•  Bitcoin’s core philosophy conflicts with Trump’s proposal for a US Bitcoin stockpile.

• Trump’s recent support for Bitcoin contrasts his earlier criticism of crypto valuations.

• The Biden administration’s crackdown on crypto fuels Trump’s backing among some Bitcoin proponents.

Trump’s 2024 Candidacy Divides Crypto Community

At a glance, it appears the US cryptocurrency community might rally behind Donald Trump for the upcoming presidential election. His speech at the largest Bitcoin conference in the US last weekend seemed to reflect strong support. However, appearances can be deceiving. Despite the sea of red MAGA hats and “Make Bitcoin Great Again” slogans, dissent lingered among attendees.

Divisions Within the Community

Kyle Olney, a California-based Bitcoiner, expressed the conflict. “You can’t be a real Bitcoiner and cast a vote for Trump,” he said. Olney and others believe Trump’s political values starkly contrast with the principles of the Bitcoin community. The anti-government ethos of Bitcoin seems at odds with Trump’s political agenda.

The push for Trump within the crypto community is heavily influenced by significant industry donations. Despite Trump’s previous dismissal of crypto valuations as “based on thin air,” deep-pocketed donors have swayed his stance. However, for many long-time Bitcoin enthusiasts, Trump’s newfound support is viewed as mere pandering to donors.

Independence of Bitcoin

Filip Primec, head of the legal department at crypto-mining marketplace NiceHash, emphasized Bitcoin’s designed independence from policy. “The idea of Bitcoin and the way it is designed is meant to be independent of policy,” Primec stated. Bitcoin’s foundational 2008 white paper advocated for a decentralized currency free from government and corporate influence. This philosophy clashes with Trump’s proposal for a US strategic Bitcoin stockpile and Senator Cynthia Lummis’s plan to acquire 1 million Bitcoin over five years.

Trump’s rally in Nashville was filled with excitement long before he took the stage. The atmosphere was typical of a Trump event, with signs from The Daily Wire and T-shirts celebrating Trump’s resilience. However, many attendees were long-time Trump supporters who had little interest in digital assets. Lee Crowder from Livingston, Tennessee, attended primarily to see Trump live, despite his limited knowledge of crypto.

The intersection of politics and Bitcoin is complex. Support for Trump largely stems from the Biden administration’s regulatory crackdown on the industry. Prominent figures like Senator Elizabeth Warren and SEC Chair Gary Gensler have been vocal critics, leading many in the crypto community to view Republicans as more favorable.