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Trump says he became ‘a big crypto guy’ partly for politics
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- DeepHorus
US President Donald Trump admitted on Monday that he embraced cryptocurrency partly for political reasons, revealing a calculated pivot from his previous stance. During a press conference in the Oval Office to announce 'Trump Accounts' for children under 18, Trump was asked whether the accounts would allow Bitcoin investments. He responded that he became 'a big crypto guy' because if the United States does not adopt it, China will, and acknowledged that his involvement was 'a little bit for politics.'
Trump had previously called Bitcoin 'a scam' during his first term and expressed skepticism about digital assets. His turnaround has been dramatic, and he and his family have built deep business interests in the crypto space. Trump noted that he realized many people love crypto and that it is a huge industry, adding that his interest is not personal but strategic.
According to financial disclosures released on June 30, Trump made over $1.4 billion from cryptocurrency-related ventures last year, largely through World Liberty Financial, a crypto platform he co-founded with his sons. Despite this, Trump claimed he does not discuss crypto with his family, saying, 'I let my kids do whatever the hell they do.'
The crypto lobby spent approximately $170 million during the 2024 election cycle to support mostly Republican candidates, benefiting from Trump’s pro-crypto stance. Trump suggested that the Biden administration dropped investigations into crypto firms after he turned pro-crypto, though under his own administration, the Securities and Exchange Commission halted multiple probes and withdrew enforcement actions against companies that had donated to him.
Critics have raised ethical concerns about Trump’s pivot, noting the intersection of his policy positions and personal financial interests. Trump dismissed such concerns, saying he does not talk to his family about their crypto dealings and emphasizing that his focus is on preventing China from dominating the industry.
The crypto industry is expected to spend even more in the upcoming November midterms to back pro-crypto candidates. Trump’s comments highlight how digital assets have become a political battleground, with both parties vying for the support of a growing voter base passionate about cryptocurrency.
