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Donald Trump’s first presidential term from 2017 to 2021 marked a significant period of transformation for the cryptocurrency industry， characterized by complex interactions between presidential rhetoric and digital asset development.

When Trump assumed office in January 2017， Bitcoin was trading at approximately $700， a modest valuation compared to its eventual spectacular rise. By the end of his term in January 2021， the cryptocurrency had experienced an extraordinary 4，000% growth， reaching over $36，000 despite market volatility during the COVID-19 pandemic.

Trump’s approach to cryptocurrency was notably ambivalent. In a landmark 2019 Twitter statement， he publicly declared he was ‘not a fan’ of Bitcoin， describing cryptocurrencies as being ‘based on thin air’. Despite the seemingly negative sentiment， this statement paradoxically brought unprecedented mainstream attention to digital assets from the highest political office.

Regulatory actions during Trump’s administration were particularly noteworthy. Under SEC Chair Jay Clayton， the financial regulatory body filed 62 enforcement actions involving crypto assets， targeting entities like Ripple Labs and Block.one. Trump reportedly instructed his Treasury secretary to ‘go after Bitcoin’ in 2018， signaling a potentially aggressive regulatory stance.

Interestingly， Trump’s cryptocurrency narrative evolved. After leaving office in 2021， he continued expressing skepticism， describing Bitcoin as a ‘scam’ competing against the US dollar. However， this perspective dramatically shifted in December 2022 when he launched his own line of NFT digital trading cards， demonstrating the evolving relationship between traditional politics and blockchain technology.

One notable cryptocurrency-related decision during his term was his inaction regarding Ross Ulbricht， the Silk Road founder serving a life sentence. Despite reports suggesting Trump was sympathetic to Ulbricht’s situation， no presidential pardon was granted during his four-year term. Notably， this changed in his 2024 campaign， where he promised to commute Ulbricht’s sentence ‘on day one’ if re-elected.

Trump’s first presidential term represented a pivotal moment for cryptocurrency， marked by regulatory scrutiny， significant market growth， and the gradual mainstreaming of digital assets. His complex and often contradictory stance reflected the broader societal uncertainty surrounding emerging blockchain technologies during this transformative period.

As the cryptocurrency landscape continues to evolve， Trump’s initial approach serves as a fascinating case study in how traditional political leadership grapples with revolutionary financial technologies， balancing regulatory concerns with potential economic opportunities.