAGA movement. It’s not dissimilar from Truth Social’s stock, which became a way for day traders to invest in Trump through shares of DJT. He’s making these financial investments seem patriotic, but really they’re his path back to the Oval Office.
Silicon Valley executives are increasingly gaining influence with Trump. Executives from Andreessen Horowitz are reportedly willing to spend tens of millions of dollars on crypto-friendly political campaigns, Puck reported in February. However, it’s unclear if any of this money has already gone to Trump directly. Tech venture capitalists David Sacks and Chamath Palihapitiya also just threw a fundraiser for Trump last week, which drew high-profile Bay Area executives and big donations.
Donald Trump has flip-flopped on so many technology issues, that it’s hard to keep track of where he stands. He tried to ban TikTok while in office, but now he supports the app’s existence in America. Trump said he was “not a fan” of cryptocurrencies in 2019, but now it seems to be the currency of “freedom.” Many of Trump’s policies seem highly tied to where his potential fundraisers are. In 2024, it seems the Bitcoin community is poised to embrace Trump, and he’s framing the issue as existential to American ideals.
