US President Donald Trump explained the reasons for the change in his approach to cryptocurrencies at the press conference held in the Oval Office in the White House. Speaking at the promotion of “Trump Accounts” investment accounts designed for children under 18, Trump said that he approached crypto both for political reasons and because he saw the size of the sector.
Transformation in Trump’s approach to crypto
In his response to a question about whether Bitcoin will be included in these accounts, Trump stated that one of the main reasons for his strong support for crypto assets is the competition with China. Arguing that China will come to the fore if the USA falls behind in this field, Trump stated that he kept his distance from cryptocurrencies in the first period, but over time he saw that the sector has become a major economic area.
While Trump justified his support for cryptocurrencies with the words “If we don’t protect them, China will,” he noted that he saw this field becoming a major industry over time.
Trump also pointed to the political dimension. Stating that he realized that there is a large electorate interested in crypto assets, the US President stated that he focused more on the subject for this reason. Stating that he is monitoring the capital directed towards Bitcoin and similar digital assets as a businessman, Trump stated that he came to the conclusion that this market has a permanent potential.
This attitude of Trump differs significantly from his previous statements. Trump, who called Bitcoin a fraud during his first term as president, clearly said that he was not keen on cryptocurrencies at that time. In the following period, there was a remarkable change in both his discourse and his political line.
Family connections and conflict of interest discussions
It is also known that Trump’s support for cryptocurrencies has attracted criticism due to his commercial ties in the sector. Trump and his sons are among the founding partners of World Liberty Financial. The platform accounted for a significant share of Trump’s crypto-related income last year. World Liberty Financial stands out as a crypto platform operating in the digital asset field.
While Trump argued that there was no direct connection between his family’s crypto activities and his political stance, he said that his children ran their own business and did not discuss these issues with them.
Trump has suggested that his interest in crypto is not driven by personal interests. In contrast, during his administration, the US Securities and Exchange Commission halted investigations against some crypto companies or withdrew some sanctions files. Information that some of these companies donated to Trump also increased the discussions.
The influence of the crypto lobby on the election process
The political influence of the crypto industry also came to the fore again with Trump’s statements. Political groups representing the industry spent nearly $170 million supporting mostly Republican candidates in the 2024 elections. It is stated that these structures are expected to allocate more resources to candidates close to crypto in the November midterm elections.
Trump suggested that the Biden administration is withdrawing crypto-related investigations following its own pro-crypto line. However, most of the regulatory steps were taken during the Trump era. This shows that crypto policies are important not only in economic but also in terms of political balance of power.
