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- Donald Trump has broken promises to engage with cryptocurrency on his first day in office
- Trump failed to issue any executive orders relating to crypto and didn’t free Ross Ulbricht, despite previous statements suggesting he would
- Trump’s actions should raise concerns about the viability of a strategic Bitcoin reserve under his leadership
Donald Trump’s first day as president has drawn criticism from cryptocurrency enthusiasts and libertarians after he failed to mention Bitcoin or cryptocurrencies in any way and did not include Ross Ulbricht for a pardon. Despite previous comments that suggested support for the sector and clemency for Ulbricht, the founder of Silk Road, neither issue received attention. This omission raises questions about his administration’s commitment to fostering innovation and protecting individual freedoms, particularly as the idea of a strategic Bitcoin reserve continues to gain traction globally.
Some Still Shocked as Famed Liar Lies
“If you vote for me, on day one, I will commute the sentence of Ross Ulbricht.” Those were the words of Donald Trump last May while courting the Libertarian National Convention, one of ten demands the party shared with the President-elect before he spoke. And yet, when it was revealed that Trump had issued over 1,500 pardons, Ulbricht’s name somehow failed to make the list; in his place were January 6 rioters, some jailed for over 20 years for trying to subvert democracy.
Similarly, many Bitcoiners who had fallen under Trump’s spell had been keyed up as his inauguration speech rolled around, waiting for him to announce a strategic Bitcoin reserve or something regarding a national crypto framework. Nothing. Not a word. Even the TRUMP and MELANIA memecoins didn’t enjoy the day. Clear-minded thinkers didn’t expect anything less, given that Trump had bigger fish to fry, such as immigration and carmaking; with those on the table, crypto wasn’t going to get a look in, and anyone who believed it would be deluding themselves.
Bitcoin Reserve Under Threat?
As someone who has studied Craig Wright for some years, I know a thing or two about narcissistic cult leaders. They say and do whatever it takes to achieve the result they need in the moment and to hell with the consequences. To people like Trump and Wright, consequences don’t exist; they know that critics will pick up on any lies, but they’re not appealing to critics, they’re appealing to their base, who will sweep any lies under the carpet or blame their opposition for inventing the evidence against their words.
Trump’s pro-Bitcoin attitude on the campaign trail was so obviously surface level that it is embarrassing anyone actually believed him. Trump loves the US dollar (and his memecoins, when they’re going up), and anything that could sabotage the dollar is an instant enemy. This is because his wealth is measured in dollars and he doesn’t want that degraded in any way.
This explains why he was so worried about Bitcoin during its 2017 bull market and why his administration popped the balloon; Trump said he was “not a fan” of Bitcoin. And yet suddenly, when Trump needs votes and Bitcoin is at its most popular with more users than ever, including US companies, he knows all about it and is a supporter of it. He loves Bitcoin. He loves Bitcoin mining. Bitcoin can help make America great again. And yeah, he’ll free Ross Ulbricht, too, because he definitely knows who he is.
This isn’t to say that Trump will never free Ross Ulbricht (his best friend Elon has confirmed as much, and he wouldn’t lie) or that he will never start a Bitcoin strategic reserve, but the fact that neither got a look in on day one represents the broken promises that were inevitable once Trump got the votes he needed from the Bitcoin community to help secure his presidency. There is as much chance of Trump never mentioning Bitcoin again unless he is faced with questions over it, which will be a test of his true feelings about it. We cannot trust anything that comes out of his mouth, and so the proof will be in what comes out of legislators’ offices.
If you’re relying on Donald Trump to keep his word in order to pump your bags, you’re almost certainly in for a rude awakening.
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