UJ
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David Bailey, a veteran Bitcoin investor and advocate, had low expectations in early 2024 when he initially discussed the potential political benefits of cryptocurrency with Donald Trump’s campaign. Despite Trump’s summer vow to transform the US into a haven for Bitcoin and the cryptocurrency sector investing tens of millions to support his presidential effort, Bailey believed that Trump’s appeal to crypto supporters might be a momentary strategy rather than a true commitment.
However, since returning to office, Trump has radically shifted the federal government’s cautious approach to cryptocurrency, just as he promised. Earlier this month, he issued an executive order instructing the Federal Reserve to hold Bitcoin alongside gold—a move that many crypto advocates have long sought and one that was previously regarded as unlikely.
“If you had put me under hypnosis a year ago and said, ‘Describe your wildest dreams for what could happen,’ I would have thought it was pure fantasy,” said Bailey, who operates the Bitcoin conference where Trump first presented himself as a pro-crypto candidate. “I would never have thought this could occur.”
Trump’s return to leadership was partly due to an unconventional strategy of coalition-building. He engaged with demographics that have typically been neglected by Republican contenders, such as Bitcoin supporters, making targeted policy proposals to resonate with these specific groups.
For those who participated, the benefits surfaced quickly.
The Lumbee Tribe in North Carolina, historically a Democratic voting bloc in presidential elections, responded to Trump’s long-standing outreach for this influential native group. His campaign promise last fall to provide the tribe with long-sought federal recognition appeared to resonate with voters. In Robeson County, where Barack Obama had enjoyed decisive victories, Trump achieved a 28-point win—a record margin across three elections.
Three days post-inauguration, Trump signed a memorandum asserting it is U.S. policy to support the full federal recognition of the Lumbee Tribe, marking the strongest endorsement from the presidency to date.
Is this transactional? Perhaps, but that’s politics, remarked Lumbee Tribe Chairman John Lowery, who expressed to UJ, “It feels good to be valued.”
“People are set in their ways. You’re either strongly in favor of one view or the other,” Lowery noted. “We tend to support those who actively work to earn our vote, regardless of their ideological stance. There’s something valuable about genuine political engagement. Trump has demonstrated that approach on this front.”
Trump’s unique methodology has also extended to union workers, traditionally a Democratic stronghold. During his outreach, and with many union members leaning toward Trump, Teamsters President Sean O’Brien surprised Democrats by delivering a primetime speech at the Republican National Convention, which received a tepid response from the GOP crowd. Subsequently, the union for the first time in decades abstained from endorsing a presidential candidate, a significant setback for the Democrats.
The strategy benefited Trump: According to a UJ exit poll, he captured 45 percent of the union household vote, a remarkable achievement for a Republican candidate.
For O’Brien, this calculated risk was worthwhile during a Nov. 21 meeting at Mar-a-Lago, where he advocated for Lori Chavez-DeRemer, a Republican lawmaker from Oregon, to lead the Department of Labor. After three hours of intense discussions, Trump agreed to nominate Chavez-DeRemer and, crucially, promised not to back down against expected resistance from business groups who viewed her as overly sympathetic to unions, O’Brien shared with UJ. The following day, Chavez-DeRemer’s nomination as Secretary of Labor was announced and she was confirmed earlier this month.
This episode has established the Teamsters as “one of the most significant unions in the country,” according to O’Brien.
“We know we faced criticism from our peers in organized labor, but we’ve watched our organization follow the same approach every election and anticipate a different result,” he said. “We wanted to break that cycle.”
Trump’s early initiatives aimed at key groups are coinciding with his political team’s strategies to engage his unconventional coalition for the upcoming midterm elections. While some within Trump’s movement suggest a more permanent political realignment may be emerging, the administration remains wary that the president’s appeal to these groups might not translate effectively to support for GOP congressional candidates.
For instance, it remains uncertain whether Libertarian voters and followers of former presidential candidate Robert F. Kennedy Jr. can be persuaded that Trump needs their support to maintain Republican majorities in Congress, a concern shared by a White House official. Trump made appeals to both demographics during his campaign—a strategic decision made after observing the Libertarian candidate siphon votes from him in 2020.
Trump’s outreach to Libertarians included a speech at their national convention last summer, where he faced boos but still promised to pardon Ross Ulbricht, the jailed founder of Silk Road. His strategy appears effective, as the Libertarian ticket received its lowest share of the vote since 2008. A day after taking office, Trump honored his promise to pardon Ulbricht.
Moreover, Trump appointed Kennedy as Secretary of Health and Human Services shortly after the election, affirming his commitment to including the notable vaccine skeptic in authority over health issues during his administration.
Angela McArdle, then-chair of the Libertarian Party, has stated publicly that allowing Trump to speak at their convention has yielded benefits for her members.
“Don’t expect perfection,” she wrote on X this week. “Celebrate the wins!”
Not everyone shares this enthusiasm. Steven Nekhaila, the current party chair, described Ulbricht’s clemency as a “positive outcome for the libertarian movement,” but warned that Libertarians are naive to think Trump desires “anything beyond our vote.”
“It’s even more foolish to believe we won’t be discarded when we’re no longer convenient, as Rep. Thomas Massie was when he voted against the government funding,” Nekhaila remarked, referring to Trump’s threat to primary the conservative Kentucky congressman.
Trump’s early decisions regarding cryptocurrency have faced some backlash, including from industry supporters concerned about his increasing financial interests in digital assets. Previously a strong critic of Bitcoin, Trump’s perspective shifted last year as his family undertook a crypto venture spearheaded by his sons. Just days before taking office, he announced a new meme coin using his name, introducing fresh ethical dilemmas for a president already entangled in numerous conflicts of interest.
Upon revealing his family’s new digital asset venture, crypto investor Nic Carter, who supported Trump, commented, “At best, this is an unnecessary distraction; at worst, it risks significant embarrassment and legal complications.”
Bailey, while heading to a donor dinner at the White House, dismissed these concerns as indicative of Trump’s “entrepreneurial spirit.” Nonetheless, he believes that the former president has compelled the political landscape to regard the cryptocurrency community with greater seriousness.
“Our voter base is substantial and expanding rapidly,” he stated. “It is now up to the political parties to engage with us.”
While Trump’s initial actions have drawn praise from the groups targeted by his campaign, their leaders indicate that more is needed to fulfill his promises. For example, Trump has yet to specify how much Bitcoin the Federal Reserve should acquire. The Teamsters are closely tracking how labor issues are handled under Trump’s administration, particularly concerning the National Labor Relations Board and compliance with union provisions in active federal contracts.
The Lumbee Tribe still requires congressional action to gain access to the federal benefits already available to other federally recognized Native Americans. Lowery expressed being “cautiously optimistic” that Trump can advocate for a legislative initiative. However, if Republicans with complete control of government cannot deliver, Lumbee voters might revert to supporting the Democrats.
“You have to remember us,” Lowery emphasized, “and we can’t be taken for granted.”
