Trump’s views on cryptocurrency have undergone radical change in recent years.
In 2021, he called Bitcoin a “scam.”
Now, he’s not just in charge of regulating cryptocurrencies in the US – he and his family are active industry participants.
In addition to the meme coin, the Trump family also holds a majority stake in the crypto exchange World Liberty Financial, which was launched just prior to the election.
Trump expressed his desire to be the nation’s first “Crypto President” while campaigning for president and was a major beneficiary of campaign contributions from the crypto industry in the 2024 election.
Many crypto assets have leapt in value under his presidency. On Thursday, Bitcoin hit a new all-time high of almost $112,000 per coin.
According to a report, external by the group State Democracy Defenders Action, Trump’s investments in crypto have helped boost his net worth by as much as $2.9 billion.
“As a stakeholder in crypto assets, President Trump will likely profit from the very policies he is pursuing,” the report states.
Three days into his term, Trump issued an Executive Order to establish a regulatory framework that promotes the growth of digital currencies.
A Trump administration official told the BBC that the meme coin has nothing to do with the White House.
White House spokesperson Anna Kelly pushed back on concerns about potential conflicts.
“The President is working to secure GOOD deals for the American people, not for himself,” Kelly said in a statement.
But one former financial regulator likened the meme coin to gambling.
“It’s like selling membership cards for his personal fan club which are then traded,” said Timothy Massad, Director of the Digital Asset Policy Project at Harvard.
“They have no value. But people speculate on the price and those purchases and that trading enriches him.”
