The saying that change is the only constant best describes US President Donald Trump's journey in the crypto space. Over the past six years, Trump has gone from attacking and criticizing bitcoin and other cryptocurrencies to embracing digital assets and launching his own meme project and currency.
While the journey has been difficult, Trump's evolution in the market has significantly impacted the industry and will continue to do so, especially as he is the first pro-crypto US 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 attacking bitcoin (btc) and other cryptocurrencies. To quote the President of the United States, he said that he was not a fan of cryptocurrencies because they are not money, they are very volatile and their value is based on air.
Trump insisted that unregulated cryptoassets could facilitate illegal behavior such as drug trafficking and other forms of illicit activity. At the time, Meta Platforms (formerly known as facebook) was preparing to launch its cryptocurrency project, Libra. Although the project was eventually shut down in 2022 following intense regulatory scrutiny, Trump claimed in 2019 that the cryptocurrency would have low reliability and prestige.
The president maintained his defense of the US 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 disdain for bitcoin and cryptocurrencies until he began his presidential campaign at the end of 2022. Although the American president became somewhat involved in the crypto space through non-fungible tokens (nft) in the months following. , did not fully adopt bitcoin until 2024, when the presidential election campaigns became more heated.
The change of direction
Notably, Trump's pivot to a pro-crypto stance made headlines in 2024. On numerous occasions, he promised to protect the US digital asset industry from anti-crypto leaders, mine all 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 influenced OGs and traders in favor of Trump, with big names in the industry donating and rallying for his election victory. Fortunately, Trump won, sparking 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 shot in two days and turned many merchants into millionaires overnight.
The inauguration that will take Trump to the White House will take place today. As the market has been abuzz over the weekend, it remains to be seen how well or badly the Trump administration will affect the cryptocurrency industry.
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