Donald Trump Backs Crypto Amidst Loud Boos, Pledges Release of Silk Road Boss if Re-Elected but is it All Just Talk?

During his speech at the Libertarian National Convention in Washington DC, United States (US) on 25 May, Presidential candidate Donald Trump reaffirmed his commitment to protecting the crypto industry.

He emphasized his intention to foster a healthy crypto ecosystem in the US and pledged to take all necessary measures to secure the future of cryptocurrency.

He also assured his supporters that he would never permit the creation of a central bank digital currency (CBDC).

This announcement follows his recent decision to accept crypto donations.

Trump contrasted his stance with that of President Joe Biden, whom he accused of attempting to stifle the crypto industry.

Additionally, he pledged to commute the life sentence of Silk Road founder Ross Ulbricht to time served if re-elected.

Trump Pledges to be Cryptos Knight in Shining Armour

During his speech on Saturday, Donald Trump declared that he will ensure that Bitcoin and other cryptocurrencies remain integral to the US financial landscape, marking a significant shift in his stance on digital assets.

The sentiment toward crypto in Washington has noticeably warmed as Trump actively courts pro-crypto voters.

Initially, the former president made supportive comments about crypto earlier this month at a Mar-a-Lago dinner.

Then, this past Tuesday, Trump's presidential campaign began accepting crypto donations, fulfilling his pledge to be the first major party candidate to embrace Bitcoin, Ether, and other digital currencies.

He emphasized his backing for the right to self-custody, stating:

“I will ensure that the future of crypto and the future of bitcoin will be made in the USA, not driven overseas. I will support the right to self custody."

Trump also criticised Senator Elizabeth Warren's regulatory efforts and promised his supporters that he would never allow the creation of a central bank digital currency (CBDC).

He iterated:

“To the nation's fifty million crypto holders, I say this: I will keep Elizabeth Warren and her goons away from your bitcoin, and I will never allow the creation of a central bank digital currency.”

This marks a significant shift from his tenure as president when he labelled Bitcoin a scam.

While the Federal Reserve has considered a Digital Dollar, progress has been limited.

Many crypto enthusiasts oppose the idea of a CBDC, viewing it as contrary to Bitcoin's decentralised nature.

Trump's pro-crypto rhetoric appears to resonate with the crypto community.

He also vowed to include Libertarians in key roles within his Cabinet and senior administration should he win the election.

Trump Takes Another Stab at His Rival, Biden

Trump went on to further contrast his stance with that of Biden, accusing him of attempting to stifle the crypto industry, stating "That will never happen with me.”

He took a pointed jab at his rival with a post on Truth Social — a social media platform owned by Trump Media and Technology Group (TMTG):

"Crooked Joe Biden, on the other hand, the worst president in the history of our country, wants it to die a slow and painful death."

In another post, he had called Biden's party "a fascist movement" and accused him of being "a threat to Democracy".

Trump Pledged to Commute Silk Road Founder's Life Sentence to Time Served if He Wins

In a strategic move to expand his support base leading up to the 2024 presidential election, Trump declared his intention to commute the life sentence of Silk Road founder Ross Ulbricht to time served if he secures re-election.

Trump said during his Saturday night remarks:

“If you vote for me, on Day 1, I will commute the sentence of Ross Ulbricht to a sentence of time served. He's already served 11 years, we're gonna get him home."

This decision is perceived as an effort to mitigate the influence of third-party candidates and garner favour among Libertarians, who regard Ulbricht as a martyr.

The announcement resonated with the audience, evident from the presence of numerous attendees sporting "Free Ross" signs.

At the Libertarian Party's national convention at the Washington Hilton on 25 May 2024, members fervently stood on chairs, chanting and advocating for the release of Ross Ulbricht.

In 2011, Silk Road emerged as an online marketplace, its operations overseen by Ulbricht, who operated under the alias "Dread Pirate Roberts" from his personal laptop.

However, the venture came to a halt on 1 October 2013, when the US Federal Bureau of Investigation (FBI) seized Ulbricht's laptop.

Subsequently, Ulbricht faced charges in a US federal court, resulting in a 2015 conviction.

The court handed down a sentence of two consecutive life terms plus forty years, rendering parole unattainable.

His conviction stemmed from his creation and operation of Silk Road, a now-defunct darknet marketplace predominantly utilised for drug transactions from 2011 to 2013, recognised as one of Bitcoin's earliest real-world applications.

Viewed as a symbol by many in the cryptocurrency sphere and Libertarians, Ulbricht's case is seen as emblematic of governmental overreach and constitutional rights violations.

Advocates, including the Libertarian Party, appealed to then-President Trump for Ulbricht's pardon in 2018.

