In a surprise move, Donald Trump, the former US President and current presidential candidate, has rebranded himself as a crypto supporter. At a recent NFT gala at Mar-a-Lago, Trump wooed a constituency that Joe Biden has largely ignored. However, Trump's understanding of cryptocurrency policy is limited, and his support may be more about political opportunism than genuine conviction.

Trump's event was attended by around 200 supporters, many of whom had purchased $10,000 Trump Trading Card NFTs to gain entry. During a Q&A session, Trump fielded questions on crypto, but his answers revealed a lack of depth in his understanding of the issues. He vowed to accept crypto donations for his campaign and promised to support the industry, but his comments were short on specifics.

Despite his limited knowledge, Trump's embrace of crypto may resonate with a small but dedicated group of single-issue voters. In contrast, the Biden administration has been openly hostile towards the crypto industry, with SEC Chairman Gary Gensler leading the charge. Trump's support may be seen as a welcome change by some in the industry, even if it is largely symbolic.

Trump's event was criticized by the Biden campaign, which mocked the attendees for paying large sums for "simple digital images" of the former President.

However, Trump framed himself as the industry's only hope, despite his spotty understanding of the issues. His support may be more about political calculations than a genuine commitment to the industry's future.