The Trump Family’s Relationship with Bitcoin and Crypto: It’s Complicated


Former President Donald Trump was unusually quiet during his presidency when it came to cryptocurrency, only tweeting about crypto once during his four years in office.

Yet, in recent months, Donald and the rest of the Trump family have generated a series of crypto-related headlines.

donald trump

The former president is not now – and never has been – a fan of crypto.

“I am not a fan of Bitcoin and other cryptocurrencies, which are not money, and whose value is very volatile and based on thin air,” Trump tweeted in July 2019. “Unregulated crypto assets can facilitate illegal behavior, including drug trafficking and other illegal activities.”

That tweet, now deleted along with the rest of Trump’s Twitter account, caught the attention of Coinbase CEO Brian Armstrong.

“Success unlocked! I dreamed of a sitting US president needing to respond to the growing use of cryptocurrency years ago,” Armstrong tweeted. “’First they ignore you, then they laugh at you, then they fight you, then you win.’ We just moved on to step 3, y’all.

And if you ask former White House communications director Anthony Scaramucci (we did), Trump may not even have written that tweet.

“I could tell very quickly when Trump himself would write a tweet, they were filled with malapropisms and misspellings and a lack of commas, just that stream of awareness,” he said. Decrypt Last year.

But if there was any doubt, Trump dispelled it in June 2021, when he told Stuart Varney on Fox Business that Bitcoin “it looks like a scam.”

Trump added, “I don’t like it, because it’s another currency competing with the dollar. I want the dollar to be the currency of the world. That’s what I’ve always said.

In December, Donald doubled (tripled?) downcalling cryptocurrency “a very dangerous thing”.

Interestingly, when it comes to cryptocurrency, Trump actually agree with former rivals Hillary Clinton and Elizabeth Warren.

“What looks like a very interesting and exotic endeavor…has the potential to undermine currencies, to undermine the role of the dollar as a reserve currency, to destabilize nations,” Clinton said last November. Warren was much more vocal, stating that crypto puts the financial system “at the whims of a shadowy, faceless band of super-coders and miners.”

Melania’s NFTs

The former first lady seems to have a much more positive view of crypto than her husband’s, so much so that she started it first NFT last year. (NFTs are blockchain-based tokens used to signify ownership of a digital or physical asset.)

A collection titled “Head of State” became available for auction on its website from December 16 to 31, priced at 1 SOL, or about $185 at the time.

Her NFT collection launched on Solana, leading a Solana Labs spokesperson to reach out at Decrypt and clarify that the company was not involved in his project.

“I wanted to let you know, to avoid any confusion, that his choice to use the Solana blockchain was completely organic, and this project is not part of any Solana-led initiative,” the spokesperson said.

MoonPay, which Melania said would handle future NFT payments, also tried to distance itself from its collection. “While we encourage everyone to get involved with Web 3.0, we would like to clarify that we are not in partnership with Melania, nor can users purchase her collection using this payment method” , MoonPay tweeted.

Asked about Melania’s NFT on Fox, Donald replied, “She’s going to do just fine. She’s got a big imagination.” But he remained unwavering in his skepticism of crypto. “It will make the big tech explosion look like baby stuff. I think it’s something very dangerous.”

Last week, Vice found – and verified by an “independent researcher” using the pseudonym zachxbt – that Melania Trump’s NFT collection was purchased by Melania Trump herself, or at a minimum, by the people who set up her auction first place.

The auction winner’s address was loaded with the necessary funds by an address which, in turn, was funded by the address that created Melania’s NFT.

Melania Trump’s office, according to Vice“did not respond to follow-up questions regarding the identity of the alleged mystery shopper, how the transaction was made, whether it was made in USD, and how much USD the shopper ultimately paid.”

Eric vs. TrumpCoin

Last month, Donald’s son Eric took to Twitter on behalf of his family to warn his followers about a cryptocurrency meme called TrumpCoin, which he tagged fraud.” (The coin was actually flipped six years ago.)

“Fraud Alert: It has come to our attention that someone is promoting a cryptocurrency called “TrumpCoin (Symbol: “TRUMP”). This has NOTHING to do with our family, we do not authorize the use and are in no way affiliated with this group. Legal action will be taken,” Eric wrote.

TrumpCoin is not listed on CoinMarketCap or CoinGecko. Coinbasewhich displays its price data but does not support trading the coin, displays its market cap at $341,000, with over 6 million in circulation.

Following Eric’s tweet, the so-called “#1 Patriot Cryptocurrency” took to Twitter with a statement, claiming the coin was never affiliated with the Trump family.

“No, Trumpcoin.com is not owned, operated, endorsed by, or otherwise affiliated with Donald J. Trump, The Trump Organization, Donald J. Trump for President Inc., or any other organization owned and/or operated by Donald J. Trump or any of his affiliates,” the tweet read.

This Twitter account has since been deleted. But conservatives looking for meme coins have other options.

https://decrypt.co/91470/the-trump-familys-relationship-with-crypto-bitcoin-its-complicated

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