Donald Trump has transformed his stance on crypto in a way that speaks directly to a key group of voters, a calculated move to tap into the rising influence of the crypto community in America.
It all started in May when Trump’s campaign began accepting crypto donations, a notable change from his earlier skeptical views. This was followed by several strategic moves aimed at convincing the crypto community that he’s their candidate.
By June, Trump publicly threw his support behind Bitcoin miners, expressing his hope that the remaining Bitcoin would be mined “right here in America” – a key message for those concerned about the exodus of mining operations to countries like Russia and Kazakhstan.
But Trump didn’t stop there. His appearance at the Bitcoin Conference in Nashville at the end of July marked a crucial moment in his crypto campaign.
Standing before a packed room of crypto advocates, Trump not only promised to establish a national Bitcoin reserve if elected—an unprecedented move—but he also vowed to fire SEC Chairman Gary Gensler.
This promise, met with a standing ovation, struck a chord with crypto voters, many of whom see Gensler as an obstacle to the industry’s growth due to his firm stance on regulating digital assets like stocks and bonds.
The creation of a national Bitcoin reserve, paired with his pledge to form a Bitcoin and Crypto Advisory Council, set him apart from his opponents, especially in a political arena where other candidates have remained cautious on crypto.
Beyond policy promises, Trump has also made highly visible gestures to show his support for crypto. During a campaign stop at Pubkey, a Bitcoin-themed bar in New York, Trump became the first former U.S. president to use cryptocurrency in a transaction, buying a dozen burgers using Bitcoin.
At the center of Trump’s crypto efforts lies his personal project, WLF, a DeFi platform launched in September 2024. Marketed as a crypto bank where users can borrow, lend, and invest, WLF is clearly designed to lure crypto voters by offering them something tangible.
The platform’s native token, WLFI, was introduced with much fanfare, aiming to raise $300 million at a valuation of $1.5 billion. Yet, the project has struggled to meet its ambitious goals, with only $12.9 million raised so far.
More controversial is the token allocation—Trump and his family are poised to receive 75% of the net protocol revenue, raising questions about transparency and how much of the project is for the benefit of its users versus the Trump family.
WLF claims to be apolitical, yet the timing and Trump’s heavy involvement make it clear that this is as much a political play as it is a financial one. The project’s roadmap includes bold promises, but its slow progress and the outsized financial benefits for the Trump family have sparked skepticism.
Still, Trump’s supporters view the project as part of his broader narrative of financial independence and American economic strength, tied neatly to his political messaging.