Trump’s Pro-Crypto Bluster at NFT Gala Lacked Policy Substance
1. Trump is not an expert on cryptocurrencies. 2. Trump is an expert at selling cryptocurrencies. 3. The first two points do not matter because Trump has declared himself the champion of cryptocurrencies
PALM BEACH, FLORIDA - During his first term in the White House, Donald Trump was not a fan of cryptocurrencies; he once tweeted that they were "based on thin air." Later, he sold millions of dollars worth of NFTs. This week, he rebranded himself as the preferred candidate for crypto.
"If you're in favor of crypto, you'll vote for Trump because they want to end it," he said at a Wednesday night party in Mar-a-Lago, referring to Democrats and President Joe Biden. He also promised to ensure that his campaign can accept crypto donations.
Trump's apparent change of heart came as no surprise to his audience of around 200 supporters. Many had purchased $10,000 worth of Trump Trading Card NFTs to attend this surreal, sweltering outdoor reception at the former President's Florida palace. A CoinDesk reporter also attended (as a +1).
For nearly an hour, Trump answered questions from a sea of sweat-soaked suit-wearers. Only a handful of them focused on crypto, an incredibly niche issue that was the main focus of the entire event.
However, it was enough to make several points clear:
1. Trump is not an expert on cryptocurrencies.
2. Trump is an expert at selling cryptocurrencies.
3. The first two points do not matter because Trump has declared himself the champion of cryptocurrencies.
One exchange highlights points 1 and 3 (we will return to point 2 later): when asked how he felt about central bank digital currencies (CBDCs) and "government blockchains" (two things that crypto proponents generally oppose), Trump responded, "I think it all has its place."
He continued: "We have some incredible things happening, I mean crypto, if you go back to crypto a couple years ago, people said it wouldn't make it, but now it's up in record numbers. I guess you could say it's a form of currency, and I think I'm for that, more and more I'm for that."
The substance of Trump's support for crypto may be less important to the industry's (likely small) cadre of single-issue voters than the fact that he is saying something positive about it. Trump appears to be the first major party presidential candidate to embrace crypto.
