At the NFT Gala, Trump’s pro-cryptocurrency rhetoric lacked policy substance

Anjali Jain
Trump held a lengthy Q and A (Danny Nelson/CoinDesk)

Palm Beach, Florida: Donald Trump was not a supporter of cryptocurrencies during his first term in office; he once remarked that they were “based on thin air.” He later sold NFTs valued in the millions of dollars. He repositioned himself as the preferred candidate for cryptography this week.

“If you support cryptocurrency, you should vote for Trump because the Democrats and President Joe Biden want to end it,” he said at a Mar-a-Lago party on Wednesday night, referring to the Democrats and Biden. Additionally, he promised to ensure that his campaign could receive cryptocurrency donations.

The apparent reversal of position by the 77-year-old candidate did not startle his audience of approximately 200 supporters. In anticipation of attending this ethereal, stifling outdoor reception at the former president’s Florida mansion, many had purchased $10,000 worth of Trump Trading Card NFTs. A correspondent from CoinDesk was also present (as a +1).

For approximately one hour, Trump responded to inquiries from a sea of suit-wearers saturated in perspiration. A mere few of them directed their attention towards cryptocurrency, an exceedingly specialized contentious matter that served as the ostensible foundation of the entire occasion.
However, it was sufficient to clarify a few points:

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Trump lacks cryptocurrency expertise.

Trump sells cryptocurrencies with mastery.

The preceding two arguments are inconsequential, given that Trump has proclaimed himself an advocate for cryptocurrencies.
Points 1 and 3 are emphasized in one exchange; we will return to point 2 later. When queried about his stance on central bank digital currencies (CBDCs) and “government blockchains,” which are two concepts that are typically opposed by proponents of cryptocurrencies, Trump replied, “I believe everything has its place.”

He continued, “We have some incredible things occurring, I mean crypto; a few years ago, it was predicted that it wouldn’t make it, but now it’s reaching record highs.” One could argue that it functions as a form of currency, and I increasingly find myself supporting that notion.

The positive rhetoric emanating from Trump regarding cryptocurrencies may hold more significance for the industry’s (likely limited) group of single-issue voters than the substance of his endorsement. It appears that Trump is the first presidential candidate of a major party to have embraced cryptocurrency.

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Criticizing Biden
A presidential administration that is overtly antagonistic stands on the opposing side of the race. Gary Gensler, the SEC chairman for Joe Biden, is in conflict with numerous sectors of the cryptocurrency industry. Additionally, hours before his opponent’s golf resort gala, the President vowed earlier on Wednesday to obstruct a House effort to repeal an SEC accounting rule for cryptocurrencies that, according to political opponents, has impeded the industry’s expansion.

“Biden is completely unaware of its nature.” When asked whether he supports or opposes cryptocurrency, Biden will respond, “Sir, what is that?” Remove me from the stage.’ “He is unaware,” Trump declared. Regardless of the veracity of that reasonably speculative assumption, Trump subsequently launched an assault on Gensler, an authority on cryptocurrencies.

“I’ll say this: I’m fine with it, I want to make sure it’s good and solid and everything else but I’m good with it,” Trump stated regarding digital currencies. He subsequently stated, “If we’re gonna have what we have then we’re going to have to embrace a lot of things that not everybody likes.”

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In an email to supporters hours before Trump’s impromptu question and answer session, the Biden campaign team criticized “people duped into paying up to $10,000 for simple digital images of him.” The email criticized Trump for scheduling a lavish NFT dinner during his midweek court recess rather than engaging in campaign activities.

However, Trump was engaged in campaigning activities on Wednesday evening. He competed for the support of the remarkably boisterous cryptocurrency electorate, which Biden had categorically ignored. Undoubtedly, only a few hundred individuals personally heard him. Social media was inundated with videos containing Trump’s pro-crypto musings, which in turn sparked an onslaught of media attention directed at the self-proclaimed political champion of cryptocurrencies.

“Fifty million individuals hold cryptocurrencies in the United States.” “That’s a lot of voters,” Ryan Selkis, the CEO of crypto data platform Messari, exclaimed to dinner guests (who paid $4,700) in Mar-a-Lago’s filled ballroom, where VIPs (those who purchased $10,000 worth of NFTs) mingled. Selkis was unexpectedly summoned to the platform by Trump.

The soundbites that surfaced from the NFT gala on Wednesday may further polarize cryptocurrencies by tying them to the same us-or-them constraints that bound a substantial portion of American politics. Bitcoin’s supporters on both sides of the divide are not at all receptive to its libertarian origins in the present day.

The most influential voice in Republican politics overcame the bipartisan nature of crypto by claiming that Democrats intend to eradicate it. Trump stated, “The Democrats are vehemently opposed to it,” hours after 21 of the 213 Democrats in the House voted to repeal the SEC accounting rule.

As the sole hope of the industry, Trump positioned himself. His understanding of industry issues was sporadic. When queried about his approach to modifying antagonistic U.S. policies that expel cryptocurrency enterprises from the nation, he responded, “We shall halt it, for that is precisely what I abhor. “I desire that; if we are to accept it, we must allow them to be here.”

“We Reintroduced NFTs to Fashion.”
NFTs were the one area of cryptocurrency in which Trump spoke with a degree of expertise. Three collections of Trump NFTs (digital trading cards featuring an inflated Donald in different states of patriotism) have amassed sales in the millions of dollars. At the dinner gala on Wednesday, high-rollers who purchased his “Mugshot Edition” third collection were honored.

Trump claimed of his cards, “We did it when NFTs were not hot, and we made them hot again,” adding that some NFT purchasers earned tens of thousands of dollars on the resale market.
When asked by one participant whether he would be willing to sell a fourth NFT collection, the seasoned businessman declined. “I hold the view that supply and demand operate. And as you are aware, 1 performed admirably, 2 performed admirably, and 3 performed admirably. Eventually, that may possibly change.”
He conducted a survey of the audience: What number of high-rollers at Mugshot desired a series four collection of NFTs? The majority put up their hands.

Trump gave the impression of confusion: “Based on supply and demand, wouldn’t that maybe keep your prices, of the stuff you already bought, wouldn’t that keep it lower?” He examined their determination. “Who would like not to see a fourth collection for that reason?” Only two or three palms were raised.
“All right, a few economists,” Trump responded to the audience’s amusement.

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    Hello, I'm Anjali Jain, a passionate writer navigating the dynamic realms of entertainment, politics, and technology. My blog serves as a digital canvas where I explore the intricate threads that weave together these diverse spheres, offering readers a comprehensive and engaging perspective. Entertainment Aficionado: As an avid consumer of all things entertainment, I delve into the worlds of movies, television, music, and more. Through my blog, I share insightful analyses, reviews, and behind-the-scenes glimpses into the ever-evolving landscape of pop culture. Political Explorer: I'm not one to shy away from the complexities of the political arena. From local issues to global affairs, my writings aim to unravel the intricacies of political events, fostering meaningful conversations about the societal impact of policy decisions. Tech Enthusiast: With an insatiable curiosity for technology, I keep my readers abreast of the latest innovations and trends in the tech world. My articles break down complex concepts, making technology accessible and exploring its profound influence on our daily lives. Narrative Architect: Through my writing, I craft narratives that bridge the gap between entertainment, politics, and technology. Each blog post is a journey, offering readers a thought-provoking exploration of the forces shaping our world. Join me in unraveling the stories that define our culture. Connect with me on Facebook, Instagram and X for real-time updates, discussions, and a shared passion for the fascinating intersection of entertainment, politics, and tech.

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