Sudden Crypto Supporter: What did Trump say at his NFT dinner?

Original Title: "Trump’s Pro-Crypto Bluster at NFT Gala Lacked Policy Substance"

Author | Danny Nelson

Translation | Cat Brother, Wu Blockchain

At Wednesday's dinner, Donald Trump attracted a voter group completely ignored by Joe Biden. However, this presidential candidate is not truly knowledgeable about cryptocurrency policy.

During his first term in the White House, Donald Trump was not a fan of cryptocurrencies; he once tweeted that these currencies "come out of thin air." Later, he sold NFTs worth millions of dollars. This week, he reshaped himself to become the preferred candidate in the cryptocurrency field.

"If you support cryptocurrency, you will vote for Trump because they want to end it," he said at the Wednesday evening event held at Mar-a-Lago, referring to the Democratic Party and President Joe Biden. He also promised to ensure that his campaign could accept cryptocurrency donations.

For this 77-year-old candidate's apparent transformation, his approximately 200 supporters were not surprised. Many purchased $10,000 Trump Trading Card NFTs to attend this bizarre, sweltering outdoor reception held at the former president's Florida palace. A CoinDesk reporter also attended the event as an escort.

For about an hour, Trump answered questions from a group of suit-clad individuals sweating profusely. Only a few questions focused on cryptocurrency, which was the nominal theme of the entire event but actually a very niche issue.

But this was enough to make some things clear:

1. Trump is not a cryptocurrency expert.

2. Trump is an expert in selling cryptocurrencies.

3. The first two points are not important because Trump has already declared himself a defender of cryptocurrencies.

One exchange highlighted points 1 and 3 (we will discuss point 2 later). When asked about his views on central bank digital currencies (CBDCs) and "government blockchains" (both of which are typically opposed by cryptocurrency supporters), Trump responded, "I think everything has its place." He continued, "We have some incredible things happening, I mean, looking back a few years ago at cryptocurrencies, people said it wouldn't succeed, but now its numbers are breaking records. I guess you could say it's a form of currency, and I support that, I increasingly support that."

For the single-issue voters in this industry (which may be very small), the substance of Trump's support for cryptocurrencies may not be important, but what matters is his positive statements on the matter. Trump appears to be the first major party presidential candidate to embrace cryptocurrencies.

Attacking Biden

In the opposing campaign, we see a publicly hostile presidential administration. Joe Biden's SEC Chairman Gary Gensler is launching legal actions against various aspects of the cryptocurrency industry. Just hours before his opponent (Trump) held a golf resort dinner on Wednesday, the president promised to block attempts by the House to repeal a cryptocurrency accounting rule, which political opponents claim has stifled industry growth.

"Biden doesn't even know what that is. If you ask Biden, 'Sir, do you support or oppose cryptocurrencies?' he will say, 'What is that? Let me leave the stage.' He doesn't know at all," Trump said. Regardless of whether this seemingly reasonable assumption is true, Trump then attacked the cryptocurrency-savvy official Gensler.

"What I'm saying is: I have no problem with this, I want to make sure it's good, stable, and everything else, but I have no problem with it," Trump said when talking about cryptocurrencies. He later added, "If we want to have what we have now, then we will have to accept many things that not everyone likes."

Just hours before Trump's impromptu QA, Biden's campaign team blasted "those who were tricked into spending up to $10,000 on his simple digital images" in an email to supporters. The email criticized Trump for not campaigning during the midweek recess but instead hosting a lavish NFT dinner.

But Trump was indeed campaigning on Wednesday night. He was courting the boisterous cryptocurrency group that Biden completely ignored. Of course, only a few hundred people heard his speech in person. Trump's support for cryptocurrencies sparked discussions on social media and led to extensive media coverage of political advocates self-proclaimed as cryptocurrency supporters.

"The U.S. has 50 million cryptocurrency holders. That's a lot of voters," said Ryan Selkis, CEO of the cryptocurrency data platform Messari, in the crowded banquet hall at Mar-a-Lago, where VIPs (those who bought $10,000 NFTs) mingled with dinner attendees (those who paid $4,700). Trump unexpectedly called Selkis to the stage.

Soundbites from Wednesday's NFT gala may further exacerbate the polarization of cryptocurrencies, entangling it in the "us versus them" struggle plaguing American politics. Bitcoin's libertarian roots are almost impossible to resonate with today; cryptocurrencies have supporters in both parties.

The most influential voices in Republican politics ignore the bipartisan reality of cryptocurrencies, asserting that the Democratic Party wants to kill it. "The Democrats are very much against it," Trump said, following a statement by 21 out of 213 Democratic House members voting to repeal an SEC accounting rule a few hours earlier.

Trump positions himself as the industry's only hope. His understanding of industry issues is sporadic. When asked how he would change the hostile U.S. policy of expelling cryptocurrency companies abroad, he said, "We will stop it because I don't want that, I don't want that. I want if we're going to embrace it, then we have to keep them here."

"We Made NFTs Hot Again"

Trump showed more or less professionalism in one area of cryptocurrencies: his NFTs. Trump's three series of NFTs — depicting Super Donald in different patriotic states on digital trading cards — have generated millions in sales. Wednesday's dinner celebrated the big buyers of his "Mugshot Edition" third series.

Speaking about his trading cards, Trump said, "We did this when NFTs weren't hot, we made NFTs hot again." He added that some NFT buyers made tens of thousands of dollars in the resale market.

One attendee asked if he would sell a fourth series of NFTs, and this seasoned businessman hesitated. "I believe in supply and demand. As you know, 1 did well, 2 did well, 3 also did well. Maybe at some point, this will reverse," he said.

He took a vote from the audience: how many Mugshot big buyers wanted the fourth series of NFT collections? Most raised their hands. Trump sounded puzzled, "Based on supply and demand, wouldn't this possibly keep the price of what you've already bought lower?" He tested their resolve. "Who doesn't want to see the fourth series for this reason?" Only a few hands went up.

"Well, we have a few economists," Trump said amidst laughter from the crowd.

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