How Trump Learned to Love Crypto

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They call it the "Honey Badger of Money." The Honey Badger doesn't care—it does whatever it wants. Right now, Bitcoin wants to rise. It’s been an exceptional year for Bitcoin, surpassing expectations and achieving record highs. Bitcoin recently crossed $100,000, marking a historic milestone. Interestingly, Donald Trump's return to the White House has coincided with these record highs, laying the groundwork for a bullish future for Bitcoin.

Trump, known for being pro-innovation, has become the first soon-to-be-sitting President of the United States to openly support Bitcoin and digital assets. This marks a significant shift as he has personally benefited from crypto investments. However, with the mass adoption of such a volatile asset class comes inherent risks. What happens when everyone, from your grandmother to the SEC, and even the President, has skin in the crypto game?

Bitcoin’s Wild Ride

Bitcoin’s 16 years of existence have been marked by exuberance, volatility, and at times, controversy. In its early days, Bitcoin was associated with illegal activities, such as on the Silk Road, an online black market. The federal shutdown of Silk Road accelerated Bitcoin’s adoption by thrusting it into the limelight.

Despite its progress, Bitcoin’s journey has been far from smooth. Skeptics were vindicated when FTX, one of the largest crypto exchanges, collapsed in 2022, with its founder Sam Bankman-Fried sentenced to 25 years in prison. Bitcoin's price plummeted from its peak of nearly $70,000 to below $16,000. Yet, die-hard believers held on, and Bitcoin steadily regained traction.

The launch of spot Bitcoin exchange-traded funds (ETFs) in early 2024 brought newfound credibility, allowing investors to buy Bitcoin through platforms like Schwab, E*Trade, and Fidelity. Major players like BlackRock backed these ETFs, and by December 2024, institutional investors managed nearly a million Bitcoin through these products.

Trump’s Crypto Flip-Flop

Donald Trump’s views on cryptocurrency have evolved significantly over the years. Initially, he dismissed Bitcoin as a scam. However, his perspective shifted after the success of his ventures into non-fungible tokens (NFTs), which generated millions in revenue. Soon, Trump was accepting campaign donations in crypto and embracing its potential.

By 2024, Trump openly supported Bitcoin, famously headlining the Nashville Bitcoin Conference and unveiling plans to make the U.S. the “crypto capital of the planet.” He even launched his own cryptocurrency project, collecting millions through token sales and NFTs. In parallel, crypto giants like Coinbase and Ripple funded a political action committee, “FairShake,” which supported pro-crypto candidates in various elections.

Trump’s Promises and Challenges

Trump pledged to make the U.S. a Bitcoin superpower, starting with regulatory clarity. He promised to replace the SEC chairman with someone more favorable to crypto. While some commitments, like regulatory reform, seem plausible, others—such as creating a national Bitcoin reserve—have raised eyebrows. Critics argue that such promises may serve more as political pandering than practical policy.

Trump’s own involvement in crypto businesses has sparked ethical concerns, but so far, these controversies have not derailed his political career.

What’s Next for Bitcoin?

With a crypto-friendly administration, institutional investors and enthusiasts are optimistic about Bitcoin’s future. However, the risks remain significant, especially for average investors who may lack protection in a deregulated environment. From retirement portfolios to speculative tokens, questions around consumer safety and fraud remain unresolved.

Bitcoin’s ecosystem is undeniably resilient, but its volatility cannot be ignored. As the so-called “Honey Badger of Money,” Bitcoin will continue to do whatever it wants, leaving the world to watch and adapt.