Crypto’s Trump Card: How One Presidency is Redefining the Blockchain Narrative
“U.S. President Donald Trump has transitioned from being a crypto skeptic in the past to a vocal crypto supporter in the run-up to the recent presidential elections.”
“U.S. President Donald Trump has transitioned from being a crypto skeptic in the past to a vocal crypto supporter in the run-up to the recent presidential elections.”
“U.S. President Donald Trump has transitioned from being a crypto skeptic in the past to a vocal crypto supporter in the run-up to the recent presidential elections.”
Introduction
U.S. President Donald Trump has transitioned from being a crypto skeptic in the past to a vocal crypto supporter in the run-up to the recent presidential elections.
Bitcoin, the largest cryptocurrency, has seen a sharp spike in prices since Trump’s presidential victory. The cryptocurrency gained about 50% after the election results were announced on November 6, declaring Trump as the 47th U.S. president.
In December, Bitcoin prices crossed the $100,000 mark for the first time and touched an all-time high of $108,268. Just over two years ago, Bitcoin prices crashed below $16,000 after FTX—the world’s second-largest crypto exchange—declared bankruptcy.
Trump’s views on crypto have also swung from one extreme to another since his last presidential term. Here’s how his stance has evolved.
Trump’s Past Crypto Remarks
In the run-up to the 2016 general elections, which led to Trump’s first term as president, cryptocurrencies were hardly mentioned by Trump.
In November 2016, Bitcoin was valued at approximately $700, climbing to around $900 by his inauguration in January 2017. By the time Trump left the White House in January 2021, Bitcoin had surged nearly 4000%.
Trump’s former national security adviser, John Bolton, in his book The Room Where It Happened: A White House Memoir, revealed that the president had instructed his Treasury Secretary to “go after Bitcoin” in 2018, hinting at a possible regulatory crackdown.
During Trump’s presidency, the Securities and Exchange Commission (SEC), led by Chair Jay Clayton, pursued several enforcement actions related to crypto assets. Enforcement actions continued under the Biden administration, led by SEC Chair Gary Gensler. After losing the 2020 election to Joe Biden, Trump maintained his crypto-skeptic stance. In a June 2021 interview, seven months after leaving office, he labeled Bitcoin a “scam,” arguing that it undermines the U.S. dollar’s dominance.
Speaking to Fox Business, Trump said, “Bitcoin just seems like a scam. I don’t like it because it’s another currency competing with the dollar. The world should have only one currency—the U.S. dollar. Cryptocurrencies should be heavily regulated because they diminish the dollar’s importance.”
In 2019, amid the controversy surrounding Facebook's Libra project, Trump posted on Twitter (formerly X): “I am not a fan of Bitcoin and other cryptocurrencies. They aren’t real money, their value is highly volatile and based on thin air. Unregulated crypto assets can fuel illicit activities, including drug trafficking and other crimes.”
Trump’s Evolving Views on Crypto
Trump’s stance on crypto seems to have shifted since the beginning of 2024. In March 2024, during an interview, Trump said, “If you think of it, it’s (Bitcoin) a new form of currency. I want one currency, I want the dollar; I don’t want people leaving the dollar. I feel that way, but I will tell you it (Bitcoin) has taken on a life,” Trump said.
“There has been a lot of use of that (Bitcoin) and I’m not sure that I would want to take it away at this point,” he added.
The president also mentioned that many of the buyers of his limited-edition sneakers paid in the “new currency (Bitcoin).” “I couldn’t believe the amount,” he said.
In August 2024, Trump promoted a crypto platform launched by his sons, Donald Jr. and Eric Trump, called “The DeFiant Ones.”
“For too long, the average American has been squeezed by the big banks and financial elites,” he wrote on X. “It’s time we take a stand—together.”
