Donald Trump, who previously labeled cryptocurrency as “a scam,” has recently become significantly engaged in the digital currency sphere, reportedly amassing billions in the process alongside his family.
The Trump administration has relaxed regulations governing the crypto industry, while the Trump family is simultaneously profiting from this sector.
Amid allegations of conflicts of interest, there are growing calls for investigations into the US President’s involvement in crypto business dealings, with accusations that Mr. Trump is exploiting his position for personal gain.
From a crypto critic to a proponent
Having previously warned of an impending “disaster,” Donald Trump has now emerged as a staunch supporter of cryptocurrency.
“I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air,” Mr. Trump stated.
“Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activities,” he added.
In June 2021, Mr. Trump expressed on Fox Business that bitcoin “just seems like a scam.”
Later that year, in another Fox Business interview, he referred to investing in cryptocurrencies as akin to a “disaster waiting to happen.”
“I prefer the currency of the United States,” Mr. Trump declared, asserting that investment in cryptocurrencies “harms the United States currency,” and insisting “we should be invested in our currency.”
In just three years, Mr. Trump’s perspective on crypto has completely transformed.
“Bitcoin mining may be our last line of defense against a CBDC,” he shared on Truth Social in June 2024.
CBDC refers to a central bank digital currency, which is issued by a central bank rather than a commercial bank.
A cardboard cutout of the US President was displayed at last month’s Bitcoin conference in Las Vegas.
“Biden’s animosity towards Bitcoin only aids China, Russia, and the Radical Communist Left. We want all remaining Bitcoin to be MADE IN THE USA!!! It will help us be ENERGY DOMINANT!!!” Mr. Trump wrote.
As the presidential election campaign intensified last summer, the Trump campaign revealed that it would begin accepting crypto donations.
“Demonstrating President Trump’s success as a champion of American freedom and innovation, we proudly offer you a chance to contribute to the campaign with cryptocurrency,” read a statement on the campaign website.
In July of last year, Mr. Trump spoke at a bitcoin conference in Nashville, promising to be a supporter of the crypto industry if he returned to the White House.
“This afternoon I’m laying out my plan to ensure that the United States will be the crypto capital of the planet and the bitcoin superpower of the world, and we’ll get it done,” he told attendees.
“The Biden-Harris administration’s repression of crypto and bitcoin is wrong and detrimental to our country,” he added.
World Liberty Financial
The US President’s family, including Donald Jr, are making significant investments in crypto.
In September of last year, Donald Trump officially announced his backing for a family crypto initiative called World Liberty Financial.
The company’s homepage describes itself as being “Inspired by Donald J Trump” and is focused on shaping a new era of finance.
Visitors to the site can buy a crypto token named $WLFI.
In March 2025, World Liberty introduced plans to launch USD1, a dollar-backed stablecoin.
“We’re leading a financial revolution by dismantling the stranglehold of traditional financial institutions and putting power back in your hands,” the site claims over a large photo of Mr. Trump.
The US President is listed as ‘Chief Crypto Advocate’ in the ‘Meet our Team’ section, alongside his sons Eric, Donald Jr, and Barron.
One of the co-founders of World Liberty Financial is Mr. Trump’s Middle East Envoy, Steve Witkoff.
He has faced accusations of blurring the lines between diplomacy and business amid allegations that he and his son have been promoting World Liberty’s crypto interests during visits to the Middle East.
Recently, it was disclosed that a state-backed investment firm from Abu Dhabi plans to make a significant $2 billion investment using the USD1 stablecoin.
$TRUMP meme coin
Donald Trump, ‘Chief Crypto Advocate’, at the White House this week.
In January 2025, just days before his inauguration, Donald Trump announced the launch of his new meme coin, $TRUMP.
“Join my very special Trump Community. GET YOUR $TRUMP NOW,” Mr. Trump posted on Truth Social.
Meme coins are cryptocurrencies inspired by internet memes, jokes, or cultural trends.
