A回顾 of Trump's love-hate relationship with cryptocurrency, as US crypto regulation may accelerate
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A回顾 of Trump's love-hate relationship with cryptocurrency, as US crypto regulation may accelerate
The gunshot rings out, and the turning point begins.
Navigating Web3 tides with focused insightsBy Aiying
A few gunshots nearly sealed the fate of the U.S. presidential election. It was a moment of political violence—and also the birth of a "hero." In the crypto world, those gunshots became the starting pistol for a bullish reversal and a catalyst for market movements.
At 6:11 p.m. Eastern Time on July 13, former U.S. President Donald Trump was shot during a campaign rally in Pennsylvania. Bloodied but defiant, Trump was quickly shielded by Secret Service agents. After addressing the crowd, he was taken to a hospital, where his condition was reported as largely unharmed.
Rather than flee immediately after being shot, Trump raised his fist and addressed his supporters. Captured by Pulitzer Prize-winning photographer Evan Vucci, the image of Trump with blood streaming down his face, fist raised high, and the American flag fluttering behind him instantly became iconic. This dramatic scene was widely shared across global media outlets. Some observers even noted striking similarities between this moment and Eugène Delacroix’s 1830 painting *Liberty Leading the People*, further cementing Trump's image as a battle-hardened hero.
Immediately after news of the assassination attempt broke, betting odds on Polymarket showed Trump’s chances of winning the presidency surged to 70%, while Biden’s dropped to just 16%. Concurrently, BTC spiked sharply, quickly breaking above $60,000.
The influence of politics on the crypto world had never been more evident. While markets believe Trump is likely to win—and that his pro-crypto rhetoric bodes well for the industry—a deeper look reveals that amid intensifying political polarization and global geopolitical tensions, Trump’s assassination attempt may push an already unstable international order toward even greater extremes. Tracing back Trump’s evolving stance on cryptocurrency further highlights this shift—from once being labeled the “anti-crypto president” to now positioning himself as the “pro-crypto candidate.”
1. 2017–2021 Presidential Term: Criticism! Rejection! But Space for Moderate Regulation
During Trump’s first election victory and subsequent term in office, he maintained a clearly negative stance toward cryptocurrencies, publicly denouncing them in the media.
Yet it was precisely during Trump’s tenure that foundational regulatory developments began to take shape.
In July 2017, shortly after taking office, the U.S. introduced the non-binding Uniform Regulation of Virtual Currency Business Act, providing a basic legal framework for cryptocurrency exchange operations and serving as a legislative reference for individual states. Then in December of the same year, the Commodity Futures Trading Commission (CFTC) launched Bitcoin futures.
In 2018, the SEC under Trump initiated strict oversight of ICOs, including cracking down on AriseBank, the world’s first crypto bank.
In 2019, Trump made his first public social media comments criticizing Bitcoin and digital assets. The following year, his proposed federal budget included millions of dollars in funding for enforcement actions targeting the crypto industry.
By 2020–2021, despite appointing several crypto-friendly advisors to his administration, Trump continued to publicly call Bitcoin a “scam” and advocated for tighter regulation of digital assets. He also stated personally that he did not own any cryptocurrency.
2. 2021–2023 Post-Presidency: A Turning Point—Deep Engagement Amid the NFT Boom
Trump’s post-presidency coincided with the explosive growth of NFTs, as celebrities rushed to launch their own collections and cash in on the trend. His wife, Melania Trump, quickly joined the wave by launching an NFT platform featuring Trump-themed collectibles. Influenced perhaps by other public figures and his own family’s participation, Trump officially entered the NFT space in 2022 with a limited-edition collection. In 2023, he released two more NFT series, offering perks such as virtual dinners with Trump and signed memorabilia—clear signs of ambition to build a major NFT enterprise. It’s reasonable to assume Trump earned substantial profits from these ventures, laying strong financial and strategic groundwork for his shift in public stance ahead of the 2024 presidential run.
3. 2024–Present: Strategic Pivot Amid Political Struggle—Aiming to Become the Pro-Crypto President
With 2024 marking the U.S. presidential election year, partisan conflict has reached fever pitch, as both Trump and Biden pull out all stops in their bid for the White House. Cryptocurrencies, increasingly popular among younger voters and gaining broader acceptance across America, have become a key tool in Trump’s campaign strategy.
In May, Trump announced he would accept cryptocurrency donations and specifically mocked Biden by saying, “Biden doesn’t even know what crypto is,” aiming to win both voter support and financial backing. He also publicly pledged to secure the future of crypto and Bitcoin in the U.S. and promised to pardon Silk Road founder Ross Ulbricht.
Excerpts from Trump’s pro-crypto speech:
1. I will also stop Joe Biden’s crusade to crush crypto – we’re gonna stop it. I will ensure that the future of crypto and the future of bitcoin will be made in the USA, not driven overseas. I will support the right to self custody.
Translation: I will also stop Joe Biden’s crusade to crush crypto—we’re going to stop it. I will ensure that the future of crypto and the future of Bitcoin will be made in the USA, not driven overseas. I will support the right of individuals to self-custody their digital assets.
2. Bitcoin mining may be our last line of defense against a CBDC. Biden's hatred of Bitcoin only helps China, Russia, and the Radical Communist Left. We want all the remaining Bitcoin to be MADE IN THE USA!!!
Translation: Bitcoin mining may be our last line of defense against a CBDC... We want all remaining Bitcoin to be MADE IN THE USA!!!
Another example of how crypto has become a political battleground is seen in Biden’s response.
On May 9, under Biden’s administration, the government rejected efforts to repeal SAB121—a bill designed to protect consumers of digital assets. The decision triggered fierce backlash from the crypto community, forcing Biden to issue a statement later that month calling for Congress to establish a “balanced regulatory framework.” He also began reaching out to key figures in the crypto industry. Under pressure from Trump’s aggressive pro-crypto positioning, Biden had no choice but to soften his traditionally hardline stance and appeal to voters—after all, the presidency hangs in the balance.
4. The Future: Deepening Interplay Between Politics and Crypto, Escalating Political Violence, and Increasingly Regulated Digital Assets
Perhaps, as Arthur Hayes has criticized, Trump’s sudden interest in cryptocurrency isn't genuine—but merely a calculated move to win over young, politically active, and newly wealthy crypto enthusiasts. Yet looking at the assassination attempt itself, when political rivalry escalates into armed conflict and assassination, it exposes deep fractures within American society. These growing internal divisions and social tensions are becoming increasingly visible. Looking further ahead, fears of actual warfare could become reality—further reinforcing Bitcoin and other crypto assets as ultimate global safe-haven assets.
More directly, whether Biden or Trump wins, neither can afford to ignore the influence of crypto assets and the Z-generation youth who back them. Regulatory compliance is likely to accelerate. After all, Trump, nearing 80 years old, must recognize that the world ultimately belongs to these younger generations—they will lead the next era. Whether one likes it or not, the rise of cryptocurrency is inevitable. Allowing it to develop under regulation is better than letting fraud run rampant. And Trump’s raised fist, dripping with blood, may not only mark a historic moment in American politics—but also serve as a defining symbol of crypto’s entry into the age of regulation.
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