In addition,
Hostility interest: trump changed their:
Change of course
From hostility to interest: Trump has changed their minds on cryptos
The American president has not always been the “crypto president” he says to be. Moreover, During his first mandate, his heart even swung rather between skepticism and hostility.
Posted today at 9:05 p.m.
Donald Trump has long been skeptical of Bitcoin and other cryptocurrencies, preferring gold to them. Similarly, (Photo by Jonathan Raa/Nurphoto via Getty Images)
NurPhoto via Getty Images
- The former American president firmly criticized the cryptocurrencies during his first presidential mandate.
- Donald Trump particularly opposed the Facebook Libra project in 2019.
- Crypto industry is starting to finance American policy from 2020.
- The Trump family operates a strategic turn interested in cryptocurrencies after 2021.
“I’m not hostility interest: trump changed their a fan of bitcoin and other cryptocurrencies, which are not money and whose value (…) is based on wind.” July 12. For example, 2019, Donald Trumpthen 45e President of the United States, tweete for the very first time about these new digital assets which are not yet part of his universe. Meanwhile, On this date, Bitcoin is worth less than $ 12,000 for capitalization of around $ 210 billion, barely 10% of what it weighs today. In addition,
He has just known his first peaks of “speculative madness”. However, especially in 2017, where he flirted for the first time with the $ 20,000. Moreover, Still little known to the general public. Nevertheless, this cryptocurrency begins to get out of the circle of “cryptogeeks”, which believe hard as iron in the potential of this new “digital gold”.
For Donald Trump. Similarly, there is only gold that his country holds within his national reserve and to which the value of the US dollar had until the end of the Bretton Woods agreements. Furthermore, Donald Trump evolves in a classic financial culture. For example, Archetype of the businessman. Consequently, he built his immense fortune over real estate, investing in particular in hotels, casinos and golf courses. Moreover, Attached to the stability of the dollar, it is rather suspicious of monetary innovations. Therefore, He is not the only one.
Hostility interest: trump changed their
A complex object to be defined. Similarly, apprehended
Far from its current institutionalization, Bitcoin is still, during the first mandate of President Trump, a complex object to be defined and apprehended for the financial authorities: neither a real financial instrument, nor really means of payment, nor currency in hostility interest: trump changed their the traditional sense of the term. For example, The fruit of a computer protocol complex theorized by the mysterious “Satoshi Nakamoto”. Nevertheless, the first cryptocurrency was born, in part, from a political desire to free itself from the traditional financial world. For example, He was deemed responsible for the subprime crisis, which put the global economy on the ground in 2008. Bitcoin wants to be a counter-power allowing the exchange of value between individuals decentralized. regardless of states and their central banks.
A conception in contrast to the control and state power values that Donald Trump claims. Under his first mandate. the president accompanies the pressures of the financial regulator (the Securities and Exchange Commission, SEC) and the American central bank (Fed) to supervise the cryptocurrencies. He supports financial institutions. which are concerned about the emergence of alternative solutions likely to come and hostility interest: trump changed their compete with the dollar. Steven Mnuchin (Treasury). Jerome Powell (Fed) and the SEC receive its support to maintain a hard line against Cryptos companies, in a global context of clashes between the administration and the Californian tech.
Haro on the Libra project of Facebook
It was under his first mandate -. in the middle of the presidential campaign for his re -election – that a completely different crypto project blooms that triggers a wind of panic among regulators of global finance in the summer of 2019. Facebook has just unveiled Libra. a stable digital currency (“Stablecoin”), which he wants to launch with around twenty major international partners. Unlike bitcoin. cryptocurrencies, this digital asset would be indexed on a basket of currencies and could quickly serve as a means of payment for the billions of users of the Facebook network for various hostility interest: trump changed their transactions.
Very worried about the Mark Zuckerberg project. the president of the American central bank, Jerome Powell, believes that Libra can represent “instantly a significant systemic risk”. Faced with an uproar, Mark Zuckerberg will be forced to give up three years later. But Donald Trump’s opposition to the Libra project marked its first clear position on the subject: no private entity must threaten American monetary sovereignty by issuing a more. less indexed stablecoin on the dollar. A position that will change a few years later …
If cryptoactives are generally a non-subject during the 2020 presidential campaign. some wealthy players in this young industry are starting to want to weigh their weights in US politics. This is the case in particular of Sam Bank-Fried. founder of the FTX platform, which will collapse in a resounding bankruptcy, at the hostility interest: trump changed their end of 2022. “He had financed more than $ 5 million the presidential pre-campaign of Joe Biden in 2020. had contributed to more than 40 million dollars, mainly in favor of the Democrat camp”, recalls Aristide Bui, NFTFI. The other heavyweights in the crypto industry are rather discreet. “Coinbase is a company focused on its mission which does not defend any cause. any candidate in particular,” explained Brian Armstrong, CEO of the American exchange platform in 2020 in a memo to its employees. It will be one of the main financial donors in the sector to the candidate Trump four years later … The investor David Sacks. the founders of the investment fund Andreessen Horowitz or the twins Tyler and Cameron Winklevoss will follow the same path.
Hostility interest: trump changed their
The start of the Trump family turn
Discarded by power hostility interest: trump changed their by the polls. Donald Trump does not digest his defeat and goes so far as to encourage a crowd of his supporters to launch out of the Capitol on January 6, 2021, day when 117e Congress is gathered to certify the results of the presidential election and the victory of his opponent, Joe Biden. An event with multiple consequences. one of which will be to initiate the first discreet turn of the Trump family towards the sphere of cryptocurrencies.
Eric Trump (at the center) with the team of his company Alt5. active in the cryptocurrencies, sounded the Nasdaq opening bell on August 13.
Getty Images via AFP
Still not a “fan” of Bitcoin. which he still describes as “scam” during an interview on the set of Fox News in June 2021, Donald Trump, on the lookout for good deals and the whole gaze already turned towards the next presidential deadline, will gradually make the cantor. If his speech remains anticrypto in public (“the currency hostility interest: trump changed their of this world should be the dollar. And I do not think that we should have all these bitcoins of the world in circulation”. he still hammers in 2021), his clan is already activating in the web3. His sons, Donald Junior and Eric, will play a big role in this opportunistic repositioning for 2024.
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This article on Trump and cryptocurrencies was written by “Le Figaro”French member of the Lena information network.
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Hostility interest: trump changed their
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