Trump’s engagement with cryptocurrencies deepened in the run-up to the general elections. In October 2024, in the launch video of a new crypto project, World Liberty Finance, he said, “Crypto is the future. Let’s embrace this incredible technology and lead the world in the digital economy.”
Trump has been much more vocal in his support for crypto after winning the election in November. “We are gonna do something great with crypto because we don’t want China, or anybody else … but others are embracing it, and we want to be ahead,” he told CNBC in December.
Executive Order on Crypto
In January 2025, Trump signed an executive order to evaluate the creation of a "national digital asset stockpile."
The executive order stated its intent: “to secure America’s position as the world’s leader in the digital asset economy.”
It mentioned that the administration would support the responsible growth and use of digital assets, blockchain technology, and related technologies; and that it would protect and promote the ability of citizens and private-sector entities to access and use open public blockchain networks for lawful purposes.
The order also established the Presidential Working Group on Digital Asset Markets to strengthen U.S. leadership in digital finance. This Working Group will work towards developing a federal regulatory framework governing digital assets, including stablecoins, and evaluate whether a strategic national digital assets stockpile should be created.
“The growth of digital financial technology in America must remain unhindered by restrictive regulations or unnecessary government interference,” an addendum from the White House read. “President Trump is fulfilling his promise to make the United States the crypto capital of the planet,” it added.
The Trump Comeback: A New Era for Crypto?
Crypto executives have cheered Trump’s second term, as he has been saying all the right things that they want to hear. Light-touch regulations and more legitimacy for cryptocurrencies would be the best-case scenario for crypto executives.
And so far, President Trump appears to be on board. There is a possibility of a U.S. Strategic Bitcoin Reserve (SBR). Trump had mentioned the creation of an SBR in the run-up to the general elections. If the world’s largest economy gives legitimacy to cryptos, other countries will have to take note.
Trump’s executive order categorically called for ending the development of CBDC (Central Bank Digital Currencies). Instead of government-controlled digital currencies—which other countries have also experimented with—Trump seems to be looking for innovative solutions (such as dollar-backed stablecoins) from the private sector.
The crypto industry is hopeful that a Trump 2.0 administration will mean fewer regulatory actions and scrutiny. On the campaign trail, Trump promised to end the “persecution” of the crypto industry.
More crypto-friendly appointments have already been made by the Trump administration. The new SEC Chair, Paul Atkins, is pro-crypto. Another key pro-crypto figure is Howard Lutnick, the commerce secretary in Trump’s cabinet. David Sacks, a venture capitalist with investments in several crypto companies, has been appointed as the White House’s new crypto and AI tsar. Elon Musk, one of Trump’s closest confidants, has been a crypto advocate for years.
Crypto executives will closely watch how U.S. policy shapes up in the coming days. For example, the industry has been seeking clarity on classifying cryptocurrencies as commodities rather than securities, as the latter subjects cryptos to stringent regulatory requirements.
U.S. policymakers will have to decide to what extent cryptos should be embedded in the financial system without posing a systemic risk. Cryptocurrencies are highly volatile, at least as things stand.
A friendly regulatory environment with necessary safeguards for institutional and retail investors can lead to wider acceptance of cryptos as an asset class. If more institutional investors hold cryptocurrencies, it may reduce their price volatility.
The U.S. government will also have to address issues around the alleged use of cryptocurrencies for unlawful activities due to their untraceability. The industry will also need to clean up its own act to avoid further scrutiny. In 2023, FTX founder Sam Bankman-Fried was found guilty of misusing investor funds, which caused the exchange’s collapse.
Trump’s campaign trail—both in previous and current presidential elections—has always been about ‘Making America Great Again’. He has consistently spoken about wanting the dollar to remain the currency of the world. However, it now seems Trump sees the crypto industry as an ally rather than a nemesis in ensuring America’s financial hegemony.
