Donald Trump addresses the Bitcoin 2024 conference in Nashville on July 27, 2024. – Image by Brett Carlsen/Bloomberg/Getty Images
David Bailey, a seasoned Bitcoin investor and advocate, had modest expectations back in early 2024 when he initially proposed the idea of embracing cryptocurrency to Donald Trump’s campaign. Despite Trump’s commitment later that summer to position the US as a haven for Bitcoin and the substantial financial backing from the industry for his presidential campaign, Bailey remained skeptical of Trump’s engagement with crypto being a passing gesture rather than a genuine dedication.
However, upon Trump’s return to power, he defied the federal government’s cautious stance on cryptocurrency just as he had promised. Recently, he issued an executive order instructing the Federal Reserve to include Bitcoin alongside gold—an action that was once deemed implausible and had long been advocated for by the crypto community.
“If you had told me a year ago, under hypnosis, to describe my wildest dreams of what could transpire, this would have surpassed my fantasies,” remarked Bailey, the owner of the Bitcoin conference where Trump initially emerged as a pro-crypto candidate. “I would never have imagined it to be possible.”
Trump’s triumph in regaining power was partially attributed to his unconventional strategy of forming coalitions. He engaged with groups usually overlooked by Republican candidates, such as Bitcoin enthusiasts, by making specific policy commitments tailored to their interests.
For those who aligned with Trump, the rewards were swift. Take, for instance, the Lumbee Tribe in North Carolina, a group that had historically favored Democratic candidates in presidential elections. Trump’s eight-year effort to appeal to the state’s prominent indigenous community culminated in his pledge last autumn to grant federal recognition to the tribe. This promise seemed to resonate with voters, evident in Robeson County, rich with Lumbee population, where Trump secured a 28-point victory, his largest margin in three races.
Just three days after assuming office, Trump signed a directive declaring it US policy to fully support the federal recognition of the Lumbee Tribe, marking the strongest endorsement from the Oval Office thus far.
Is it transactional? Perhaps, but that’s the nature of politics, according to Lumbee Tribe Chairman John Lowery, who expressed to CNN, “It feels good to be courted.”
Evidently, Trump’s tailored approach extended to union workers, a traditional Democratic stronghold. With many members showing increasing support for Trump, Teamsters President Sean O’Brien surprised Democrats by delivering a primetime speech at the Republican National Convention. This move, followed by the union’s unprecedented decision to withhold an endorsement in the presidential race, dealt a significant blow to the Democratic ticket.
Trump’s strategy paid dividends as he secured 45% of the vote from union households, a significant achievement for a GOP candidate, according to a CNN exit poll. A calculated risk by O’Brien during a visit to Mar-a-Lago resulted in Trump nominating Lori Chavez-DeRemer, a former Oregon lawmaker, as Secretary of Labor. Despite expected opposition from business groups, Trump stood by his decision. The move bolstered the influence of the Teamsters, with O’Brien emphasizing the importance of breaking from traditional campaign tactics.
Looking ahead to the midterm elections, Trump’s team is strategizing on how to maintain the support of his diverse coalition. While some believe a lasting political realignment is possible, the White House is uncertain if Trump’s appeal to certain groups will translate to support for GOP congressional candidates. Efforts to court Libertarian and Robert F. Kennedy Jr. supporters have yielded mixed results, with Trump successfully winning over some factions but facing skepticism from others.
Trump’s outreach to Libertarians, including a pledge to pardon Ross Ulbricht, the founder of Silk Road, and appointing Kennedy to a key role, has generated both praise and criticism within the party. Some view Trump’s actions as beneficial, while others caution against expecting long-term commitments from the president. Amid differing opinions within the Libertarian Party, the impact of Trump’s overtures remains a point of contention.
The government’s approach to cryptocurrency has faced criticism, particularly regarding President Trump’s evolving stance on digital assets. Initially a critic of Bitcoin, Trump’s pivot last year coincided with the launch of a crypto venture by his sons. This move raised concerns about potential conflicts of interest, with some industry supporters expressing unease about the president’s increasing financial ties to the cryptocurrency space.
Upon revealing his family’s involvement in the digital asset business, one crypto investor who had backed Trump expressed reservations, labeling it as a potential distraction or, at worst, a significant legal liability. Despite this, a Trump associate downplayed the conflicts, attributing them to the president’s entrepreneurial spirit.
While Trump’s actions have been commended by certain groups he targeted during his campaign, there are lingering expectations for him to fulfill his promises. For instance, there is anticipation for clarity on the amount of Bitcoin the Federal Reserve should hold, and labor organizations are monitoring early decisions by the National Labor Relations Board. The Lumbee Tribe also awaits congressional action to access federal benefits afforded to other recognized Native American tribes, with hopes that the Trump administration will support their cause.
As the political landscape evolves, various groups emphasize the importance of being acknowledged and not taken for granted by the government. Overall, there remains a call for continued engagement and commitment to fulfilling obligations towards different communities.
