Jimmy Song: Trump has failed to meet Bitcoiners' expectations

​Bitcoin is steadily strengthening its position in the global financial system, but questions about its future persist even within the crypto community. In an interview with Traders Union, prominent Bitcoin maximalist and author Jimmy Song explains why he considers Bitcoin the only truly decentralized cryptocurrency, shares his assessment of U.S. cryptocurrency policy and discusses what could drive Bitcoin's price to $1 million.

Why Bitcoin is different from other cryptocurrencies

Over the past several years, Bitcoin has evolved from a little-known technology into an asset purchased by major investment funds and publicly traded companies. However, its adoption extends beyond financial markets. In some countries, Bitcoin is increasingly being used for everyday payments and as a way to preserve savings.

A regular speaker at Bitcoin conferences worldwide, Jimmy Song has observed how attitudes toward the cryptocurrency have changed across different markets.

“The biggest growth is in developing economies where there aren’t as many fiat options. Over the long term (5-10 years), it’s obvious that there has been greater adoption and growth.”

One development that has helped make Bitcoin more practical for everyday transactions is the Lightning Network, a technology that enables fast, low-cost Bitcoin payments without requiring every transaction to be recorded directly on the main blockchain.

“Lightning, for example, wasn’t really a big part of the ecosystem 5 years ago, and it’s now the main way most people transact for small amounts.”

Bitcoin's growing adoption comes amid the development of thousands of other cryptocurrencies. However, Song, known for his maximalist views, strongly opposes treating all digital assets as a single category.

“The distinction has always been clear for me, but it hasn’t been for most people, largely because the media treats them as the same asset class.”

According to Song, cryptocurrencies should primarily be evaluated based on how much their operation depends on individual companies, developers or investors.

“There is no blur between centralized and decentralized no matter what the VCs and altcoin promoters tell you. Something either has a center or it doesn’t. Among cryptocurrencies, Bitcoin is the only one that is credibly decentralized.”

Why Bitcoin doesn't need major changes

Throughout Bitcoin's history, developers and community members have repeatedly proposed changes to the network's rules. One of the most prominent disputes concerned block size, which led to the creation of Bitcoin Cash in 2017.

Subsequent debates have addressed other issues, including proposals to restrict certain types of data stored on the blockchain. Yet Bitcoin's fundamental operating principles have remained largely unchanged.

“It’s pretty resistant as that’s just how consensus works. I don’t think Bitcoin needs many changes and the ones it needs, I would categorize as performance and security improvements like bug fixes.”

This position reflects a conservative approach to Bitcoin's development. Unlike many other blockchains, where new features are regularly introduced, changes to the Bitcoin network require broad agreement among participants. This slows the introduction of certain features but also reduces the likelihood of controversial decisions being implemented.

Has El Salvador's Bitcoin experiment succeeded?

In 2021, El Salvador became the first country in the world to recognize Bitcoin as legal tender. The government hoped to attract investment, develop tourism and expand access to financial services.

However, the results of the experiment have been mixed. Under an agreement with the International Monetary Fund, El Salvador ended the requirement for businesses to accept Bitcoin, while its use in everyday transactions has remained limited.

Despite these limitations, Song offers a more positive assessment, pointing to the opportunities Bitcoin has created for local residents.

“It’s still going strong and you can still pay for lots of things in Bitcoin along with being able to change BTC for USD at many ATMs in the country.”

Beyond payment infrastructure, local initiatives play an important role in Bitcoin adoption. Communities are emerging where residents use Bitcoin for everyday transactions, gradually creating local economies that are less dependent on traditional banks.

“There’s also significant education efforts and a growing number of circular economy communities, so I’d say it’s been pretty successful.”

Why Trump disappointed the Bitcoin community

Donald Trump's return to the White House was accompanied by high expectations from the cryptocurrency industry. The president pardoned Silk Road founder Ross Ulbricht and signed an executive order establishing a Strategic Bitcoin Reserve in the United States.

