Trump Vows to Back Silk Road Convict and Promotes Increased Adoption of US Cryptocurrency


Former U.S. President Donald Trump plans to advocate for Ross Ulbricht, the founder of ‘Silk Road.’

In 2015, Ulbricht received a life sentence for operating Silk Road, a marketplace that facilitated the purchase of illegal drugs and hacking tools using Bitcoin and other virtual currencies from 2011 to 2013.

Ulbricht is currently serving a life sentence for his involvement in running the platform.

Trump has pledged to assist Ulbricht as part of his effort to attract Libertarian voters, who have long called for Ulbricht’s release and see his case as a symbol of government overreach.

The quadruple-indicted GOP candidate’s recent support for “all things related to” the cryptocurrency industry represents a departure from his earlier skepticism.

Donald Trump, former U.S. President

In a 2021 interview with Fox Business, Trump—who is currently awaiting a verdict in a criminal hush money trial—championed the dominance of the U.S. dollar and urged strict regulation of digital currencies.

However, after Trump’s recent vocal support for the cryptocurrency industry, several Trump-themed meme coins have surged in value.

Investors are rallying behind coins such as the “MAGA” token, speculating that a Trump presidency might lead to a surge in the crypto sector.

In another development, crypto investors who purchased Trump’s “Mugshot Edition” non-fungible tokens (NFTs) were given the opportunity to dine with the former president at his Mar-a-Lago resort.

This event further strengthened Trump’s ties with the crypto community and demonstrated his willingness to engage directly with industry participants.

The dinner was one of the perks offered to holders of the Trump-branded NFTs, which featured his mugshot from his surrender at the Fulton County Jail in Georgia. This move was seen as a strategic effort by Trump to bolster his support among crypto-savvy voters.

Additionally, Trump has pledged to block the creation of a central bank digital currency (CBDC), appealing to crypto enthusiasts who prioritize decentralization and autonomy.

Trump’s positive stance on cryptocurrency aligns with his campaign’s decision to accept donations in various digital assets, including Bitcoin, Ethereum, Dogecoin, and others.

This positions Trump as the inaugural major party candidate to welcome crypto donations, albeit independent candidate Robert F. Kennedy Jr. has been receiving Bitcoin donations for an extended period.

Trump and Ulbricht: A Partnership

During a speech at the Libertarian National Convention, Trump promised to commute Ulbricht’s sentence to time served if re-elected, eliciting thunderous applause from the audience.

Ulbricht’s case has become a high-profile cause among libertarians, who argue that his sentence is excessively harsh and that he is a victim of overzealous government prosecution.

Ulbricht’s appeal has been ongoing since 2016. His legal team contends that the prosecution illegally withheld evidence and that his sentence is both procedurally and substantively unreasonable.

However, despite these endeavors, Ulbricht’s conviction and sentencing have been affirmed by the judicial system, and he continues to serve his prison term.

Trump’s pledge to commute Ulbricht’s sentence highlights a strategic move to attract a key demographic in the upcoming U.S. presidential election.

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