In a phone interview with Fox Business in 2021, recently ousted US President Donald Trump was asked about his views on bitcoin. The cryptocurrency was on a record run and on track to be the best-performing major asset of the year, with gains 10 times bigger than gold.

“It just looks like a scam,” Trump said. “I don’t like it because it’s another currency competing against the dollar… The currency of this world should be the dollar and I don’t think we should have all the bitcoins in the world out there.”

Less than three years later, Trump now presents himself as the “crypto president”promising to protect the 50 million people in the US who own cryptocurrencies from “Elizabeth Warren and her henchmen,” while ensuring that “all remaining bitcoins [is] MADE IN THE USA!!!”

This sudden shift in stance seems to fit with both his nationalist rhetoric and his relentless opposition to Democratic policies — but the move could also be opportunistic. In May, a widely shared poll revealed that just over a fifth of voters in swing states consider cryptocurrency to be a deciding factor in who they vote for.

That same month, Trump’s campaign announced it would begin accepting donations in cryptocurrencies, including bitcoin, dogecoin and ethereum — raising $3 million so far. Trump and his team have also been meeting with industry figures, and on Tuesday made their biggest move yet by naming a pro-cryptocurrency candidate as his running mate.

JD Vance is the first bitcoin holder, or “bitcoiner,” on the presidential ticket, owning somewhere between $136,000 and $390,000 worth of the cryptocurrency, according to his Senate financial disclosure reports.

He also made several crypto-friendly moves during his 20 months as a senator, including introducing a bill that would protect cryptocurrency companies and exchanges from being cut off by traditional banks.

Cryptocurrency investors and traders already appear convinced by the promise of a Trump presidency. In the wake of last weekend’s failed assassination attempt, the price of bitcoin surged nearly 10 percent as bookmakers made him the overwhelming favorite to retake the White House in November’s election.

But despite Trump’s promises, prominent figures within the crypto industry have warned voters against choosing political alliances based on a candidate’s supposed stance on cryptocurrencies. In a lengthy blog post on Wednesday, Ethereum co-founder Vitalik Buterin noted that there is a growing push within the crypto space to become politically active and support politicians and parties based almost entirely on their stance on cryptocurrencies.

“I argue that making decisions this way carries a high risk of going against the values ​​that brought you into the crypto space in the first place,” he wrote. “If you see a ‘pro-crypto politician’ today, it’s worth exploring their underlying values ​​and seeing which side they will prioritize if a conflict arises.”

Buterin also noted that most of the bills put forward by Western governments were “mostly reasonable” and that support had already been signaled by figures who are now among the industry’s biggest detractors, such as Vladimir Putin.

“If a politician is pro-crypto today, but is the kind of person who is either seeking too much power or is willing to curry favor with someone who is, then that’s the direction their crypto advocacy might take 10 years from now,” he continued. “Politicians come to understand that all they need to do to get their support is to support ‘crypto.’ It doesn’t matter if they also support banning encrypted messaging, are power-seeking narcissists, or push for bills that make it even harder for your Chinese or Indian friend to attend the next crypto conference.”

Trump’s foray into the space could reach its climax next week when he attends the Bitcoin 2024 conference in Nashville. His keynote address at one of the world’s largest cryptocurrency conferences is being billed by organizers as a “speech that will be heard around the world.” While Trump hopes it will solidify support among crypto-holding voters and galvanize big-spending industry donors — the Winklevoss twins, who own crypto exchanges, have already donated millions to support his campaign — it could also expose his complete lack of knowledge on the subject.

Last month, Trump said he would halt “Joe Biden’s crusade to destroy cryptocurrencies,” but the Biden administration has overseen one of the most successful periods in bitcoin’s history in terms of price gains and mainstream acceptance.

Earlier this year, the Securities and Exchange Commission approved the first spot bitcoin exchange-traded funds, boosting billions of dollars in institutional investments towards cryptocurrency.

Whether or not it proves to be a contentious issue in key states, it is the first presidential election in U.S. history in which one of the two leading candidates has made it part of their campaign. Buterin may not have mentioned Trump by name in his blog post, but he hinted at a political figure who is known for erratic swings of opinion and failing to deliver on campaign promises.

This could equally refer to Trump’s vice presidential pick, Vance, who has previously described himself as a “flip flop flipper” for his tendency to change his mind. (In 2016, he described himself as a “never-Trump guy,” while calling him a “moral disaster” and possibly “America’s Hitler.”)

To single-issue voters, the Trump-Vance ticket may seem like the only one courting the crypto community. But history suggests that a vote for them isn’t necessarily a vote for bitcoin.

Fuente