The saying that change is the only constant best describes the United States President Donald Trump’s journey in the crypto space. The past six years have seen Trump evolve from bashing and criticizing Bitcoin and other cryptocurrencies to embracing digital assets and launching his own project and meme coin.
While the journey has been rocky, Trump’s evolution in the market has significantly impacted the industry and will continue to, especially as he is the first pro-crypto U.S. president with several favorable promises for the sector.
When Trump Hated BTC
Sometime in the third quarter of 2019, CryptoPotato published a report about Trump openly bashing Bitcoin (BTC) and other cryptocurrencies. To quote the U.S. president, he said he was not a fan of cryptocurrencies because they are not money, are highly volatile, and have value based on thin air.
Trump insisted that unregulated crypto assets could facilitate unlawful behavior like drug trade and other forms of illicit activity. At the time, Meta Platforms (formerly known as Facebook) was gearing up to launch its cryptocurrency project, Libra. Although the project eventually shut down in 2022 following intense regulatory scrutiny, Trump asserted in 2019 that the cryptocurrency would have little dependability and standing.
The POTUS maintained his advocacy for the United States dollar (USD) and even mentioned in mid-2021 that Bitcoin looked like a scam as it competed with the dominant fiat currency.
Trump made numerous tweets and statements about his dislike and disregard for Bitcoin and cryptocurrencies until he kicked off his presidential campaign in late 2022. Although the U.S. president got a bit involved in the crypto space via non-fungible tokens (NFTs) in the following months, he did not fully embrace Bitcoin until 2024, as the presidential election campaigns became more heated.
The U-Turn
Noteworthily, Trump’s pivot to a pro-crypto stance made the headlines in 2024. On numerous occasions, he promised to protect the U.S. digital asset industry from anti-crypto leaders, mine all the remaining bitcoins in the country, and establish a more favorable environment for the budding environment.
The U-turn from an anti to a pro-crypto stance swayed OGs and traders in favor of Trump, with industry big names donating and rallying for his victory in the elections. Fortunately, Trump did win, triggering a market surge that saw BTC cross $100,000 for the first time.
In addition to embracing the industry, Trump and his family launched World Liberty Financial, a crypto project aimed at empowering everyday people, in September 2024. Two days ago, the POTUS also launched Official Trump (TRUMP), a meme coin that skyrocketed within two days and turned many traders into millionaires overnight.
The inauguration that will usher Trump into the White House is set to happen today. As the market has been abuzz with excitement over the weekend, it remains to be seen how well or poorly Trump’s administration will affect the crypto industry.
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