Coining it: Donald Trump's love affair with crypto
Donald Trump once dismissed cryptocurrency as "a scam" but in recent months he and his family have become heavily involved in the digital currency marketplace and have reportedly made billions of dollars in the process.
The Trump administration has cut regulations for the crypto industry, while the Trump family is simultaneously profiting from the sector.
There are calls for investigations into the US President's crypto business dealings amid claims of conflicts of interest, and accusations that Mr Trump is abusing his position to enrich himself.
From crypto critic to crypto fan
In July 2019, during his first term as US President, Donald Trump made his dislike of cryptocurrencies very clear in a post on Twitter, now X.
"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 wrote.
"Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity," he added.
In June 2021, Mr Trump told Fox Business that bitcoin "just seems like a scam".
In another interview with Fox Business later that year, he said that investing in cryptocurrencies was like a "disaster waiting to happen."
"I like the currency of the United States," Mr Trump said.
He claimed that investing in cryptocurrencies "hurts the United States currency" and "we should be invested in our currency."
In the space of just three years, Mr Trump's views on crypto had utterly changed.
"Bitcoin mining may be our last line of defense against a CBDC," he posted on Truth Social in June 2024.
CBDC refers to a central bank digital currency, which is a digital currency issued by a central bank rather than by a commercial bank.
"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!!!" Mr Trump wrote.
As the presidential election race ramped up last summer, the Trump campaign announced that it was starting to accept 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," the campaign website stated.
In July last year, Mr Trump addressed a bitcoin conference in Nashville vowing to be an ally of the crypto industry if he was 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," Mr Trump told the conference.
"The Biden-Harris administration's repression of crypto and bitcoin is wrong and it's very bad for our country," he added.
World Liberty Financial
In September last year, Donald Trump formally announced his support for a Trump family crypto venture called World Liberty Financial.
The company's homepage describes itself as being "Inspired by Donald J Trump" and shaping a new era of finance.
Visitors to the site can purchase a crypto token called $WLFI.
In March 2025, World Liberty announced it would launch USD1, a dollar-backed stablecoin.
"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 over a large photo of Mr Trump.
The US President is listed as 'Chief Crypto Advocate' in the 'Meet our Team' section of the website, along with 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 been accused of blurring the lines between diplomacy and business amid claims that he and his son have been promoting World Liberty's crypto interests while on visits to the Middle East.
Last month, it was announced that an Abu Dhabi state-backed investment firm would make a major $2 billion investment using the USD1 stablecoin.
$TRUMP meme coin
In January 2025, 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.
"Their value is largely driven by community sentiment, social media hype, and celebrity endorsements," according to Forbes.
Days after her husband announced his new meme coin, the US First Lady Melania Trump launched a cryptocurrency token of her own with $Melania being offered for sale.
Last month, Mr Trump hosted a black-tie event at his golf club just outside Washington DC for the top buyers of his $TRUMP meme coin.
Weeks earlier, the US President had begun promoting a competition that would reward 220 buyers of the crypto token with a private dinner.
The top 25 investors were invited to an additional "exclusive private VIP reception" with Mr Trump.
Democratic Congressman Jamie Raskin, Ranking Member of the House Judiciary Committee, has demanded the release of the guest list of invitees at the dinner, claiming they had "purchased access to the President".
Mr Raskin said a majority of the buyers were likely foreign nationals who would have been barred from donating to the Trump campaign.
"I write today to demand that you release the names of all the attendees at this dinner and provide information about the source of the money they each used to buy $TRUMP coins, so that we can prevent illegal foreign government emoluments from being pocketed without congressional consent," Mr Raskin wrote in a letter to the president.
"Publication of this list will also let the American people know who is putting tens of millions of dollars into our President's pocket so we can start to figure out what - beyond virtually worthless meme coins - they are getting in exchange for all this money," the letter stated.
The White House has insisted that there is no conflict of interest for President Trump, as his assets are held in a trust managed by his children.
Asked recently about potential conflicts of interest, Donald Trump Jr told CNBC that the family got into crypto out of necessity as they had been "de-banked".
"We got into politics and all of a sudden (the banks) wouldn't take our call," he said.
Trump's crypto assets valued at $2.9 billion
A recent report from the US watchdog State Democracy Defenders Fund found that as of mid-March 2025, Mr Trump's crypto assets were valued at $2.9 billion, representing approximately 37% of his total wealth.
This included assets from the $TRUMP meme and the $WLFI governance token.
The State Democracy Defenders Fund said Mr Trump's entanglements with the cryptocurrency industry could pose serious risks to democratic institutions and public trust.
The report entitled 'Trump's Crypto Conflicts of Interest' found that Mr Trump and his allies are embracing crypto as both a fundraising tool and policy agenda.
"Rather than divest his crypto assets to avoid any possible conflict of interest, President Trump seems to have positioned himself to maximise profiting from them by adopting a less aggressive regulatory and enforcement programme than his predecessor," said Virginia Canter, Chief Anti-Corruption Counsel for State Democracy Defenders Fund.
"Reduced oversight could undermine US national security interests by emboldening terrorists and extremists, who have increasingly used crypto for anonymous financing, while foreign governments may view his crypto businesses as an open invitation for corruption," Ms Canter said.
The report concludes that the Trump administration has taken a more lenient approach towards crypto enforcement.
It points to a change in criminal policy at the Department of Justice, and highlights recent cases being dropped or stayed by the US Securities and Exchange Commission (SEC), signaling a favorable regulatory and enforcement stance toward digital assets.
During his first presidential campaign, Donald Trump successfully wooed blue-collar union members, coal miners and steelworkers who felt abandoned by the Democrats.
Winning over these disaffected voters helped him to claim the White House in 2016.
Eight years later, in a similar way, he focused on the crypto community, promising to undo the regulations and restrictions introduced by Joe Biden.
He secured their votes and millions in crypto donations.
But this was not just about getting elected.
Mr Trump has deregulated an industry that his family now profits from, investors can get access to the president by buying his cryptocurrency and his envoy has been accused of blurring the lines between official Government diplomacy and business promotion.
He may have once dismissed cryptocurrency as a scam used by criminals, but the man who likes to see himself as the ultimate dealmaker may well have found his biggest earner yet.
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