Jonnie King, the DJ and personal trainer, ceased getting hired for events and exercise sessions when the epidemic struck 2020. He then switched to trade cryptocurrency, which at the time was fast rising in value. “Oh my god, I could see promise for me. I can earn money staying at home, he says.
King is a devoted believer who retains most of his assets in cryptocurrency four years later. King supported for Bernie Sanders in 2016 because of Sanders’s emphasis on elevating the working class, but since Trump recently embraced cryptocurrencies, King is now a strong advocate of Donald Trump.
King reveals, he may most likely declare that his livelihood is one vote issue. He stores his riches in cryptocurrencies; if the Democrats try to discredit that, that is actually taking his money away from him. How is he meant to help his family?
King is representative of a growing segment of the crypto community that is welcoming Trump into their fold. Trump has long expressed mistrust towards cryptocurrencies, both during and after his time as president. He even went so far as to claim in 2021 that Bitcoin appeared to be a hoax. However, in the run-up to the 2024 election, Trump reversed course and praised the technology. And in the past week alone, he has taken a number of other noteworthy actions to win over the supporters of cryptocurrency: he revealed plans to speak at a Bitcoin conference in Nashville on July 27, unveiled a new NFT initiative, and selected J.D. Vance, a fervent supporter of cryptocurrency, as his vice presidential candidate.
The enthusiasm has returned to the crypto world. Even if they disagree with some aspects of Trump’s policy or his criminal history, many still think that if elected, he will significantly benefit the sector. Pro-Trump sentiment is strong within the cryptocurrency community on X, formerly known as Twitter, and cryptocurrency funds are flooding Trump’s campaign. Additionally, Bitcoin’s value increased following Trump’s shooting, perhaps due to the perception that the incident improved Trump’s prospects of winning the presidency.
The CEO of the crypto lobbying group The Blockchain Association, Kristin Smith, tells that Trump has had an amazing and unexpectedly good impact on this industry. That was not on his bingo card for 2024.
Trump’s U-turn in crypto
After criticizing cryptocurrencies for so long, Trump hasn’t discussed his newfound affection for them in great detail. However, he has employed the sector as a wedge issue, setting himself squarely against leftist doubters of cryptocurrency, such as Elizabeth Warren. Additionally, Trump stands to gain a great deal of financial leverage from the well-funded and organized crypto lobby.
The Washington Post reports that Trump has hosted multiple fundraisers with executives from the crypto industry, who have pledged to host more for him. According to the report, Trump spoke with pro-crypto entrepreneur Elon Musk about crypto policy, and cryptocurrency tycoons Tyler and Cameron Winklevoss each gave $1 million in Bitcoin to the president in protest of Biden’s “war against crypto.” (Musk has now backed Trump.) A cool $844,600 will get you into a “VIP reception” with Trump at the forthcoming Bitcoin conference.
A statement on Trump’s website stated that the decision to accept crypto donations was a part of a bigger push against “socialistic government control” over the financial systems in the United States. (Joe Biden hasn’t discussed cryptocurrencies in public, but his administration has backed tougher regulations aimed at safeguarding consumers.)
Additionally, The Post revealed earlier this month that longtime party members were taken aback when a Trump aide included language regarding cryptocurrencies to the Republican Party platform. The statement “We will defend the right to mine Bitcoin and ensure that every American has the freedom to transact free from government surveillance and control” was part of the passage. (At the moment, government organizations utilize blockchain tracing to find cryptocurrency scammers and other criminals.)
Trump’s nominee for vice president, J.D. Vance, strengthens his resume in cryptocurrency
By selecting pro-crypto Senator J.D. Vance as his running mate on Monday, Trump stoked even more enthusiasm among supporters of the industry. Vance said that he had more than $100,000 in Bitcoin in 2021 while he was a Senate candidate. In that same year, he referred to the cryptocurrency space as “one of the few areas of our economy where free thinkers and conservatives can work without fear of social justice mob pressure.” Pro-crypto entrepreneur Peter Thiel also contributed a sizable sum of money to Vance’s campaign.
Vance released draft legislation earlier this year to restructure the crypto regulatory landscape and clarify which agency should be in charge of overseeing certain crypto tokens—the CFTC or the SEC. Politico stated that compared to earlier measures that were introduced, the proposal seemed to be “more industry-friendly.”
The prospect of a private Bitcoin owner running for president in 2020 has received positive reception from the cryptocurrency community overall. Kristin Smith emailed, saying, “Senator Vance—an emerging voice for fit-for-purpose, pro-innovation crypto legislation—is an ideal candidate to lead the Republican Party’s crypto principles.”
Project 2025 helps the cryptocurrency sector as well
Project 2025, a comprehensive conservative blueprint spearheaded by the Heritage Foundation that outlines the measures Trump should implement if elected, such as initiating mass deportations and combating “anti-white” prejudice, is a cloud hanging over the election. Despite Trump’s disassociation from the plan on Truth Social, the effort involves dozens of Trump associates and former administration officials.
The use of crypto-related terminology in Project 2025 is highly anticipated by the industry. A free financial system where the dollar is backed by a valued commodity like gold—or, cryptocurrency aficionados hope, Bitcoin itself—is what the manifesto pushes for, replacing the Federal Reserve, whose monetary practices have long been despised by proponents of the industry. But there’s no proof that Trump or anybody else in his administration has given the suggestion any thought. The letter also urges regulators to make cryptocurrency regulations more clear, which is something Vance is advocating for and which may lead to a rise in the use of cryptocurrencies.
Despite this, some supporters of cryptocurrency doubt that Trump’s abrupt adoption of Bitcoin will be more than just a talking point during the election season. The anti-government, libertarian leanings of Bitcoin appear to be offset by some of Trump’s openly stated policy objectives, which have been characterized as authoritarian. Since decentralization and resistance to state interference are fundamental to the philosophy of cryptocurrency mining, his demand that all Bitcoin mining be done in the United States, for example, offended several idealists.
Moe Vela, a senior counselor to the cryptocurrency project Unicoin and a former Biden advisor, has doubts about Trump’s motivations. He claims, “He was bashing cryptocurrency not too long ago.” I urge the members of the crypto community to resist giving in to political pandering, as they are often quite naive when it comes to law, policy, and politics.
According to Vela, a robust and balanced regulatory framework for cryptocurrency is essential to the industry’s growth. He claims that the lack of regulations that filter out dishonest actors—and we’ve already seen that there are many of them—weakens public confidence in the industry.
Additionally, on June 17, Ethereum’s main creator, Vitalik Buterin, cautioned cryptocurrency enthusiasts not to base their vote decisions only on a candidate’s stance on cryptocurrencies. He stated that making choices in this manner increases the likelihood of deviating from the principles that initially drew you into the cryptocurrency world.
According to certain surveys, cryptocurrency is still a very specialized interest. Only 7% of American people owned or used cryptocurrency in 2023, according to the Federal Reserve, and results of another survey indicated that anti-crypto sentiment is still strong. However, the cryptocurrency community believes that thousands of voters who support just one cryptocurrency, such as Jonnie King, might help Trump win the next election.
Regarding Trump’s pro-crypto attitude, King suggests that it could just be a politician using their position to gain votes. He’s not claiming that all men are flawless. However, Biden sees no future for himself while he is advocating a fight against cryptocurrency, the one system that offers promise for money.
“It’s something if Trump can instill hope in us, even if it’s only hope.”
