Donald Trump and Bitcoin: From ‘Not a Fan’ to Crypto President—With His Own Meme Coin

Bitcoin-friendly Donald Trump received the election in November, and was inaugurated in January because the forty seventh President of the US of America. However forward of being formally sworn in, the commander in chief dropped a meme coin.

Sure, you learn that proper. Working on the Solana community, the TRUMP token at one level had a market cap of $14 billion. It’s since plunged to $2.9 billion however the transfer signaled the brand new President’s rising enthusiasm for the digital asset area after campaigning to assist Bitcoiners and the fast-moving sphere as a complete.

Trump branded himself as a crypto-friendly candidate forward of November’s divisive election, bringing in thousands and thousands of {dollars} in money and digital asset donations from Silicon Valley tech leaders. After which he received.

Nevertheless it wasn’t at all times like this: President Trump was as soon as a staunch crypto critic. So how did we get right here?

Trump’s most defining early touch upon cryptocurrency dates again to 2019, when as president he made it clear he didn’t like Bitcoin. 

“I’m not a fan of Bitcoin and different cryptocurrencies, which aren’t cash, and whose worth is extremely risky and primarily based on skinny air,” he stated on Twitter on the time, earlier than slamming Fb’s plans for a digital foreign money. 

“Now we have just one actual foreign money within the USA, and it’s stronger than ever, each reliable and dependable,” he added. “It’s by far probably the most dominant foreign money wherever on this planet, and it’ll at all times keep that manner. It’s known as the US greenback!”

Trump reiterated his beliefs throughout a Bitcoin bull run in 2021. “Bitcoin simply looks like a rip-off,” he stated on Fox Enterprise, repeating that he needed the greenback to be the world’s high foreign money.

Coming into the NFT world

It took a very long time for him to explicitly say he preferred the highest cryptocurrency, and the journey began with an unlikely crypto craze: NFT collectibles. 

By the top of 2021, after Trump had left the White Home, his spouse Melania introduced her plans for a Solana-based NFT assortment. Solana Labs clarified that it had nothing to do with the gathering launching on the blockchain, and Trump continued to slam crypto as “harmful” regardless of his spouse’s enterprise. 

The subsequent 12 months, nevertheless, the commander-in-chief launched his personal NFT assortment. Minted on Ethereum scaling community Polygon, the digital buying and selling card assortment was at first ridiculed—but it surely nonetheless offered out shortly and made thousands and thousands of {dollars}. 

Trump later stated that he solely launched the gathering as a result of he thought they had been “kind of cute.” He has since launched extra collections on Polygon, and even minted a number of the third set on Bitcoin through the Ordinals protocol. A fourth assortment launched in August 2024 with the biggest variety of NFTs so far.

Trump has even claimed that the success of his NFT collections, and the stunning variety of patrons who used cryptocurrency fairly than fiat foreign money, helped change his perspective on Bitcoin and cryptocurrency.

A digital pockets tied to the President by blockchain analytics agency Arkham Intelligence reveals that he has raked in thousands and thousands in royalties from the NFTs—and likewise holds a number of the largest unofficial Trump meme cash, which doubtless had been despatched to the pockets with out Trump’s data or consent.

Trump’s crypto embrace

Nevertheless it was simply final 12 months when Trump actually upped the pro-crypto speak. “I earn money with it, I’ve enjoyable with it too,” Trump stated in a March interview with CNBC’s Squawk Field. “Loopy new currencies, that’s what I name them.”

Then, whereas internet hosting holders of his NFTs at his Mar-a-Lago resort in Could, he instructed the gang he was “good with” crypto—and slammed Biden and the Democrats for being “in opposition to it.” Many noticed the occasion as a turning level in crypto coverage conversations.

Rumors unfold in Could that the world’s richest man and largest donor to the Trump marketing campaign, Elon Musk, has been advising the presidential hopeful on a crypto technique. (Musk denied the studies.) In July, the Republican get together issued a draft get together platform that explicitly talked about crypto—a primary for the business.

After surviving an assassination try in July, the enterprise mogul and former actuality TV star earned Musk’s public endorsement, in addition to help from many different outstanding names within the digital asset area. And main crypto figures just like the Winklevoss twins of Gemini and Kraken founder Jesse Powell donated sizable sums to Trump.

