Trump's Enamored Connection with Cryptocurrency
Get the scoop on Donald T, the president who went from crypto critic to crypto champion, making bank in the process. His flip-flopping stance on digital currency, which he previously dismissed as a scam, doesn't seem so strange when you consider the billions he's made in the crypto market since.
His administration's light touch on crypto regulation has been criticized as a convenient conflict of interest, considering the simultaneous rise of his family's crypto-centric ventures. Accusations of self-enrichment and abuse of power have swirled, but the Trumps are staying tight-lipped.
Once upon a time in July 2019, Trump tweeted his dislike for Bitcoin and other cryptocurrencies, calling them "not money, and whose value is highly volatile and based on thin air." However, fast forward to June 2024, he's singing a different tune, declaring on Truth Social that Bitcoin mining could be the "last line of defense" against a central bank digital currency (CBDC) and urging for all remaining Bitcoin to be made in the USA!
Taking his new crypto enthusiasm to the next level, Trump launched his own meme coin, the $TRUMP, in January 2025, and joined forces with his family on a venture called World Liberty Financial. In September 2021, the company announced its intention to launch a dollar-backed stablecoin, USD1, positioning itself as a disrupter in traditional financial systems. Trump's Middle East Envoy, Steve Witkoff, is one of the co-founders and has faced accusations of blurring the lines between business and diplomacy.
The latest controversy surrounding Trump's crypto ventures erupted in May 2025 when it was announced that an Abu Dhabi state-backed investment firm would make a major $2 billion investment using the USD1 stablecoin. Democratic Congressman Jamie Raskin has demanded the release of the guest list of Trump's $TRUMP meme coin dinner attendees, claiming they had purchased access to the President.
Trump's embrace of crypto has raised some eyebrows, but it hasn't deterred the crypto community from embracing him in return. With his alleged cryptocurrency assets valued at $2.9 billion and representing approximately 37% of his total wealth, it's safe to say that the Trumps have found a lucrative new way to profit off of public office.
As Trump's crypto endeavors face increased scrutiny, it remains to be seen how this will impact his 2024 re-election campaign. But, one thing's for certain, the man who built his brand on dealmaking and manipulating public opinion certainly seems to have struck gold with the crypto community. So, fasten your seatbelts, folks. It's gonna be a wild ride!
In case you're wondering, here's a tidbit. As of May 2025, several investigations and oversight actions are underway regarding Donald T’s involvement in crypto business dealings, with concerns over potential conflicts of interest[4][5].
[1] Investigation Request: Casten, Smith ask DOJ to look into Trump’s $TRUMP memecoin dinner (The Hill, May 22, 2025).
[2] Ongoing Oversight: Monitoring and tracking crypto industry moves in the Trump era (Cointelegraph, May 9, 2025).
[3] House Democrats seek crypto trading records as part of Trump investigation (Bloomberg, May 14, 2025).
[4] State Democracy Defenders Fund, Trump's Crypto Conflicts of Interest (May 2025).
[5] The Atlantic, Donald Trump’s Crypto Businesses Offer a Wide Berth for Corruption (May 18, 2025).
- The ongoing scrutiny of Donald T's crypto ventures, rooted in potential conflicts of interest, has made headlines in general news and discussions about politics and business.
- Accusations of self-enrichment and corruption have arisen from the intersection of Trump's crypto-centric businesses with crime and justice, with investigations by agencies like the Department of Justice and the Securities and Exchange Commission underway.
