Bitcoin Magazine Slams TRUMP: Trump Loves Cryptocurrency, as Long as It’s Used to Make Money
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Bitcoin Magazine Slams TRUMP: Trump Loves Cryptocurrency, as Long as It’s Used to Make Money
TRUMP is merely a way to extract funds from the crypto ecosystem.
Navigating Web3 tides with focused insightsAuthor: Trey Walsh, Writer at Bitcoin Magazine, Executive Director of TPBPod
Translation: Ashley, BlockBeats
Editor's Note: This article analyzes Trump's motivations for entering the cryptocurrency space, exposing the profit-driven nature behind $TRUMP. The author criticizes the hype model surrounding this token, pointing out that Trump prioritizes short-term gains and self-promotion over the core values of Bitcoin. He calls for greater focus on decentralization and real-world utility in crypto, rather than speculative gambling.
Below is the original content (slightly edited for clarity):
The Story Behind $TRUMP
When $TRUMP launched Friday night, no one should have been surprised. Trump has always thrown himself wholeheartedly into any venture he believes can make him money—though these ventures often end in disaster. Past failures include Trump Airlines, Trump Vodka, Trump Steaks, Trump University, Trump Magazine, Trump Plaza Hotel & Casino, Trump Mortgage, and even a Trump board game. Now, cryptocurrency has become his latest target.
I’ve previously written and spoken extensively about Trump’s foray into crypto as a strategy to win votes in the recent election—a move that was successful in many ways. At this summer’s Bitcoin conference in Nashville, seeking support for his presidential campaign, Trump made several notable statements: declaring the U.S. would become “the cryptocurrency capital and Bitcoin superpower of the world,” promising to fire Gary Gensler, and expressing hope that all remaining Bitcoin would be mined in America—an idea that is both concerning from a decentralization standpoint and practically impossible. He also pledged to commute Ross Ulbricht’s sentence on day one of his presidency. If he follows through, I’ll be among the first to commend him. (For more on this, I recommend watching Reason’s recent documentary on why Ross should be freed.)
Cryptocurrency is now Trump’s new battlefield—one that combines elements he loves most in business: fast and easy profits, self-promotion, an “America First” message, and minimal bureaucratic resistance. So what exactly is $TRUMP?
Built on the Solana blockchain, $TRUMP has a total supply of 1 billion tokens. Initially, 200 million were released into circulation, while the remaining 800 million are held by CIC Digital, a company affiliated with the Trump Organization, and locked for three years (meaning the Trump family controls 80% of the supply…). After launch, $TRUMP’s market cap surged rapidly. It was marketed as a way for supporters to align themselves with Trump’s ideology, not as an investment opportunity. But in my view, it’s nothing more than a pump-and-dump scheme—a self-serving, unethical scam—and those participating (or rather, “fans”) are simply foolish.
Crypto Policy Outlook: Speculation vs. Core Values
With the inauguration approaching on Monday, we’re entering uncharted territory where Trump may sign executive orders related to Bitcoin and cryptocurrency. Now more confident in office, free from legal constraints, and backed by a base that seems willing to support nearly anything he does, Trump stands in a powerful position. As he famously said: “I could stand in the middle of Fifth Avenue and shoot somebody, and I wouldn’t lose voters, okay?”
Some of his actions might benefit the American Bitcoin industry and its supporters. But many could also favor the broader crypto ecosystem—rife with pump-and-dump scams and get-rich-quick schemes designed for the wealthy and lobbyists. This environment of hype and speculation, complete with meme coins and NFTs, fits perfectly within Trump’s worldview. In fact, I’d bet he genuinely believes this *is* what cryptocurrency is for—all while knowing very little about Bitcoin itself. Trump has repeatedly said he “has fun playing with crypto,” and concluded his keynote speech at the summer Bitcoin event with: “Have fun, whether it’s Bitcoin, crypto, or whatever you’re into.”
Trump’s experience with and perspective on cryptocurrency centers around entertainment and easy profits. But for many of us in the Bitcoin community, we’re fighting for something deeper: Bitcoin as censorship-resistant digital cash, digital gold, a tool for self-custody and privacy, a medium of exchange, and a powerful instrument for human rights. This isn’t gambling—it’s the future of money challenging the dollar and central banking dominance.
If Trump ever truly grasps this, based on his track record and past statements about Bitcoin, he would likely oppose such uses. Or perhaps he does understand what Bitcoin is but chooses instead to promote “fun” meme coins—and maybe even accept Bitcoin as digital gold—but no further. After all, in 2021 he clearly stated: “Bitcoin looks like a scam to me. I don’t like it because it’s an alternative currency competing with the dollar.” He added that he wants the dollar to remain “the world’s currency.” On this point, I highly recommend following Mark Goodwin and his research on Bitcoin and the U.S. dollar.
Trump wants you to keep “playing” with crypto and sending money to his organization. But he’s unlikely to support anyone using Bitcoin to challenge the dollar, bypass traditional finance, or use privacy tools—especially if you’re his political opponent or fall under what he might label as “left-wing/woke.” Perhaps one day he’ll even classify our nonprofit, The Progressive Bitcoiner, as such. I will continue advocating for Bitcoin as resistance money. I hope you’ll join me—not endless gambling across the crypto landscape and “whatever else you’re playing with.”
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