Trump then chosen Senator J.D. Vance as his decide for working mate, with the Vice President seen on the time as a pro-crypto candidate who beforehand disclosed Bitcoin holdings of between $100,000 and $250,000 again in 2021.

However probably the most tangible signal of Trump’s embrace of crypto got here when he spoke on the 2024 Bitcoin Convention in Nashville, Tennessee. There, he promised the gang that he would construct a “strategic Bitcoin stockpile” for the nation and that his plan was to show the U.S. into the “crypto capital of the planet.”

The Trump household then teased a decentralized finance (DeFi) undertaking dubbed World Liberty Monetary, with Trump himself posting a number of social media teasers throughout the preliminary rollout.

The President’s son Donald Jr. stated that the crypto platform will probably be egalitarian. “For too lengthy, the typical American has been squeezed by the massive banks and monetary elites. It is time we take a stand—collectively,” he stated on Twitter (aka X).

Then, a day after the second try on his life, Trump launched the undertaking throughout a stay interview with Rug Radio (Decrypt’s sister firm). World Liberty Monetary goals to supply borrowing and lending providers for cryptocurrencies on Ethereum’s community.

As crypto token launches go, the undertaking was a little bit of a flop proper out of the gate, solely managing to promote 4% of its allotted tokens throughout its launch. However gross sales ticked up considerably forward of Trump’s inauguration, with the remainder of the allotment promoting out on January 20—the day he returned to the White Home.

Decrypt then reported that the World Liberty Monetary undertaking had launched its personal stablecoin. On-chain information reveals the token is accessible on each Ethereum and Binance’s BNB Chain.

The Republican additionally has extra crypto individuals on his crew. Bitcoin bull Robert F. Kennedy Jr. suspended his marketing campaign to endorse Trump, after which joined Trump’s transition crew. Now he is the Secretary of Well being and Human Providers. Orange-pilled Cantor Fitzgerald CEO Howard Lutnick can be a part of Trump’s political squad, now serving as Secretary of Commerce.

In the meantime, famous Dogecoin fan Elon Musk is main the Division of Authorities Effectivity (DOGE), a program that’s slashing budgets and slicing jobs throughout the federal government, although he is stated that he’ll step apart quickly.

Crypto ambitions develop

Trump in September grew to become the primary present or former President of the U.S.—that we all know of—to have used Bitcoin to purchase one thing: On the well-liked crypto bar in New York Metropolis, PubKey, the ex-President purchased a burger utilizing the cryptocurrency.

“It’s the start of a brand new period,” he stated, referring to the digital asset business. And it wasn’t simply speak: On January 17, he launched a meme coin working on Solana, and the token is now some of the invaluable meme cash in existence.

The TRUMP token launch has been extensively criticized by politicians and analysts, and is seen by some as a possible avenue for corruption. However whereas the value is down sharply from the height, it continues to see buying and selling demand, together with in April when Trump revealed plans to host an unique dinner for high TRUMP holders.

President Trump doesn’t wish to cease there, although.

The Republican, in his first three months in workplace, has established a strategic Bitcoin reserve and turn into the primary president to signal a crypto-related invoice into legislation—ending the IRS’s so-called DeFi dealer rule, which might have imperiled the event of crypto apps in America.

Trump’s SEC has additionally scrapped quite a few lawsuits and in opposition to crypto firms from the earlier administration, and his household is constant to—albeit controversially—push forward with its personal crypto ventures: Donald Trump Jr. and Eric Trump are launching American Bitcoin, a collaboration with Bitcoin mining agency Hut8 that plans to turn into the “world’s largest and most effective Bitcoin miner.”

Trump’s media firm Trump Media and Expertise Group in March additionally signed an settlement to crew with Crypto.com to supply ETFs, with Trump Media itself planning to speculate its personal cash into the merchandise.

Trump critics have argued that the president’s digital asset ventures represent a battle of curiosity; Silicon Valley bigwigs say he’s pro-innovation. One factor is for positive, although: President Trump seems to be going all-in on crypto, shrugging off his previous perspective on the business.

Edited by Andrew Hayward

Editor’s notice: This story was initially printed on July 19, 2024 and final up to date with new information on April 27, 2025.