Dem
50
GOP
50
In the past, Donald Trump was fairly negative on crypto. He often called it "a scam." He said: "We have only one real currency in the USA. And it will always stay that way. It is called the United States dollar!" All of a sudden, he loves crypto. What is going on?
First, he probably still thinks it is a scam, but he and two of his sons are now planning to do the scamming by setting up their own crypto exchange. That changes everything. When you are the grifter rather than the griftee, that makes all the difference.
Second, he thinks the kind of people who buy crypto are potentially new voters for him. He wants to appeal to them by sharing his newfound love of crypto with them.
Many people who speculate in crypto are young men. They know society expects them to make money, be good providers, and be savvy about finance. Many of them aren't and see crypto as an easy way to make a lot of money fast and prove their worth. Their views on masculinity, crypto, and Trump kind of align. In one survey, men who valued masculinity and also thought they were masculine weren't so much interested in crypto. They didn't have to prove anything to anyone. It is often the men who value traditional masculinity but don't feel they are completely there who buy crypto. About a quarter of (young) men feel this way. They are disproportionately Black and Latino. Trump is telling this group that it is not their fault: Immigrants are taking their jobs, China is taking their prosperity, and hiring policies favor women. He is offering them solutions: a border wall, tariffs, and ending DEI. Since they are already buying crypto, his coming out in favor of it makes them think he is their ally. Needless to say, he isn't, but as long as they think so, that is all he wants. (V)