About the Author
Chee Okebalama is the Executive Partner for Africa at Multipolitan, specializing in advising high-net-worth families on citizenship and residence planning. Chee is member of the government advisory team at Multipolitan advising public sector heads and ministers on sovereign innovation strategies. An engineer by training, she began her career as a systems engineer before transitioning into wealth advisory. Beyond her professional expertise, she is also an acclaimed gospel singer, bringing passion and artistry to both her career and creative pursuits. Chee is an electrical engineering graduate from Northeastern University.
Introduction
U.S. President Donald Trump has transitioned from being a crypto skeptic in the past to a vocal crypto supporter in the run-up to the recent presidential elections.
Bitcoin, the largest cryptocurrency, has seen a sharp spike in prices since Trump’s presidential victory. The cryptocurrency gained about 50% after the election results were announced on November 6, declaring Trump as the 47th U.S. president.
In December, Bitcoin prices crossed the $100,000 mark for the first time and touched an all-time high of $108,268. Just over two years ago, Bitcoin prices crashed below $16,000 after FTX—the world’s second-largest crypto exchange—declared bankruptcy.
Trump’s views on crypto have also swung from one extreme to another since his last presidential term. Here’s how his stance has evolved.
Trump’s Past Crypto Remarks
In the run-up to the 2016 general elections, which led to Trump’s first term as president, cryptocurrencies were hardly mentioned by Trump.
In November 2016, Bitcoin was valued at approximately $700, climbing to around $900 by his inauguration in January 2017. By the time Trump left the White House in January 2021, Bitcoin had surged nearly 4000%.
Trump’s former national security adviser, John Bolton, in his book The Room Where It Happened: A White House Memoir, revealed that the president had instructed his Treasury Secretary to “go after Bitcoin” in 2018, hinting at a possible regulatory crackdown.
During Trump’s presidency, the Securities and Exchange Commission (SEC), led by Chair Jay Clayton, pursued several enforcement actions related to crypto assets. Enforcement actions continued under the Biden administration, led by SEC Chair Gary Gensler. After losing the 2020 election to Joe Biden, Trump maintained his crypto-skeptic stance. In a June 2021 interview, seven months after leaving office, he labeled Bitcoin a “scam,” arguing that it undermines the U.S. dollar’s dominance.
Speaking to Fox Business, Trump said, “Bitcoin just seems like a scam. I don’t like it because it’s another currency competing with the dollar. The world should have only one currency—the U.S. dollar. Cryptocurrencies should be heavily regulated because they diminish the dollar’s importance.”
In 2019, amid the controversy surrounding Facebook's Libra project, Trump posted on Twitter (formerly X): “I am not a fan of Bitcoin and other cryptocurrencies. They aren’t real money, their value is highly volatile and based on thin air. Unregulated crypto assets can fuel illicit activities, including drug trafficking and other crimes.”
Trump’s Evolving Views on Crypto
Trump’s stance on crypto seems to have shifted since the beginning of 2024. In March 2024, during an interview, Trump said, “If you think of it, it’s (Bitcoin) a new form of currency. I want one currency, I want the dollar; I don’t want people leaving the dollar. I feel that way, but I will tell you it (Bitcoin) has taken on a life,” Trump said.
“There has been a lot of use of that (Bitcoin) and I’m not sure that I would want to take it away at this point,” he added.
The president also mentioned that many of the buyers of his limited-edition sneakers paid in the “new currency (Bitcoin).” “I couldn’t believe the amount,” he said.
In August 2024, Trump promoted a crypto platform launched by his sons, Donald Jr. and Eric Trump, called “The DeFiant Ones.”
“For too long, the average American has been squeezed by the big banks and financial elites,” he wrote on X. “It’s time we take a stand—together.”
Trump’s engagement with cryptocurrencies deepened in the run-up to the general elections. In October 2024, in the launch video of a new crypto project, World Liberty Finance, he said, “Crypto is the future. Let’s embrace this incredible technology and lead the world in the digital economy.”
