Up until fairly recently, Donald Trump made little effort to hide his skepticism of cryptocurrencies. For years, the Republican called them a “disaster waiting to happen,” adding that as far as he was concerned, Bitcoin seemed “like a scam.” When it came to crypto, the former president said he was “not a fan,” adding, “Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity.”
The GOP candidate then started having chats with prospective donors at Mar-a-Lago, and wouldn’t you know it, Trump’s position started to evolve.
For much of 2024, the Republican nominee appeared to see an electoral opportunity: By flip-flopping on the issue, Trump could pick up support — and campaign contributions — from some of the industry’s wealthiest players.
It was only a matter of time, however, before the former president realized that he, too, could try to make a few bucks for himself by way of a crypto gambit of his own. Evidently, that time is now. The New York Times reported:
A day after an apparent assassination attempt against former President Donald J. Trump, he appeared on a livestream on Monday to champion his latest business venture: cryptocurrencies. “Crypto is one of those things we have to do,” Mr. Trump said on X. “Whether we like it or not, I have to do it.”
I can imagine why some will see this news and simply roll their eyes, but don’t click away too quickly, because this is a story with several surprisingly interesting angles.
First, there’s the dramatic reversal. The same guy who saw crypto as a “disaster waiting to happen” apparently now sees crypto as a money-making opportunity that he “has” to pursue.
Second, those looking to Trump to explain his new venture are going to be disappointed. As an Associated Press report noted, the candidate “did not discuss specifics about World Liberty Financial on Monday or how it would work.” That’s true. In fact, when offered an opportunity to elaborate on his latest business opportunity, the former president appeared quite clueless and quickly changed the subject.
Third, Trump has chosen a curious group of business partners. The Times’ report noted that the Republican’s team includes two “little-known crypto entrepreneurs with no experience running a high-profile business.” The article added, “On the livestream, he did not address the project directly, leaving the details to the two entrepreneurs, Chase Herro and Zachary Folkman. Mr. Herro has described himself as ‘the dirtbag of the internet,‘ while Mr. Folkman used to teach classes on how to seduce women.”
Fourth, even Trump’s allies believe he’s on the wrong track. Politico recently quoted Nic Carter, a Trump supporter who is a founding partner at a crypto-focused venture capital firm, who said, in reference to the former president’s new venture, “This is a huge mistake. It looks like Trump’s inner circle is just cashing in on his recent embrace of crypto in a kind of naive way, and frankly it looks like they’re burning a lot of the good will that’s been built with the industry so far.”
But even if we put all of that aside, it’s worth dwelling on the fact that Trump keeps careening from one money-making scheme to another.
Some might be tempted to see the Republican nominee’s latest gambit and think he’s trying to raise money for his campaign. He’s not. This crypto venture is wholly unrelated to his 2024 political operation.
And that, in and of itself, is extraordinary. The Times’ report added, “It’s highly unusual for a presidential candidate to embark on a new business just weeks before Election Day.” That’s true, though it’s understating matters: There’s simply no precedent in the American tradition for a White House hopeful making provocative private-sector moves like these during a campaign. The crypto gambit comes on the heels of Trump selling batches of digital trading cards, which made the candidate look like a two-bit carnival huckster, but which was also part of a larger pattern. It includes the gold sneakers. And the Trump-endorsed Bible. And the fake university. And the board game. And the steaks. We’re talking about a politician who appears to meander from one get-rich-quick opportunity to the next, without much regard for merit or dignity. It’s not a secret that the Republican’s finances are a mess, and a recent Washington Post analysis added, “He is in a cash crunch — personally and politically — and has been unafraid throughout his career to put the Trump name on anything that might yield a stream of revenue.” That analysis was published in March. The problem is considerably worse now. When it comes to someone seeking the highest office of a global superpower, that’s … not ideal. This post updates our related earlier coverage.
Steve Benen is a producer for "The Rachel Maddow Show," the editor of MaddowBlog and an MS NOW political contributor. He's also the bestselling author of "Ministry of Truth: Democracy, Reality, and the Republicans' War on the Recent Past."
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