In 2024, the cryptocurrency market has seen a surge in prices due to the approval of a Bitcoin spot ETF in the United States and the halving of Bitcoin (BTC). In addition, Ethereum (ETH) spot ETFs have officially begun trading in the United States, and discussions on cryptocurrency regulations are also becoming more active. Given these circumstances, it can be said that the cryptocurrency field is currently in a transitional period in the United States.
In this situation, the outcome of the US presidential election to be held in November has been attracting attention in the cryptocurrency market for some time. In particular, the actions of former Republican candidate Donald Trump have had a positive impact on the cryptocurrency industry since the beginning of 2024.
In the past, Trump dismissed Bitcoin as "a fraud" and was a representative of the "anti-cryptocurrency faction." However, he has now made a brilliant transition to become a cryptocurrency advocate, calling himself the "cryptocurrency president." Why has Trump's stance changed so dramatically in the last four years? The presence of social media is thought to be a major factor behind this.
Trump's Twitter (now X), which was his biggest platform for communication, was frozen due to his incitement of the attack on the Capitol in January 2021. Since then, he has been using the social media site "Truth Social" that he launched himself to communicate, but this alone has only had the effect of surrounding his supporters, and it is difficult to reach a wide range of people like X.
Therefore, he has set his sights on the cryptocurrency industry, which is compatible with social media sites such as X and has a meme-like enthusiasm. By promoting himself as a cryptocurrency advocate, he not only solidifies the so-called cryptocurrency vote, but also increases his exposure on X and other platforms, which were his former platforms for communication. In fact, Trump's actions and words, which are synonymous with radical remarks and performances, have made a striking impression on the cryptocurrency industry.
However, some people believe that his appearance of calling himself a cryptocurrency advocate with no trace of his former self and highlighting his closeness to the industry every day is merely an excessive performance. It should also be remembered that this is part of a strategy to raise election funds from the cryptocurrency industry, which is expanding its market size and becoming more abundant with funds. In light of this situation, we need to examine more closely whether Trump is really the "cryptocurrency president."