Trump has been much more vocal in his support for crypto after winning the election in November. “We are gonna do something great with crypto because we don’t want China, or anybody else … but others are embracing it, and we want to be ahead,” he told CNBC in December.
Executive Order on Crypto
In January 2025, Trump signed an executive order to evaluate the creation of a "national digital asset stockpile."
The executive order stated its intent: “to secure America’s position as the world’s leader in the digital asset economy.”
It mentioned that the administration would support the responsible growth and use of digital assets, blockchain technology, and related technologies; and that it would protect and promote the ability of citizens and private-sector entities to access and use open public blockchain networks for lawful purposes.
The order also established the Presidential Working Group on Digital Asset Markets to strengthen U.S. leadership in digital finance. This Working Group will work towards developing a federal regulatory framework governing digital assets, including stablecoins, and evaluate whether a strategic national digital assets stockpile should be created.
“The growth of digital financial technology in America must remain unhindered by restrictive regulations or unnecessary government interference,” an addendum from the White House read. “President Trump is fulfilling his promise to make the United States the crypto capital of the planet,” it added.
The Trump Comeback: A New Era for Crypto?
Crypto executives have cheered Trump’s second term, as he has been saying all the right things that they want to hear. Light-touch regulations and more legitimacy for cryptocurrencies would be the best-case scenario for crypto executives.
And so far, President Trump appears to be on board. There is a possibility of a U.S. Strategic Bitcoin Reserve (SBR). Trump had mentioned the creation of an SBR in the run-up to the general elections. If the world’s largest economy gives legitimacy to cryptos, other countries will have to take note.
Trump’s executive order categorically called for ending the development of CBDC (Central Bank Digital Currencies). Instead of government-controlled digital currencies—which other countries have also experimented with—Trump seems to be looking for innovative solutions (such as dollar-backed stablecoins) from the private sector.
The crypto industry is hopeful that a Trump 2.0 administration will mean fewer regulatory actions and scrutiny. On the campaign trail, Trump promised to end the “persecution” of the crypto industry.
More crypto-friendly appointments have already been made by the Trump administration. The new SEC Chair, Paul Atkins, is pro-crypto. Another key pro-crypto figure is Howard Lutnick, the commerce secretary in Trump’s cabinet. David Sacks, a venture capitalist with investments in several crypto companies, has been appointed as the White House’s new crypto and AI tsar. Elon Musk, one of Trump’s closest confidants, has been a crypto advocate for years.
Crypto executives will closely watch how U.S. policy shapes up in the coming days. For example, the industry has been seeking clarity on classifying cryptocurrencies as commodities rather than securities, as the latter subjects cryptos to stringent regulatory requirements.
U.S. policymakers will have to decide to what extent cryptos should be embedded in the financial system without posing a systemic risk. Cryptocurrencies are highly volatile, at least as things stand.
A friendly regulatory environment with necessary safeguards for institutional and retail investors can lead to wider acceptance of cryptos as an asset class. If more institutional investors hold cryptocurrencies, it may reduce their price volatility.
The U.S. government will also have to address issues around the alleged use of cryptocurrencies for unlawful activities due to their untraceability. The industry will also need to clean up its own act to avoid further scrutiny. In 2023, FTX founder Sam Bankman-Fried was found guilty of misusing investor funds, which caused the exchange’s collapse.
Trump’s campaign trail—both in previous and current presidential elections—has always been about ‘Making America Great Again’. He has consistently spoken about wanting the dollar to remain the currency of the world. However, it now seems Trump sees the crypto industry as an ally rather than a nemesis in ensuring America’s financial hegemony.
About the Author
Chee Okebalama is the Executive Partner for Africa at Multipolitan, specializing in advising high-net-worth families on citizenship and residence planning. Chee is member of the government advisory team at Multipolitan advising public sector heads and ministers on sovereign innovation strategies. An engineer by training, she began her career as a systems engineer before transitioning into wealth advisory. Beyond her professional expertise, she is also an acclaimed gospel singer, bringing passion and artistry to both her career and creative pursuits. Chee is an electrical engineering graduate from Northeastern University.
