Trump admitted, “I became obsessed with cryptocurrency only for political reasons”: If we don’t take care of Bitcoin, China will win.

Trump said Monday in the Oval Office that the cryptocurrency industry he has never been bullish on has turned into a fanbase for it because of “politics” and “China competition.” According to a June financial disclosure, the Trump family earned more than $1.4 billion from crypto last year.
(Background: Trump vowed to make the US the capital of cryptocurrency—multiple all-time highs for Bitcoin are my doing)
(Background supplement: Trump fires at the “blocking of genius bills” targeting the silver industry—earning interest on stablecoins serves U.S. interests)

Table of Contents

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• From “scams” to cryptocurrency: Trump’s shift in mindset
• The push from crypto lobbying groups
• “You’re lucky—I’m the president”
• Implications for Taiwan

Trump announced “Trump Accounts” in the Oval Office on Monday, an investment account designed for children under 18. When reporters asked whether it would include Bitcoin, he seized the moment to reveal the thought process behind his pivot to cryptocurrency.

“I became a crypto supporter for only one reason: if we don’t do it, China will,” Trump said. “I wasn’t a fan, and I don’t really understand this industry, but during my first term, I watched it grow—it's already become a huge industry.”

He also added: “Part of it is because of politics. I found that a lot of people love cryptocurrency.”

From “scams” to cryptocurrency: Trump’s shift in mindset

During his first term as president, Trump had called Bitcoin a “scam” and said bluntly that he was “not a fan.” Now, he is not only a proponent of cryptocurrency—he and his family have also built deep business interests in this industry.

“As a businessman, I’ve seen huge amounts of money start flowing in with Bitcoin and all kinds of forms, and I said, ‘This thing has staying power.’ Then I heard China is going to make a big push into this line of business,” Trump said. “If we don’t do it, China will.”

These remarks also point to the Trump family’s crypto investment strategy. According to the financial disclosure filing released on June 30, Trump earned more than $1.4 billion from cryptocurrency last year, surpassing his real estate income.

The push from crypto lobbying groups

After Trump shifted toward cryptocurrency, crypto lobbying groups responded actively as well. During the 2024 election, the crypto industry spent about $170 million to support mostly Republican candidates. In the November midterm elections, that amount is expected to expand.

Trump and his sons are co-founders of World Liberty Financial, a crypto platform that generated most of Trump’s crypto income last year. But Trump emphasized that his interest is “not for personal benefit.”

“I let the kids do whatever they want to do, and I never talk to them about these things,” Trump said.

“You’re lucky—I’m the president”

Trump also claimed that when he “shifted to embracing crypto,” the Biden administration “dropped all investigations.” But with the Trump administration’s pressure, the Securities and Exchange Commission did stop, withdraw, or settle multiple investigations into crypto companies—some of which donated to Trump.

“Every time I see people in the crypto industry have their investigations stopped, I say, ‘You’re lucky—I’m the president.’”

Implications for Taiwan

Trump’s remarks highlight a trend: cryptocurrency has shifted from being a fringe investment to a chessboard for competition among major powers. In recent years, China has actively advanced crypto mining and stablecoin arrangements, while Taiwan is also facing competitive pressure in the digital asset market. If Taiwan wants to secure a foothold in the crypto industry beyond New Taipei City, an early policy rollout may be key—because in Trump’s view, this is no longer an investment choice, but a matter of geopolitical strategy.