Former President Donald Trump's Posts Promoting Bitcoin Alienate His Truth Social Audience

Former President Donald Trump's posts on Truth Social—the free speech social media platform he launched two years ago—generally receive a warm reception.

Former President Donald Trump promoted Bitcoin on Truth Social on Tuesday, framing it as a defense against a potential Central Bank Digital Currency (CBDC) in a bid to rally his supporters. However, his late-night missive seems to have backfired, with many of his followers expressing opposition to Bitcoin and digital currencies in general.

Trump's post, which included a link to a Bitcoin Magazine op-ed by former Trump administration staffer and current head of public policy for Riot Platforms, a large Bitcoin mining company, sparked varied reactions on Truth Social. While some users praised Trump for his support of Bitcoin, many voiced their concerns and skepticism about the cryptocurrency.

The Federal Reserve has been considering using a CBDC, noting on its website that it could provide a “convenient, electronic form of central bank money, with the safety and liquidity that would entail” and support faster payments. However, many conservatives have pushed back on a potential CBDC due to concerns about an expansion of power for the Fed and fears of government overreach.

“Anti-CBDC legislation is necessary to safeguard Americans’ financial privacy in the face of potential surveillance, control and political intimidation,” Ryan Walker, executive vice president of the conservative Heritage Foundation's political arm, told Politico in a statement earlier this year.

However, Morgenstern's piece positions Trump's support of Bitcoin in a broader effort of “decentralization” which could, outside of legislation, also serve to Thwart a CBDC.

On Truth Social, pushing back against CBDC did not go far enough. While plenty of Trump's base is Bitcoin-hyping hustlers, a great deal fear any digital currency as a government intrusion. Many accused the government of wanting to eliminate cash entirely, to curtail freedom and track individual purchases.

“Gold standard… not Bitcoin,” replied one self-described Christian conservative user.

“CASH IS KING!” replied someone else, posting an image calling for a transition back to a gold-backed currency. “Make money valuable again,” the image's text overlay reads.

One Trump supporter offered stronger choice words in response to Trump's post.

“FUCK bitcoin! It is not US currency, and should never, ever be allowed for monetary exchange,” the user wrote. “I am truly disappointed that you, of all people would support this sham.”

However, Trump has embraced cryptocurrency, billing himself as a “crypto president” during a fundraiser in San Francisco last week and rebuking Biden's approach to cryptocurrency regulation.

“I AM VERY POSITIVE AND OPEN MINDED TO CRYPTOCURRENCY COMPANIES, AND ALL THINGS RELATED TO THIS NEW AND BURGEONING INDUSTRY,” he wrote on Truth Social in late May.

Trump added that the U.S. should be the leader in cryptocurrency but that Biden “WANTS IT TO DIE A SLOW AND PAINFUL DEATH.”

That post came less than one week after his campaign announced it would accept cryptocurrency donations to “build a crypto army moving the campaign to victory on November 5th!”

Trump's positive stance on cryptocurrency now marks a major shift from comments he made while in office.

“Bitcoin, it just seems like a scam,” Trump said in 2021. “I don't like it because it's another currency competing against the dollar.”