Nfts
Donald Trump’s pro-crypto bluster at the NFT gala lacked political substance
PALM BEACH, FL. — During his first term in the White House, Donald Trump was not a fan of cryptocurrencies; he once tweeted that they were “based on thin air” He then sold millions of dollars worth of NFTs. This week, he rebranded himself as a top crypto candidate.
“If you are in favor of crypto, you will vote for Trump because they want to end it,” he said during a Wednesday night party at Mar-a-Lago, referring to Democrats and President Joe Biden. He also pledged to ensure his campaign can accept crypto donations.
The 77-year-old candidate’s apparent change of heart did not surprise his audience of some 200 supporters. Many had purchased $10,000 worth of NFT Trump Trading Card to attend this surreal and stuffy outdoor reception at the former president’s Florida palace. A CoinDesk journalist was also present (as +1).
For nearly an hour, Trump fielded questions from a sea of sweat-soaked suit wearers. Only a handful focused on crypto, an incredibly niche issue that was the nominal anchor of the entire event.
But that was enough to clarify a few things:
An exchange highlights points 1 and 3 (we will come back to 2 later). When asked what he thought about central bank digital currencies (CBDCs) and “government blockchains” (two things crypto proponents generally oppose), Trump responded: “I think everything in its place “.
“There are amazing things happening, I mean crypto. If you go back to crypto a few years ago, people were saying it wasn’t going to succeed, but now it’s gone up in record numbers. I guess that you could say it’s a form of currency and I think I’m for that, more and more I’m for that.”
The substance of Trump’s support for crypto might be less important to the industry’s (likely narrow) framework. single issue voters than the fact that he says something positive about it. Trump appears to be the first major party presidential candidate to embrace crypto.
On the other side of the race is an openly hostile presidential administration. Joe Biden’s SEC Chairman Gary Gensler is waging a legal battle against many sectors of the crypto industry. And earlier Wednesday, hours before his opponent’s golf gala, the president pledged to block a House effort to dismantle an SEC accounting rule for crypto that is political. opponents the argument hindered the growth of the industry.
“Biden doesn’t even know what it is. If you ask Biden, ‘Sir, are you for or against crypto?’ he’ll say, ‘What is it? Get me out of there scene, he has no idea,” Trump said. Whether or not this somewhat plausible hypothesis is true, Trump went on to attack Gensler, a knowledgeable crypto executive.
“I will say this: I’m fine with it, I want to make sure it’s good and strong and everything else, but I’m fine with it,” Trump said of crypto. He later said: “If we want to have what we have, we will have to adopt a lot of things that not everyone likes.”
Hours before Trump’s impromptu Q&A, Biden’s campaign team roasted “people forced to pay up to $10,000 for simple digital images of him” in an email to his supporters. The email criticized Trump for hosting a glitzy NFT dinner instead of campaigning during his midweek break from court.
But Trump was in the countryside Wednesday evening. He was competing for votes from the exceptionally vocal cryptocurrency crowd that Biden had completely snubbed. Of course, only a few hundred people heard it directly. Their videos of Trump’s pro-crypto musings ricocheted across social media and sparked a torrent of media coverage for crypto’s self-proclaimed political champion.
“There are 50 million crypto holders in the United States. That’s a lot of voters,” Ryan Selkis, CEO of crypto data platform Messari, said outside the packed Mar-a-Lago ballroom where VIPs (those who purchased $10,000 worth of NFTs) mingled with dinner guests (who paid $4,700). Trump unexpectedly called Selkis on stage.
The soundbites that emerged from Wednesday’s NFT gala could accelerate the polarization of crypto by locking it into the same us-or-them chains that bind much of American politics. Bitcoin’s libertarian roots barely resonate today; crypto has its supporters on both sides from the aisle.
The most powerful voice in Republican politics has cast aside the bipartisan reality of crypto by declaring that Democrats want to kill it. “Democrats are strongly opposed to it,” Trump said, hours after 21 of 213 House Democrats voted to repeal the SEC accounting rule.
Trump presented himself as the industry’s only hope. His mastery of industry issues was uneven. When asked how he would change hostile US policies that are driving crypto companies out of the country, he replied: “We’re going to stop that, because I don’t want that, I don’t want that.” I want this – if we are I’m going to accept it, then we have to let them be here. »
There was one area of crypto that Trump spoke more or less expertly on: his NFTs. Three collections of Trump NFTs – digital trading cards that depict an ultra-hacked Donald in various states of patriotism – have generated millions of dollars in sales. Wednesday’s gala dinner celebrated the high rollers who purchased its third “Mugshot Edition” collection.
“We did it when NFTs weren’t popular and we made NFTs popular again,” Trump claimed of his cards, adding that some NFT buyers were making tens of thousands of dollars on the market resale.
When asked by an attendee if he would sell a fourth NFT collection, the longtime businessman hesitated. “I believe in supply and demand. And as you know, 1 did a good job, 2 did a good job, 3 did a good job. At some point, maybe that will change. “
He asked the audience: How many Mugshot high rollers wanted a collection of Series 4 NFTs? Most raised their hands. Trump seemed perplexed: “Based on supply and demand, wouldn’t that keep your prices down, for products you’ve already purchased, wouldn’t that keep them lower?” He tested their resolve. “Who would not see a fourth collection for this reason?” Only a few hands went up.
“Okay, some economists,” Trump said to laughter from the crowd.