Trump’s Crypto Claims: Family Profits While He Takes Credit
Trump Claims to Be the Architect of Cryptocurrency
A Surprising Turn in Trump’s Stance on Crypto
In a striking announcement on June 27, former President Donald Trump not only endorsed cryptocurrency but also proclaimed himself its creator. He portrayed the crypto sector as struggling, asserting that he played a pivotal role in revitalizing it into a “very powerful industry” crucial for maintaining American supremacy.
From Skeptic to Self-Proclaimed Pioneer
This assertion is particularly audacious, especially considering that just two years prior, Trump labeled Bitcoin a “scam” rooted in “thin air.” His transformation from one of crypto’s most vocal critics to its alleged founding figure is remarkable. During a press briefing at the White House, Trump suggested that his involvement with cryptocurrency began long before his current campaign for the presidency.
“I got involved with it a couple of years ago, and before the second term,” he stated. “I got involved before I decided to run… It’s become amazing. I mean, it’s the jobs that it produces, and I notice more and more of you pay in Bitcoin.”
Ignoring Crypto’s Established History
This new narrative conveniently disregards the actual timeline of cryptocurrency, which started with the launch of Bitcoin in 2009, driven by innovators like Ethereum’s co-founder, Vitalik Buterin. Instead, Trump positions himself as the unexpected hero who recognized crypto’s potential when others did not.
“That was an industry that wasn’t doing particularly well,” Trump remarked, before making a stunning claim: “I’m president, and what I did do there is build an industry that’s very important.”
A Dramatic Shift in Perspective
For those familiar with the crypto landscape, this sudden change in Trump’s viewpoint is jarring. In 2021, he expressed concerns that cryptocurrencies posed a threat to the U.S. dollar, emphasizing his desire for the dollar to remain “the currency of the world.”
Today, he presents a contrasting argument.
“I mean, people are saying it takes a lot of pressure off the dollar, and it’s a great thing for our country,” Trump noted.
He now views cryptocurrency as a strategic asset in the global competition with China, asserting, “If we didn’t have it, China would. China would love to, and we’ve dominated that industry.”
Embracing the Crypto Movement
While this shift may appear abrupt, it aligns with a surge of lobbying efforts within the crypto sector and a series of pro-crypto initiatives during his administration. Since his return to the political arena, Trump has fully embraced the cryptocurrency movement, which many believe represents the future of financial transactions.
This new financial landscape is largely based on blockchain technology, a decentralized digital ledger that securely records transactions without the need for traditional banking intermediaries. This concept, known as decentralized finance (DeFi), is central to the cryptocurrency revolution.
Legislative Support for Cryptocurrency
The Trump administration has actively sought to legitimize the crypto industry. Recently, the passage of the Genius Act established regulations for stablecoins—cryptocurrencies tied to stable assets like the U.S. dollar to mitigate volatility—and announced plans for a U.S. crypto reserve.
This regulatory support, coupled with the growing crypto ventures of his family, has contributed to a market resurgence. Bitcoin is currently valued at over $105,000, and the overall cryptocurrency market capitalization has reached nearly $3.4 trillion, marking a significant recovery from the previous downturn that saw the collapse of major exchanges like FTX.
A New Era for Cryptocurrency
For an industry that has faced intense scrutiny and fluctuations, Trump’s public endorsement serves as a significant, albeit revisionist, validation. The individual who once viewed cryptocurrency as a rival to the dollar now perceives it as a patriotic legacy that he claims to have personally nurtured.
