‘The United States will be the capital of Bitcoin’. This was said by Donald Trump, who has suddenly discovered himself to be a great lover of cryptocurrencies. It is not difficult to understand the motivation, as the tycoon is engaged in the long presidential marathon that will determine the next US president in the November elections. The goal is, therefore, to get as many votes as possible to persuade people to trust him by promising to grant their wishes. All politicians do this, adapting to who they have in front of them. It is no coincidence that Trump revealed his openness to the crypto world while speaking in Nashville, Tennessee, during the Bitcoin 2024 Conference, an event that attracts all blockchain enthusiasts and the approximately 67 million US investors in virtual currencies.

Bitcoin is a miracle

“Bitcoin is not just a technological marvel, but a miracle of cooperation and human achievement. It is like the steel industry a hundred years ago and will one day surpass even the value of gold.” It is known that Trump likes to exaggerate, so his words are predictable, even if they contradict what the former president himself has said so many times in the past. According to the Republican candidate, blockchain ‘has the potential to underpin the global economy’s future. He added that if the Americans send him back to the White House, the US will ‘keep all the Bitcoins it already has’. It should be borne in mind that the amount in reserve would amount to several billion dollars, almost entirely the result of seizures made by the authorities.

This is another important point because thrilling the pro-crypto crowd was another point in Trump’s programme: the sacking of Gary Gensler, chair of the Securities and Exchange Commission. These are significant words as the SEC is stepping up its scrutiny of the crypto industry, with Gensler himself, appointed by Biden, calling the sector ‘dangerous, rife with scams, bankruptcies and money laundering‘. To add force to the speech, Trump also declared his support for power plants that burn fossil fuels, an essential element in the face of criticism of the crypto industry for the high amount of electricity consumed by mining.

Crypto an unexpected terrain for votes

In support of total openness to cryptocurrencies, Trump’s team announced last May that it would accept donations in Bitcoin and other virtual currencies. A campaign that by the end of July had raised over 25 million dollars. Enough to convince Trump to stand up as the new defender of the crypto industry’s interests. Also because, in this way, he has anticipated the moves of Kamala Harris, who has not yet pronounced herself on the subject, which has become one of the main topics in the presidential debate, thanks also to the statements of independent candidate Robert F. Kennedy Jr.

Little does it matter, then, that Trump himself once called Bitcoin ‘a scam that competes with the dollar’. Words were blown out of the wind, even those issued last February when the tycoon called the possibility of creating a central bank of digital currency a ‘dangerous threat to freedom’.

With time and depending on how the wind is blowing, one can change one’s mind, so for many Americans Trump’s metamorphosis is not a source of doubt: the love for Bitcoin outweighs everything, so anyone who promises to support virtual currencies deserves the vote.