Trump’s Crypto Strategy: NFTs, Bitcoin, and DeFi as Election Tools

Trump’s Shift to Crypto

Former U.S. President Donald Trump, once a critic of cryptocurrencies, is now positioning himself as a champion of digital assets. As the 2024 U.S. presidential election approaches, Trump and his family have embraced the blockchain industry, making significant moves in the world of crypto, non-fungible tokens (NFTs), and decentralized finance (DeFi). This strategic shift seems aimed at winning over the growing number of U.S. voters who own digital assets.

Trump’s DeFi Initiative: World Liberty Financial

One of Trump’s recent forays into crypto is a decentralized finance (DeFi) platform called World Liberty Financial (WLFI), promoted by his son Eric Trump. This platform was introduced as a response to what Trump describes as the financial exploitation of everyday Americans by big banks.

Although the project has garnered attention, with 230,000 subscribers to its Telegram channel, it has yet to make substantial progress or deliver a clear roadmap. Scammers have already attempted to exploit the platform's early popularity by launching fake WLFI airdrops, highlighting the risks inherent in such ventures.

Trump’s Lucrative NFT Collections

Trump’s involvement in the crypto world doesn’t stop with DeFi. He has also launched multiple NFT collections, the most recent being his “America First” series. This collection has already earned over $2.5 million, and if the entire supply of 360,000 NFTs sells out, it could bring in $35 million. Buyers of 15 or more NFTs are promised a special physical card featuring fabric from a suit Trump wore during a debate.

This is not Trump's first NFT venture—his previous collections, including the “MugShot Edition” and superhero-themed NFTs, were similarly successful. These NFT ventures have provided Trump with significant income streams, with royalties from secondary market sales continuing to add to the profits.

Political Impact of Trump’s Crypto Embrace

Trump’s crypto ventures may be paying off politically as well. A recent poll from Fairleigh Dickinson University shows that U.S. voters who own digital assets favor Trump over his likely Democratic opponent, Vice-President Kamala Harris, by a 12-point margin. The poll suggests that Trump’s pro-crypto stance is resonating with a growing demographic of American voters.

The Broader Implications for 2024

Crypto ownership in the U.S. has increased significantly, with 40% of adults now reported to hold some form of digital assets. This growing trend may be key to Trump’s strategy, as it could help him attract voters from minority groups and younger generations, who typically lean Democratic. Experts suggest that Trump’s support for cryptocurrencies could serve as a “wedge issue,” helping him connect with new voter bases.

Conclusion: A Calculated Gamble

Trump’s foray into the world of digital assets is a bold and calculated move. By aligning himself with the crypto community, he is attempting to tap into a growing electorate that may not traditionally align with his party. Whether this strategy will succeed in securing votes in the 2024 election remains to be seen, but it is clear that Trump’s crypto gambit has already made a significant impact on his campaign.