From Doubt to Participation: Trump's Evolution of Attitude towards Crypto Assets

Trump, as a forthright political figure, has held a strong skepticism towards Crypto Assets. However, in recent years, his stance seems to have changed, even launching his own NFT project. With his upcoming speech at the Nashville Bitcoin conference, people are eagerly anticipating his latest views.

Initial Public Comment: July 2019

On July 11, 2019, Trump publicly commented on Bitcoin and Crypto Assets for the first time on social media. He stated that he does not support Bitcoin and other Crypto Assets, believing that they are not real currencies, have large fluctuations in value, and lack substantial backing. He also pointed out that unregulated Crypto Assets could fuel illegal activities, including drug trafficking.

This statement immediately sparked widespread discussion. Supporters believe that Crypto Assets represent the future of financial technology, offering a more secure and transparent way of conducting transactions; opponents agree with Trump's viewpoint, emphasizing the risks and the necessity for regulation.

Trump believes that the volatility of Crypto Assets and their potential illegal uses make them unsuitable as a reliable form of currency. This view was also quite recognized in the mainstream financial community at the time, especially among traditional financial institutions and regulatory agencies.

Regulatory Pressure Increases: June 2020

During the Trump administration, regulation of Crypto Assets gradually strengthened. In June 2020, the Treasury Department issued a series of new regulations aimed at combating illegal activities conducted through Crypto Assets. These new regulations include stricter KYC (Know Your Customer) and AML (Anti-Money Laundering) requirements, specifically targeting Crypto Assets exchanges and wallet service providers.

The Minister of Finance also proposed new regulations regarding non-custodial encryption wallets, requiring exchanges to record all crypto asset transactions exceeding a specific amount. This indicates the Trump administration's determination to regulate crypto assets.

During this period, the government's policies reflected a harsh stance on Crypto Assets. The actions of regulatory agencies demonstrated their concern over the potential risks of the Crypto Assets market, particularly the possibility of its use in illegal activities. This policy position sparked a strong reaction from the Crypto Assets community, with many believing that these regulations are too stringent and may stifle innovation and market development.

Continuous Attention After Resignation

On January 20, 2021, Trump left office, but his focus on Crypto Assets did not wane. During his term, the Crypto Assets market experienced significant growth, but also faced an increasingly strict regulatory environment. Although Trump himself did not introduce specific legislation targeting Crypto Assets, his administration did strengthen regulations in this area.

Voice Again: June 2021

In June 2021, Trump once again expressed his negative views on Bitcoin during a media interview. He called Bitcoin a "scam" and stated that he did not want other coins to compete with the US dollar. He believes that the potential threat of Bitcoin to the US dollar is one of the main reasons for his opposition, emphasizing that Crypto Assets should be closely regulated.

Launch of NFT Projects: December 2022

At the end of 2022, Trump launched his own NFT (non-fungible token) project called "Trump Digital Trading Cards". Each NFT showcases different images of Trump, such as a superhero, cowboy, and more.

The launch of this project has sparked widespread discussion and attention. Supporters believe that this indicates Trump’s attitude towards blockchain technology and Crypto Assets is changing, and he is beginning to recognize the potential of these emerging technologies. Opponents argue that this is merely a commercial hype and does not prove Trump’s genuine acceptance of Crypto Assets.

Ongoing Doubts: June 2023

During interviews with several media outlets in June 2023, Trump continued to express his distrust of crypto assets. He emphasized their volatility and potential illegal uses, reiterating the necessity for stringent regulation. He stated: "Bitcoin and other crypto assets pose significant risks, and we must take measures to protect investors and the stability of the financial system."

This statement again shows that, despite launching his own NFT project, Trump’s fundamental skepticism towards Crypto Assets has not changed. He continues to emphasize the risks of Crypto Assets and the need for strict regulation to protect investors and the stability of the financial system.

Nashville Bitcoin Conference: July 2024

In July 2024, Trump plans to speak at a Bitcoin conference in Nashville, marking his first appearance at a conference in the Crypto Assets field. This speech is highly anticipated, with the outside world expecting him to share his latest views on Crypto Assets and blockchain technology, as well as potential policy proposals.

This speech is highly anticipated as it will reveal Trump's latest views and policy directions on Crypto Assets. Although he has previously held a skeptical and opposing stance towards Crypto Assets, his NFT project and involvement in blockchain technology indicate that his interest in this field is growing.

Trump's Crypto Assets Policy Comparison

When analyzing Trump's changing attitude towards Crypto Assets, it is necessary to compare it with the policies of other national leaders. For example, China has maintained a strict regulatory stance on Crypto Assets, even completely banning Crypto Assets trading and mining activities. In contrast, although the Trump administration strengthened regulation, it did not take such extreme measures.

Looking at Europe, the EU's attitude towards Crypto Assets is relatively moderate, emphasizing investor protection while also encouraging innovation and technological development. Compared to Trump's strict regulatory stance, the EU's policies appear to be more balanced and pragmatic.

In addition, the Indian government's attitude towards Crypto Assets is also constantly changing. Although there was once consideration to completely ban Crypto Assets, recent policies tend to control risks through strict regulation. This is somewhat similar to the policies of the Trump administration, but India differs in the implementation strength and details.

Through these comparisons, it can be seen that Trump's attitude towards Crypto Assets is strict, but compared to the extreme measures of some countries, there is still a certain degree of flexibility and room for adjustment.

Regardless of Trump's stance, his views and actions will undoubtedly continue to have a profound impact on the Crypto Assets space. With his speech at the Nashville Bitcoin conference, we will have the opportunity to gain further insight into his latest views and policy proposals on Crypto Assets, which is a significant moment for the entire Crypto Assets industry.