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Crypto

Trump Courts Crypto Voters: Pledges To Free Silk Road Founder Following 2024 Elections

Ronaldo Marquez
by Ronaldo Marquez
11 months ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

A recent Bloomberg report revealed that former President Donald Trump has made several new promises to the crypto community should he win the upcoming US presidential election. Among these promises is a controversial pledge to commute the sentence of Ross Ulbricht, the founder of the infamous Silk Road marketplace.

Trump’s Strategy To Win Crypto Votes

In 2011, Ross Ulbricht founded Silk Road, an online exchange facilitating the anonymous buying and selling of illegal goods and services using Bitcoin (BTC). During its two years of operation, Silk Road was linked to more than $200 million in illegal transactions, according to the US Department of Justice (DOJ).

Related Reading: US Congress Will Be Key In Defining Crypto Regulations Post-2024 Election, Expert Says

In 2013, Ulbricht was arrested and subsequently convicted on multiple charges, including drug trafficking, conspiracy to commit computer hacking, and money laundering. He is currently serving a double life sentence without the possibility of parole, having already spent 12 years in federal prison. 

Crypto
The daily chart shows that BTC’s price recovered to the $62,000 mark. Source: BTCUSDT on TradingView.com

Prosecutors alleged that Ulbricht attempted to orchestrate five murders to protect his enterprise, although there is no evidence to suggest that any murders were carried out. His incarceration takes place in a federal facility in Tucson, Arizona, where he has unsuccessfully appealed his sentence twice.

For Trump, advocating for Ulbricht’s release presents an opportunity to connect with the crypto industry, which has rallied around Ulbricht as a symbol of the original principles of Bitcoin. 

Many in the cryptocurrency community, including some of Bitcoin’s early developers, have long championed Ulbricht’s cause, viewing his case as symbolic of the potential for Bitcoin to serve as a “censorship-resistant transactional system.”

Reflections From Prison Amid Trump’s Promises

According to Bloomberg, Trump’s statement promising to commute Ulbricht’s sentence reflects a broader strategy to appeal to crypto advocates and true believers in the movement. During a speech at the Libertarian Party convention in May, Trump declared, “If you vote for me on day one I will commute the sentence of Ross Ulbricht. He’s already served 11 years. We’re gonna get him home.”

Ulbricht has maintained communication with the outside world despite his imprisonment through letters and blog posts. He remains an advocate for Bitcoin, crediting the cryptocurrency community for its support of his cause. 

Related Reading: Bitcoin Miner Selling Pressure Falling, Will BTC Find Support At $60,000?

Ulbricht believes his initial intentions for Silk Road were rooted in providing privacy and freedom through Bitcoin, even as he acknowledges the illegal activities on the platform. In a blog post published in April, Ulbricht noted:

 Much more is being said about Bitcoin these days than when I was put in prison. I thought I was putting Bitcoin to good use and giving people privacy and freedom. When illegal drugs were listed, I thought that was OK too, because I believed drugs should be legalized.

In addition to the Ulbricht pledge, Trump has made other notable promises to the community, including creating a strategic Bitcoin reserve for the US and a commitment to fire Gary Gensler, the current Chair of the Securities and Exchange Commission (SEC). 

Crypto
Trump’s winning odds for the upcoming presidential elections. Source: Eric Daugherty on X

Interestingly, the former President is currently the “clear favorite” in the upcoming presidential election, which is less than two months away, according to CNN’s latest national poll update, with little over 68% odds of victory for Donald Trump over Vice President Kamala Harris. 

Featured image from DALL-E, chart from TradingView.com

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Ronaldo Marquez

Ronaldo Marquez

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Ronaldo is a seasoned crypto enthusiast with over four years of experience in the field. He is passionate about exploring the vast and dynamic world of decentralized finance (DeFi) and its practical applications for achieving economic sovereignty. Ronaldo is constantly seeking to expand his knowledge and expertise in the DeFi space, as he believes it holds tremendous potential for transforming the traditional financial landscape.

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