In a remarkable turnaround, Donald Trump, who once labeled cryptocurrency as “a scam,” has recently immersed himself and his family in the digital currency market, reportedly amassing billions in the process. The transformation of his stance is striking, particularly as his administration has eased regulations in the crypto sector while his family reaps significant financial benefits.
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Calls for investigations into these dealings are growing, amid concerns regarding conflicts of interest and allegations that Trump is using his presidential position to enhance his wealth.
A Notable Shift: From Critic to Advocate
Having long warned of an impending “disaster,” Trump’s current support for cryptocurrency represents a sharp pivot in his perspective.
Previously, Trump voiced his skepticism: “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,” he remarked. He went on to warn that “unregulated crypto assets can facilitate unlawful behavior, including drug trade and other illegal activity.” In June 2021, he reiterated his concerns on Fox Business by stating that Bitcoin “just seems like a scam.”
His apprehensions persisted, as he described investing in cryptocurrencies as a “disaster waiting to happen,” insisting that the U.S. should prioritize its own currency. Within just a few years, however, this narrative has evolved dramatically. As he stated on Truth Social in June 2024, “Bitcoin mining may be our last line of defense against a CBDC,” referencing central bank digital currencies.
Trump’s Embrace of Crypto
In a stark contrast to his previous positions, Trump stated, “Biden’s hatred of Bitcoin only helps China, Russia, and the Radical Communist Left. We want all the remaining Bitcoin to be MADE IN THE USA!!! It will help us be ENERGY DOMINANT!!!”
As the 2024 presidential election campaign gained traction last summer, the Trump campaign announced it would begin accepting cryptocurrency 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,” the campaign’s website declared.
During a bitcoin conference in Nashville, Trump pledged to support the crypto industry if re-elected, asserting, “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.”
The World Liberty Financial Venture
In September 2023, Trump publicly endorsed a family crypto endeavor known as World Liberty Financial, promoting a crypto token called $WLFI on the company’s website, which proudly boasts, “Inspired by Donald J Trump.” They also announced plans to launch a dollar-backed stablecoin, USD1. “We’re leading a financial revolution by dismantling the stranglehold of traditional financial institutions and putting the power back where it belongs: in your hands,” the site states alongside an image of Trump.
Involving family members, including his sons, the cryptocurrency venture raises questions about potential conflicts. Critics have accused Trump’s Middle East Envoy, Steve Witkoff, of intertwining diplomatic missions with business interests in promoting World Liberty Financial.
The Birth of $TRUMP
Just days before his inauguration in January 2025, Trump announced his $TRUMP meme coin. “Join my very special Trump Community. GET YOUR $TRUMP NOW,” he shared on Truth Social. As Forbes notes, meme coins often thrive on community sentiment and social media buzz.
Shortly after, First Lady Melania Trump launched her own cryptocurrency token, $Melania. Further, Trump hosted an exclusive black-tie event for high buyers of $TRUMP, which raised eyebrows among political figures. Democratic Congressman Jamie Raskin has called for transparency regarding the event’s guest list, questioning the ethical implications of these transactions.
Assessing the Landscape
Despite the controversies, the White House maintains there is no conflict of interest, citing that Trump’s assets are managed by his children. However, Trump Jr. has voiced that their entrance into cryptocurrency was due to being “de-banked” in the political arena.
In a recent report, the State Democracy Defenders Fund revealed that Trump’s crypto assets are valued at approximately $2.9 billion, representing a significant 37% of his total wealth. “Rather than divest his crypto assets to avoid any possible conflict of interest, President Trump seems to have positioned himself to maximize profits,” said Virginia Canter, Chief Anti-Corruption Counsel for the Fund, emphasizing the urgent implications for democratic institutions.
Conclusion
Trump’s initial critique of cryptocurrency has shifted into a full-fledged embrace that raises eyebrows and questions about the intertwining of politics and business. His moves to deregulate the industry, coupled with substantial investments from his family, reflect a complex web of interests that may cross ethical boundaries. Whether he views crypto as a lucrative opportunity or a genuine revolution for finance, he may have uncovered his most profitable venture yet.
Edited By Ali Musa
Axadle Times International – Monitoring.
