In his analysis from this Monday, Nikolaus claimed that Donald Trump is strongly in favor of Bitcoin. I have to disagree.
While it’s true that Trump is paying lip service to Bitcoin enthusiasts, which is more than we can say for Kamala Harris, his appearance at the Bitcoin conference is certainly noteworthy. It suggests he recognizes the “crypto voter” demographic as a possible electoral group. Additionally, his presence at PubKey was an entertaining stunt—even if he seemed unable to complete a payment there himself.
However, it’s painfully clear that he is primarily after your funds and votes. This is a common trait among politicians, but Trump exemplifies this to an even greater degree. He’s willing to exploit you for your support, whether it’s through these absurd NFTs or whatever his latest coin venture might be.
I’m far from convinced that Trump will remain a supporter of Bitcoin if he secures a second term. Even at Bitcoin 2024, his closing statement—“have fun with your crypto and Bitcoin, and all the other things you dabble in”—revealed his indifference towards Bitcoin in a genuine sense. In fact, not long ago, Trump stated that he was “not a fan of Bitcoin and other cryptocurrencies, which aren’t money and are subject to extreme volatility and value based on thin air.”
Currently, Trump needs your money and your vote—but he won’t require that once he is in office. Even if you take his comments like “miners get all the electricity they need for mining” at face value, why should anyone think he won’t turn against Bitcoin the moment it serves his interests… most conspicuously, in favor of the dollar?
Considering Trump’s history of broken promises during his first term, I wouldn’t expect anything different this time around.
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