Trump & Bitcoin: Make Crypto Great Again

What do Bitcoin and Donald Trump have in common? Some detractors would be tempted to answer: the color orange. But that answer would only be partial — and here’s why. In late July, the former US president, running for a second term, spoke at the Bitcoin 2024 Conference in Nashville, Tennessee. There, the Republican candidate came out in favor of the queen of cryptocurrencies, saying he wanted to make the United States the Bitcoin superpower. He didn’t forget to mention, in passing, that he accepted Bitcoin donations to fund his campaign — a reversal for Donald Trump, who during his previous term had called cryptocurrencies « a scam whose value is based on thin air. » Here’s a look at his new pro-Bitcoin campaign promises.

Trump wants the US to become the world’s leading Bitcoin mining power

The Republican candidate wants Bitcoin to be produced in the United States so as not to cede « digital » ground to China. To do so, he proposes making the US a haven for Bitcoin miners by guaranteeing the lowest energy price in the world. Currently, the US already accounts for nearly 40% of global Bitcoin mining, thanks to robust infrastructure and relatively cheap access to energy. This activity represents an electricity consumption of 145.6 million kWh per year, producing around 170.41 BTC per day. However, this rapid expansion is not without controversy. Environmental concerns about Bitcoin mining’s energy consumption remain a hot topic. Trump nonetheless played down these concerns, claiming that innovations in renewable energy could offset the ecological impacts of intensive mining.

Trump wants to create a federal Bitcoin reserve

Donald Trump voiced his disagreement with the policy of selling off the bitcoins held by the US government, going so far as to raise the creation of a federal Bitcoin reserve. This idea highlights his desire to strengthen Bitcoin’s adoption as a strategic national asset. The US government is currently one of the largest Bitcoin holders in the world, mainly through criminal seizures. Trump sees a potential reserve as an opportunity to stabilize the crypto market while giving the United States unprecedented financial leverage.

Firing the head of the SEC

During his speech, the former White House occupant promised that, if he won, he would fire Gary Gensler, the chair of the SEC (Securities and Exchange Commission). This move would aim to further liberalize the US crypto sector, which is for now under strict SEC oversight. According to Trump, a more permissive approach could spur innovation and attract more crypto companies to American soil.

Trump funds his campaign in Bitcoin

Donald Trump closed his speech with a call for crypto donations to fund his campaign. He had already raised $25 million from the sector since his party began accepting crypto donations the previous May. By using Bitcoin as a fundraising tool, Trump shows his willingness to modernize his approach to politics and align with new financial technologies. In 2024, he launched a new collection of NFTs and trading cards to fund his campaign.

And more…

Recently, Donald Trump announced the creation of a decentralized finance platform. This project, launched by his two sons and titled « World Liberty Financial, » would, in his words, be « an alternative to the big banks and financial elites that wring out Americans. » The platform would aim to attract users looking to escape traditional banking fees and financial restrictions, by offering services based on decentralized finance (DeFi). The initiative seems to be a bold bet to capture the attention of young voters and crypto investors.

Conclusion

Through his campaign promises, the Republican candidate clearly positions himself in favor of the crypto sector — a way to distinguish himself from the current administration and win over a new electorate. But the Democrats haven’t had their last word. While they had so far been rather hostile to the industry, seeking above all to regulate it, they now appear to want to reconsider their position. On August 21, Kamala Harris’s team said the Democratic candidate would support the crypto sector if elected president — which would mark a change of course.

Cryptocurrencies have indeed become a central issue in the US election campaign. As proof, according to a study by the NGO Citizens United, half of corporate donations are said to come from the crypto industry. The 2024 US presidential election could thus become a referendum on the future of cryptocurrencies in the United States. Will the White House take on an orange tint? The answer on November 5…

Want to learn more about the queen of cryptocurrencies? Read our article on the Bitcoin revolution.