PALM BEACH, Fla. — During his first stint in the White House, Donald Trump wasn't a fan of cryptocurrencies. He once tweeted, “They were like this.”based on thin airHe has since sold millions of dollars worth of NFTs. This week, he rebranded himself as the best candidate for cryptocurrencies.
“If you support crypto, you're going to vote for Trump because they want to end crypto,” he said at a Wednesday night party at Mar-a-Lago, referring to Democrats and President Joe Biden. ” he said. He also vowed to ensure that his campaign accepts crypto donations.
The 77-year-old candidate's apparent change in direction came as little surprise to the audience of about 200 supporters. Many people purchased $10,000 in Trump trading card NFTs to attend this surreal, sweltering outdoor reception at the former presidential palace in Florida. A CoinDesk reporter also weighed in (as a +1).
For nearly an hour, Trump answered questions from a crowd of people dressed in sweaty suits. A handful of them focused on crypto, an incredibly niche wedge problem that was the nominal anchor of the entire event.
But it was enough to clarify a few things.
One exchange highlights points 1 and 3 (more on 2 later). Asked what he thought about central bank digital currencies (CBDCs) and “government blockchains” (two things that crypto advocates generally oppose), Trump said: “I think everything happens for a reason. ” he answered.
“We have incredible things happening, namely cryptocurrencies. When you go back to cryptocurrencies a few years ago, people said it wouldn't be successful, and now we're seeing record numbers. “It's kind of a currency.'' And I think I agree with that, and I'm increasingly agreeing with that. ”
The substance of President Trump’s support for cryptocurrencies may not matter all that much to (perhaps a few) industry executives. single issue voters More than the fact that he has something positive to say about it. Trump appears to be the first major party presidential candidate to embrace cryptocurrencies.
On the other side of the race is an openly hostile presidential administration. Joe Biden's SEC Chairman Gary Gensler is taking legal action against many parts of the crypto industry. And early Wednesday, hours before a celebration at his opponent's golf resort, the president vowed to thwart a House effort to repeal SEC accounting rules on political cryptocurrencies. Opponent They argue that it is hindering the industry's growth.
“Biden doesn't even know what it is. If you asked Biden, 'Sir, are you for or against cryptocurrency?' he'd say, 'What is that? Please put me down,” he would say. He has no idea,” Trump said. Regardless of whether this somewhat plausible speculation is true, President Trump went on to attack Gensler, an official familiar with cryptocurrencies.
“I can tell you this: I'm fine with that, I want to make sure it's good and solid, but everything else is fine,” Trump said of cryptocurrencies. He later said: “If we're going to have what we have, we're going to have to accept a lot of things that not everyone will like.”
Hours before Trump's impromptu Q&A, the Biden campaign fumed in an email to supporters: “People are hooked on paying $10,000 for a simple digital image of Trump.” The email criticized President Trump for hosting a lavish NFT dinner during a midweek court break instead of campaigning.
But Trump was The campaign will be held on Wednesday night. He was competing for votes from a very raucous crypto crowd that Biden had thoroughly ignored. Indeed, only a few hundred people heard him speak in person. Their video of President Trump's pro-cryptocurrency remarks caused a stir on social media, sparking a flood of media coverage against the self-proclaimed political champion of cryptocurrencies.
“There are 50 million crypto holders in the United States. That's a lot of voters,” said Ryan Selkis, CEO of crypto data platform Messari. (those who paid $4,700) made the claim in a packed ballroom at Mar-a-Lago mingling with dinner attendees. Mr. Trump unexpectedly called Mr. Serkis to the stage.
The soundbite emerging from Wednesday's NFT gala could accelerate the polarization of cryptocurrencies by trapping them in the same us-or-them shackles that bind much of American politics. . Bitcoin's liberal roots have little resonance today.Supporters of cryptocurrencies both sides of the aisle.
The most powerful voices in Republican politicians have set aside the bipartisan reality of cryptocurrencies by declaring that Democrats want to abolish them. Hours after 21 of 213 House Democrats voted in favor of repealing the SEC accounting rules, President Trump said, “Democrats are very much against it.”
Trump has positioned himself as the industry's only hope. His fluency on industry issues was spotty. Asked how he plans to change America's hostile policy of forcing crypto businesses out of the country, he said: “We're going to stop it. Because we don't want that, we don't want that. I don't want that. I hope we do — if we do.” If we're going to accept that, we have to leave them here. ”
There was one area of cryptocurrency that Trump spoke more or less expertly about: his NFTs. Three collections of Trump NFTs (digital trading cards depicting an uberjacked Donald in various states of patriotism) have generated millions of dollars in sales. Wednesday's dinner gala celebrated high rollers purchasing his “Mugshot Edition” third collection.
“We did it when NFTs weren't popular, and we made NFTs popular again,” Trump claimed of his cards, noting that some NFT buyers have made tens of thousands of dollars on the resale market. added.
When asked by one participant if he would sell his fourth NFT collection, the longtime businessman hesitated. “I believe in supply and demand. And you know, 1 has done great, 2 has done great, 3 has done great. At some point it might turn around. .”
He surveyed the audience: How many Mugshot high rollers want a Series 4 NFT collection? Most people raised their hands. President Trump looked perplexed and said, “Based on supply and demand, wouldn't the prices of the products we've already purchased be maintained?” He tested their resolve. “Who do you want? do not have Would you like to see a fourth collection for that reason?'' Only a few hands went up.
“Okay, a couple of economists,” Trump said, drawing laughter from the audience.