Introduction
U.S. President Donald Trump has transitioned from being a crypto skeptic in the past to a vocal crypto supporter in the run-up to the recent presidential elections.
Bitcoin, the largest cryptocurrency, has seen a sharp spike in prices since Trump’s presidential victory. The cryptocurrency gained about 50% after the election results were announced on November 6, declaring Trump as the 47th U.S. president.
In December, Bitcoin prices crossed the $100,000 mark for the first time and touched an all-time high of $108,268. Just over two years ago, Bitcoin prices crashed below $16,000 after FTX—the world’s second-largest crypto exchange—declared bankruptcy.
Trump’s views on crypto have also swung from one extreme to another since his last presidential term. Here’s how his stance has evolved.
Trump’s Past Crypto Remarks
In the run-up to the 2016 general elections, which led to Trump’s first term as president, cryptocurrencies were hardly mentioned by Trump.
In November 2016, Bitcoin was valued at approximately $700, climbing to around $900 by his inauguration in January 2017. By the time Trump left the White House in January 2021, Bitcoin had surged nearly 4000%.
Trump’s former national security adviser, John Bolton, in his book The Room Where It Happened: A White House Memoir, revealed that the president had instructed his Treasury Secretary to “go after Bitcoin” in 2018, hinting at a possible regulatory crackdown.
During Trump’s presidency, the Securities and Exchange Commission (SEC), led by Chair Jay Clayton, pursued several enforcement actions related to crypto assets. Enforcement actions continued under the Biden administration, led by SEC Chair Gary Gensler. After losing the 2020 election to Joe Biden, Trump maintained his crypto-skeptic stance. In a June 2021 interview, seven months after leaving office, he labeled Bitcoin a “scam,” arguing that it undermines the U.S. dollar’s dominance.
Speaking to Fox Business, Trump said, “Bitcoin just seems like a scam. I don’t like it because it’s another currency competing with the dollar. The world should have only one currency—the U.S. dollar. Cryptocurrencies should be heavily regulated because they diminish the dollar’s importance.”
In 2019, amid the controversy surrounding Facebook's Libra project, Trump posted on Twitter (formerly X): “I am not a fan of Bitcoin and other cryptocurrencies. They aren’t real money, their value is highly volatile and based on thin air. Unregulated crypto assets can fuel illicit activities, including drug trafficking and other crimes.”
Trump’s Evolving Views on Crypto
Trump’s stance on crypto seems to have shifted since the beginning of 2024. In March 2024, during an interview, Trump said, “If you think of it, it’s (Bitcoin) a new form of currency. I want one currency, I want the dollar; I don’t want people leaving the dollar. I feel that way, but I will tell you it (Bitcoin) has taken on a life,” Trump said.
“There has been a lot of use of that (Bitcoin) and I’m not sure that I would want to take it away at this point,” he added.
The president also mentioned that many of the buyers of his limited-edition sneakers paid in the “new currency (Bitcoin).” “I couldn’t believe the amount,” he said.
In August 2024, Trump promoted a crypto platform launched by his sons, Donald Jr. and Eric Trump, called “The DeFiant Ones.”
“For too long, the average American has been squeezed by the big banks and financial elites,” he wrote on X. “It’s time we take a stand—together.”
Trump’s engagement with cryptocurrencies deepened in the run-up to the general elections. In October 2024, in the launch video of a new crypto project, World Liberty Finance, he said, “Crypto is the future. Let’s embrace this incredible technology and lead the world in the digital economy.”
Trump has been much more vocal in his support for crypto after winning the election in November. “We are gonna do something great with crypto because we don’t want China, or anybody else … but others are embracing it, and we want to be ahead,” he told CNBC in December.
