Last July, I published an article highlighting the shifting narrative around the so-called “Bitcoin President” in the United States. An expression that should—must—sound absurd to anyone who has taken even a cursory look at the technology Satoshi Nakamoto introduced. It’s evident that no such thing as a Bitcoin President exists. And if you’re wondering what I think: no, not even him.
Not even Nayib Bukele, the President of El Salvador, the first country to adopt Bitcoin as legal tender, can be considered as such. Do you think the promotion of a centralized, government-controlled wallet like Chivo aligns with the values that gave birth to Bitcoin?
But let’s return to the United States. The intense lobbying efforts of BTC Inc—the company behind Bitcoin Magazine—first positioned Robert Kennedy Jr. as the Bitcoin Candidate, only to swiftly pivot to Donald Trump despite his repeated anti-cryptocurrency remarks and his staunch support for the dollar’s supremacy.After an electoral campaign of relentless brainwashing, how did Italian mainstream media interpret Bitcoin’s relationship with U.S. politics?
Orange Coin and Orange President
The wave of articles published by Italian and international outlets reveals a telling trend: a systematic association between Bitcoin and Donald Trump following his reelection. The headlines in the following examples illustrate how this connection was constructed to imbue the cryptocurrency with a specific political connotation, aligned with conservative and Republican positions.
Fanpage kicks off with a headline that takes for granted the causal link between Trump’s reelection and Bitcoin’s price surge: “Why Bitcoin is Soaring After Trump’s Election.” At least the article notes that the tycoon, during his first term, called cryptocurrencies a “scam,” only to drastically change his stance later.
ANSA adopts an even more emphatic approach: Bitcoin, Wall Street, and the dollar are portrayed as a harmonious trio, collectively celebrating Trump’s return to the White House. The association between Bitcoin and the dollar, however, is paradoxical. Bitcoin was created as an alternative to the dollar—a tool to escape expansionary monetary policies and inflation. Reducing it to a mere appendage of Republican economic policies misses the very reason for Bitcoin’s existence.
Corriere della Sera headline reads: “With Trump’s Victory, New Record for Bitcoin.” The newspaper leans into sensationalism, linking Bitcoin’s new all-time high to Trump’s electoral victory. The article goes on to mention figures like Elon Musk, attempting to tie the fortunes of the crypto sector to a series of controversial yet highly charismatic personalities.
In short, the idea that Bitcoin owes its growth solely to political events or the support of specific individuals is misleading. The notion that its price hinges on a particular election is not only simplistic but ignores decades of market cycles and economic data showing that Bitcoin responds to more complex dynamics such as global liquidity and technological adoption.
Il Giornale doesn’t escape this fallacy either: “Trump Boosts Stocks and Bitcoin.”
The daily draws a direct connection between stock market enthusiasm and Bitcoin’s rally, highlighting how Trump’s reelection has galvanized both Piazza Affari and cryptocurrencies. This narrative perpetuates the notion that Bitcoin and traditional equities move in lockstep, overlooking Bitcoin’s historical decorrelation from traditional assets during critical moments.
The idea of a natural alliance between Trump and Bitcoin is reinforced without any solid evidence. On the contrary, Bitcoin investors aren’t celebrating a president; they are responding to a broader macroeconomic environment where loose monetary policies and growing distrust in fiat currencies play a crucial role.
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