However, establishing the reserve has not translated into substantial new government Bitcoin purchases. This has raised questions about how closely the administration's actions align with the promises made during the election campaign.

Song argues that the administration's broader cryptocurrency agenda has favored altcoins rather than Bitcoin.

“But remember that his biggest donors were altcoiners, not Bitcoiners, and a significant part of his agenda was to benefit altcoins, not Bitcoin.”

Disagreements within the industry are particularly evident when it comes to regulation. While some market participants seek more favorable conditions for issuing and trading digital assets, Bitcoin supporters often oppose initiatives designed to benefit individual cryptocurrency projects.

“I’m actually glad that these altcoin bills didn’t get through, which I suppose sucks for altcoiners, but as a Bitcoiner I don’t care much about them.”

Why Bitcoin treasury companies cannot replace Bitcoin

One of the most prominent advocates of corporate Bitcoin accumulation is Michael Saylor. His company, Strategy, has spent years raising capital to purchase BTC, turning its shares into a popular investment vehicle for investors seeking exposure to the cryptocurrency market.

Saylor has repeatedly encouraged investors to hold Bitcoin for the long term, yet Strategy sold part of its holdings in 2026. The sales highlighted the gap between an individual's investment philosophy and the financial obligations of a publicly traded company. Song, however, does not hold Saylor solely responsible.

“He’s human and treasury companies are their own entity. I don’t think there was any guarantee that they would do everything that they said they would given that they’re subject to market forces like everyone else.”

Unlike buying BTC directly, investing in shares of such companies involves additional risks. Their value depends not only on Bitcoin's price but also on debt levels, capital-raising conditions and management decisions.

Song also believes Bitcoin investors are becoming more cautious about treating shares in treasury companies as substitutes for holding BTC directly.

“I think the way the community views treasury companies has changed a bit, realizing that they’re not the Bitcoin substitutes that they purport to be.”

When will Bitcoin reach $1 million?

Predictions that Bitcoin will eventually reach $1 million have circulated for years. Despite significant price fluctuations, Song remains confident that this level is achievable. However, he believes the scenario should be considered in a broader context than cryptocurrency market growth alone.

“There are two ways to get there, through dollar debasement or Bitcoin price appreciation, probably a bit of both.”

Song's prediction therefore depends not only on Bitcoin's performance but also on the future purchasing power of the U.S. dollar.

“Currently, that’s only about a 12x from the current price, which I think is very doable, but it really depends on how bad all the other forms of savings become.”

Song also links Bitcoin's long-term price prospects to U.S. monetary policy. Interest rates influence the attractiveness of government bonds and other financial instruments, as well as the availability of capital for investment in riskier assets.

“Treasury bond rates are high right now, suggesting less money printing, so the growth is a bit slower than it would be otherwise. If the rates come down, I would expect to get there sooner and so on.”

Where to start learning about Bitcoin

In addition to speaking at conferences, Jimmy Song is known as the author of several books about Bitcoin. His work covers the technical aspects of blockchain technology as well as the economic and social implications of the leading cryptocurrency.

Song believes the best introduction to Bitcoin depends on a reader's interests and background, rather than following a single learning path.

“If you’re coming from a human rights perspective, I think The Little Bitcoin Book is an excellent introduction. If you’re coming from a Christian perspective, Thank God for Bitcoin is an excellent introduction. If you’re a coder, maybe Programming Bitcoin works for you.”

For those just beginning to explore Bitcoin, Song also recommends books covering monetary history and economics.

“For the general audience, I think Saifedean’s The Bitcoin Standard is a classic, and Lyn Alden’s Broken Money is also very good.”

Song's views remain consistent: he advocates minimal changes to Bitcoin's protocol, does not consider other cryptocurrencies equivalent alternatives and is skeptical of attempts to replace direct BTC ownership with shares of publicly traded companies.

At the same time, he remains confident that Bitcoin adoption will continue to grow and that its price could eventually reach $1 million. For Song, these expectations are closely tied to what he considers Bitcoin's defining characteristic: its independence from centralized control.