Trump was largely dismissive of cryptocurrencies when he was president. He brought up a number of the usual political critiques, such as the claim that cryptocurrency is "based on thin air" and is used for narcotics and other illegal activities.

Source: Donald Trump

But as the elections of 2024 get near, Trump has changed his story.

He shocked the cryptocurrency community on May 8 by accusing President Joseph Biden and the current Securities and Exchange Commission head, Gary Gensler, of plotting against cryptocurrencies during an event for holders of his nonfungible tokens (NFTs) at his Mar-a-Lago resort in Florida. He was running as an alternative for voters who support cryptocurrencies.