Despite granting clemency to 143 individuals during his tenure, including high-profile figures like Ripple board member Ken Kurson, Trump did not extend this to Ulbricht, Julian Assange, or Edward Snowden, the latter two known for exposing US surveillance activities.

Trump Has a Higher Chance of Winning than Biden

Trump's pro-crypto position seems to be boosting his chances in the upcoming election.

According to Polymarket, a prominent crypto prediction platform, Trump currently holds a 56% probability of winning, while Biden stands at 38%.

Source: Polymarket

This surge follows Trump's recent decision to accept cryptocurrency donations for his presidential campaign.

On 21 May, the Trump 2024 campaign unveiled a donation page where eligible contributors can donate using Coinbase Commerce.

Notably, the page displayed logos for various cryptocurrencies, including Bitcoin, Ether, Dogecoin, Shiba, XRP, USD Coin, SOL, and 0x (ZRX).

The latest national survey released on Friday and conducted by Emerson College from 21 to 23 May, indicates a slight lead for Trump, with 46% compared to Biden's 44%—marking a one-point increase for Biden since the group's April survey, while Trump's support remains unchanged.

Across seven pivotal swing states crucial for determining the election outcome—Arizona, Michigan, Wisconsin, Nevada, Georgia, North Carolina, and Pennsylvania—Trump consistently holds the lead.

Various polls support Trump's lead in these states, including a May Cook Political Report survey showing Trump ahead by three points, a May Bloomberg/Morning Consult poll indicating a four-point lead for Trump across battleground states, and an April New York Times/Siena/Philadelphia Inquirer poll suggesting Trump's victory in five of six swing states (excluding Wisconsin).

On a national level, recent polls depict a close race between Trump and Biden, with slight variations.

For instance, an Economist/YouGov survey presents Trump with a one-point advantage in a five-way race, a Fox News poll indicates a one-point lead for Trump in a head-to-head matchup, and a Reuters/Ipsos poll reports a tie between Trump and Biden.

Additionally, Morning Consult's weekly poll from 17 to 19 May shows Trump maintaining a one-point lead over Biden, consistent with the previous week's findings.

Trump Heckled and Booed During Speech at Libertarian Gathering

Despite Trump's claim of receiving "enthusiastic" reception at the Libertarian convention, reports suggest a starkly different scenario unfolded.

Instead of accolades, Trump faced vocal opposition and was ultimately met with boos, indicating a challenging reception rather than the support he purported.

While some supporters clad in MAGA gear voiced their enthusiasm with chants of "USA! USA!", reports indicated that the atmosphere quickly soured.

Attempting to rally support by criticising Biden, Trump was met with pointed rebukes from Libertarians, who are known for their advocacy of small government and individual liberties.

Refusing to back down, Trump addressed the crowd's scepticism head-on, even making light of the legal challenges he faces.

However, as heckles persisted, Trump countered with assertions that Libertarians were content with their marginal electoral impact, rather than aiming for victory.

Trump said:

"Well, in the last year, I had been indicted by the government on 91 different things, so if I wasn't a Libertarian before, I sure as hell am a Libertarian now. I don't like Joe Biden, I don't throw people in jail for disagreeing with me."

The very next day at a NASCAR Coca Cola 600 race, Trump was present and crypto twitter took two sides: one to mock him, and the other to laud him.

Crypto Advocate Issues Warning Against Political Flip-Flop on Crypto

In a recent analysis, Bitcoin advocate Samson Mow has voiced reservations regarding the growing political support for cryptocurrencies.

Mow highlights a potential risk stemming from the failure of politicians to grasp the unique attributes of Bitcoin and other digital assets.

He underscores Bitcoin's decentralised, permissionless, and censorship-resistant nature, distinguishing it from other projects with varying characteristics and risk levels.

Mow warns that conflating all digital currencies under the broad category of 'crypto' may result in misguided policy-making and regulatory measures that overlook Bitcoin's specific qualities.

Mow emphasizes the necessity of crafting regulations tailored specifically for Bitcoin, acknowledging its distinct qualities and promising advantages.

He contends that applying generic cryptocurrency regulations to Bitcoin could impede innovation and restrict the advancement of this groundbreaking technology.

Bitcoin, Mow asserts, transcends being merely "another cryptocurrency"; it represents a novel monetary paradigm with the capacity to reshape our understanding of money and finance.

According to him, it is imperative to enact regulations that align with Bitcoin's singular attributes to foster its prudent and enduring development.

Despite all that, he seems to be taking an "I-will-believe-you-for-now" stance with regard to Trump's advocacy for the future of crypto.

I guess only time will tell if Trump is a man of his words or will his naysayers say “I told you so!”