Executive Order on Crypto
In January 2025, Trump signed an executive order to evaluate the creation of a "national digital asset stockpile."
The executive order stated its intent: “to secure America’s position as the world’s leader in the digital asset economy.”
It mentioned that the administration would support the responsible growth and use of digital assets, blockchain technology, and related technologies; and that it would protect and promote the ability of citizens and private-sector entities to access and use open public blockchain networks for lawful purposes.
The order also established the Presidential Working Group on Digital Asset Markets to strengthen U.S. leadership in digital finance. This Working Group will work towards developing a federal regulatory framework governing digital assets, including stablecoins, and evaluate whether a strategic national digital assets stockpile should be created.
“The growth of digital financial technology in America must remain unhindered by restrictive regulations or unnecessary government interference,” an addendum from the White House read. “President Trump is fulfilling his promise to make the United States the crypto capital of the planet,” it added.
The Trump Comeback: A New Era for Crypto?
Crypto executives have cheered Trump’s second term, as he has been saying all the right things that they want to hear. Light-touch regulations and more legitimacy for cryptocurrencies would be the best-case scenario for crypto executives.
And so far, President Trump appears to be on board. There is a possibility of a U.S. Strategic Bitcoin Reserve (SBR). Trump had mentioned the creation of an SBR in the run-up to the general elections. If the world’s largest economy gives legitimacy to cryptos, other countries will have to take note.
Trump’s executive order categorically called for ending the development of CBDC (Central Bank Digital Currencies). Instead of government-controlled digital currencies—which other countries have also experimented with—Trump seems to be looking for innovative solutions (such as dollar-backed stablecoins) from the private sector.
The crypto industry is hopeful that a Trump 2.0 administration will mean fewer regulatory actions and scrutiny. On the campaign trail, Trump promised to end the “persecution” of the crypto industry.
More crypto-friendly appointments have already been made by the Trump administration. The new SEC Chair, Paul Atkins, is pro-crypto. Another key pro-crypto figure is Howard Lutnick, the commerce secretary in Trump’s cabinet. David Sacks, a venture capitalist with investments in several crypto companies, has been appointed as the White House’s new crypto and AI tsar. Elon Musk, one of Trump’s closest confidants, has been a crypto advocate for years.
Crypto executives will closely watch how U.S. policy shapes up in the coming days. For example, the industry has been seeking clarity on classifying cryptocurrencies as commodities rather than securities, as the latter subjects cryptos to stringent regulatory requirements.
U.S. policymakers will have to decide to what extent cryptos should be embedded in the financial system without posing a systemic risk. Cryptocurrencies are highly volatile, at least as things stand.
A friendly regulatory environment with necessary safeguards for institutional and retail investors can lead to wider acceptance of cryptos as an asset class. If more institutional investors hold cryptocurrencies, it may reduce their price volatility.
The U.S. government will also have to address issues around the alleged use of cryptocurrencies for unlawful activities due to their untraceability. The industry will also need to clean up its own act to avoid further scrutiny. In 2023, FTX founder Sam Bankman-Fried was found guilty of misusing investor funds, which caused the exchange’s collapse.
Trump’s campaign trail—both in previous and current presidential elections—has always been about ‘Making America Great Again’. He has consistently spoken about wanting the dollar to remain the currency of the world. However, it now seems Trump sees the crypto industry as an ally rather than a nemesis in ensuring America’s financial hegemony.
About the Author
Chee Okebalama is the Executive Partner for Africa at Multipolitan, specializing in advising high-net-worth families on citizenship and residence planning. Chee is member of the government advisory team at Multipolitan advising public sector heads and ministers on sovereign innovation strategies. An engineer by training, she began her career as a systems engineer before transitioning into wealth advisory. Beyond her professional expertise, she is also an acclaimed gospel singer, bringing passion and artistry to both her career and creative pursuits. Chee is an electrical engineering graduate from Northeastern University.
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