Donald Trump is a businessman, a media personality, and a politician. As an entrepreneur he was busy in various spheres, most notably real estate (like his father). He hosted the Apprentice reality show from 2004 to 2015. After victory in the US Presidential election of 2016 Trump has mostly been known as a politician. 

Trump’s political career is polarizing. His first tenure as the POTUS was marked by two impeachment attempts. The alleged role of Trump in the 2021 Capitol attack sparked even more controversy. Trump was wounded by a shooter during the meeting with his supporters in 2024. Despite all the controversy, Trump managed to appeal to millions of Americans and confidently won the 2024 election. 

Trump and Cryptocurrencies

One of the social groups that embraced Trump’s victory was the international cryptocurrency community. In the past Trump was skeptical towards cryptocurrency. On several occasions he called cryptocurrencies “a scam” and “not money.” In 2021 he said that cryptocurrencies are a “disaster waiting to happen.” However, Trump drastically changed his rhetoric during the 2024 Presidential campaign.

The reasons for the support from the crypto community was Trump’s promise to turn America into the global cryptocurrency capital, several announced changes that should contribute to it, and leaked information that hints at the preparation of high-level governmental support of the cryptocurrency industry in the USA.

Trump’s Plans on Crypto and Rumors

Trump came out as the crypto supporter during the Bitcoin conference held in Nashville in July of 2024. At this conference Trump made a number of statements that shaped his crypto advocate image.

The things Trump said during his presidential campaign include the following:

  • Trump promised to create a strategic US Bitcoin reserve, saying that the USA shouldn’t sell its BTC funds acquired via seizes. More than that, he said that Bitcoin should be mined in the USA.
  • Trump promised to cut taxes on profit for the companies that issue cryptocurrencies in the USA. This move is supposed to make America an attractive hub for cryptocurrency business.
  • Trump said that he will fire Gary Gensler, who was the SEC chairman at that time. During his service in the SEC Gensler hindered the work of many big crypto brands and mostly left crypto regulation at treating crypto as securities without notable specification. It caused a lot of legal troubles for many established cryptocurrency platforms, including Binance, Coinbase, Gemini, Ripple, and others. 

In November of 2024 Gensler announced his intention to leave the SEC on the day of Trump’s inauguration. The news saw Bitcoin reaching a new record-breaking price at nearly $100k and was met with joyful comments from representatives of many crypto companies.

Aside from these promises, the leaks from Trump’s associates fueled the crypto community’s delight even more. It’s been speculated that Trump is preparing a new role of the cryptocurrency czar in the White House. Yet, the person to step in is not disclosed.

Another sign of Trump’s close interest in cryptocurrencies is that he and his sons are collaborating with the DeFi platform called World Liberty Financial (WLFI) created in partnership with one of the leading cryptocurrency platforms Chainlink.

Trump Trade 2024

All the things listed above contributed to the rave reaction of the crypto community to the victory of Trump in the 2024 election. The Bitcoin price skyrocketed following the first news of Trump’s probable victory in the election. In the following days as the media kept on recycling Trump’s pro-crypto statements and promises, the BTC price grew immensely, reaching new heights. The media dubbed the November rally “Trump Trade.”

In general, despite polarizing sentiment towards Trump on other questions, the crypto community is more than bullish on Trump 2.0 when it comes to the future of cryptocurrencies.