The Trump-Crypto Honeymoon Is Over

When Donald Trump was elected President of the United States, many in the cryptocurrency community saw it as a positive development. Trump’s pro-business stance and anti-regulation rhetoric seemed to align with the decentralized and libertarian ideals of cryptocurrencies like Bitcoin.

However, as Trump’s term progressed, it became clear that his administration was not as friendly to the crypto industry as many had hoped. In fact, the Trump administration took a hardline stance against cryptocurrencies, with the President himself publicly criticizing Bitcoin and other digital assets.

One of the most notable incidents was when Trump tweeted that he was “not a fan of Bitcoin and other cryptocurrencies” and that they were not real money. This caused a significant drop in the price of Bitcoin and other cryptocurrencies, as investors worried about potential regulatory crackdowns.

In addition, Trump’s administration took actions against several cryptocurrency exchanges and projects, with the Securities and Exchange Commission (SEC) cracking down on initial coin offerings (ICOs) and other forms of fundraising in the crypto space.

This marked a significant shift in the relationship between the Trump administration and the crypto industry, with many now viewing Trump as a threat to the growth and development of cryptocurrencies.

As Trump’s term came to an end, many in the crypto community breathed a sigh of relief, hoping that the incoming Biden administration would take a more favorable stance towards digital assets.

Overall, the Trump-Crypto honeymoon is now over, and the relationship between the two is more strained than ever before. Only time will tell how the Biden administration will approach cryptocurrencies and whether they will be able to repair the damage done during Trump’s term.