According to Forbes, “Their value is largely driven by community sentiment, social media hype, and celebrity endorsements.”
Days after her husband’s announcement, First Lady Melania Trump launched her own cryptocurrency token, offering $Melania for sale.
Last month, Mr. Trump hosted an exclusive black-tie event at his golf club near Washington DC for top buyers of his $TRUMP meme coin.
Weeks earlier, he had begun promoting a competition that would reward 220 purchasers of the crypto token with a private dinner.
The top 25 investors received invitations to a special “exclusive private VIP reception” with Mr. Trump.
Forbes cautions that meme coins thrive on “hype” (Stock image).
Democratic Congressman Jamie Raskin, Ranking Member of the House Judiciary Committee, has called for the release of the guest list from the dinner, asserting that attendees had “purchased access to the President.”
Mr. Raskin noted that many of the buyers were likely foreign nationals who would be prohibited from contributing to the Trump campaign.
“I write today to demand the names of all attendees at this dinner and seek information about the source of the funds they utilized to acquire $TRUMP coins, ensuring we can prevent illegal foreign government emoluments from being pocketed without congressional consent,” Mr. Raskin stated in a letter to the President.
“Publishing this list will also inform the American public about who is funneling tens of millions of dollars to our President and help us determine what – beyond virtually worthless meme coins – they stand to gain in return for their investment,” the letter added.
The White House has maintained that there is no conflict of interest for President Trump since his assets are held in a trust managed by his children.
When asked about possible conflicts of interest, Donald Trump Jr. explained to CNBC that the family turned to crypto out of necessity as they had been “de-banked.”
“We entered politics, and suddenly the banks wouldn’t take our calls,” he mentioned.
Trump’s crypto assets valued at $2.9 billion
Coining it: crypto could be Mr. Trump’s biggest revenue stream yet.
A recent report from the US watchdog State Democracy Defenders Fund revealed that as of mid-March 2025, Mr. Trump’s crypto assets were valued at $2.9 billion, constituting about 37% of his total wealth.
This includes assets from the $TRUMP meme and the $WLFI governance token.
The State Democracy Defenders Fund noted that Mr. Trump’s ties to the cryptocurrency industry might pose significant risks to democratic institutions and public trust.
The report, titled ‘Trump’s Crypto Conflicts of Interest’, indicated that Mr. Trump and his associates are leveraging crypto as both a fundraising tool and policy agenda.
“Instead of divesting his crypto assets to evade any potential conflict of interest, President Trump appears to be maximizing profits from them by adopting a more lenient regulatory and enforcement approach than his predecessor,” articulated Virginia Canter, Chief Anti-Corruption Counsel for the State Democracy Defenders Fund.
“Reduced oversight could jeopardize US national security interests by encouraging terrorists and extremists, who have increasingly utilized crypto for anonymous financing, while foreign governments might interpret his crypto enterprises as an invitation for corruption,” Ms. Canter stated.
The report concludes that the Trump administration has adopted a more relaxed stance toward crypto enforcement.
It points out shifts in criminal policy at the Department of Justice and highlights recent cases being dropped or paused by the US Securities and Exchange Commission (SEC), signaling a favorable regulatory climate for digital assets.
Donald Trump in a hard hat appealing to miners during his rally at the Charleston Civic Center on 5 May 2016.
During his initial presidential campaign, Donald Trump successfully garnered support from blue-collar union members, coal miners, and steelworkers who felt abandoned by the Democrats.
This outreach helped him secure the White House in 2016.
Eight years later, in a similar vein, he is focusing on the crypto community, pledging to reverse the regulations imposed by Joe Biden.
He secured their votes and amassed millions in crypto donations.
However, this strategy is not merely about election success.
Mr. Trump has deregulated an industry that his family profits from; investors gain access to the President through purchasing his cryptocurrency, and his envoy has faced criticism for merging governmental diplomacy with business promotion.
Once dismissing cryptocurrency as a criminal’s scheme, the self-styled ultimate dealmaker may have discovered his most lucrative venture yet.
