Donald Trump has experienced a significant shift in his stance on Bitcoin, raising millions of dollars and receiving substantial contributions from the crypto community. However, considering his tendency to change positions, there is speculation about whether he would reverse his stance again if re-elected.
With less than five months remaining until the U.S. election, both Joe Biden and Donald Trump are aggressively collecting campaign funds to attract undecided voters. Their fundraising figures for May revealed that Biden, running as a Democrat, generated $85 million, while Trump, the Republican nominee seeking re-election, raised an impressive $141 million.
Notably, a significant portion of the contributions received by Trump came directly after he was convicted as a felon. This indicates a substantial shift in the American political landscape. Another interesting aspect is the substantial donations made by the crypto community to the Trump campaign. Last week, Cameron and Tyler Winklevoss, founders of the Gemini exchange, made headlines by each donating $1 million in Bitcoin to the former president. Tyler provided a detailed explanation for his support, accusing the Biden administration of waging war on crypto and abusing power. He urged the crypto community to send a message to Washington.
However, there was a surprising turn of events when it was revealed that the Winklevoss twins had to receive a partial refund due to exceeding the limits permitted by federal law. According to regulations, the Trump campaign can only accept $844,600 from an individual, resulting in Cameron and Tyler each receiving $155,400 back.
When June’s figures are disclosed, it will become evident how Trump’s newfound interest in cryptocurrencies is significantly boosting his campaign finances. Recently, Reuters reported that he raised $12 million at an event attended by prominent crypto executives. Trump wasted no time in warning against senior Democrats “going after crypto” and positioning himself as the candidate who can support the industry’s growth. However, this presents an interesting contradiction as Trump previously labeled Bitcoin a “scam” and the broader crypto market a “disaster waiting to happen.” Despite this, he now advocates for the mining of all remaining BTC in the U.S., displaying a complete change in stance. Nevertheless, he continues to express concerns about the dollar’s status as the world’s reserve currency and the need for action to protect it from de-dollarization.
Trump’s inconsistent positions on various issues have led to MSNBC opinion writer Zeeshan Aleem describing him as “transactional.” For instance, he initially advocated for banning TikTok but later opposed this policy to prevent Facebook and Mark Zuckerberg from gaining more power. Similarly, he appeared to support a boycott of Bud Light but changed his stance after the beer brand’s parent company hosted a campaign fundraiser.
Considering his propensity for flip-flopping, and with multiple legal challenges and high legal bills, it is clear that Trump is striving to accumulate as much money as possible. This involves winning over those with significant financial resources. However, given his past complete reversal on crypto, there are concerns about whether he would change his stance again if he returns to the White House, as highlighted by Moe Vela, a former senior adviser to Joe Biden.