President Trump announced the "Trump Accounts"—investment accounts for children under 18—in the Oval Office on Monday, when a reporter asked if Bitcoin would be included. He seized the moment to explain his crypto conversion: "The only reason I became a crypto supporter is: if we don't do it, China will." Admitting he was initially "not a fan" and had called Bitcoin a "scam" during his first term, Trump said the sector had grown into a massive industry, adding, "It has life."
From 'Scam' to Embrace: Politics Meets Business
Trump's personal distrust gave way to business pragmatism. Financial disclosures filed on June 30 show he earned over $1.4 billion from crypto last year—exceeding his real estate income. A large chunk came from World Liberty Financial, a platform he co-founded with his sons. Trump insisted his interest is "not for personal gain," adding, "I let my kids do whatever they want; I never discuss this with them."
But the real catalyst was geopolitics. "I heard China is making a massive move into this," Trump said. "If we don't act, China will win." His remarks tie directly to the family's crypto holdings and the broader debate over U.S. digital asset regulation.
Crypto Lobbying and Political Cash
After Trump embraced crypto, industry lobbying surged. During the 2024 election cycle, crypto firms spent roughly $170 million—mostly backing Republican candidates—with further spending expected in the November midterms. Trump claimed the Biden administration had "dropped all investigations" once he backed crypto. Under the Trump administration's financial influence, the SEC indeed halted, withdrew, or settled multiple probes into crypto companies, some of which had donated to Trump.
Trump boasted: "Every time I see crypto people getting investigations dropped, I say, 'You're lucky I'm president.'"
Crypto as Geopolitical Chessboard: Taiwan's Dilemma
Trump's statements underscore a broader shift: crypto has moved from fringe investment to a tool of great-power competition. China is aggressively expanding mining and stablecoin operations, putting pressure on Taiwan's digital asset market. If Taiwan wants a piece of the crypto industry beyond New Taipei City, early policy moves may be crucial—Trump now sees it not as an investment choice but a strategic imperative.