Trump Cites China FOMO as Reason He Became "a Big Crypto Guy" Overnight 💰🇺🇸

US President Donald Trump said he pivoted to a pro-crypto stance in part for political reasons and because he did not want China to dominate the industry, speaking Monday in the Oval Office during an event announcing "Trump Accounts," an investment account for children under 18. Asked whether the accounts would permit investment in Bitcoin ($BTC), Trump said he "became a big crypto guy" for competitive reasons. "I've become a big crypto guy only for one reason: If we don't have it, China's going to have it," Trump said. "I'm a fan, I wasn't initially, I didn't know much about it, but, for some of my first term, I wasn't much involved, and I watched it grow, and it's a huge industry." Trump added, "I got involved in it a little bit for politics," citing "a lot of people that love crypto."

The remarks offered new context for a shift in Trump's position on digital assets. During his first term he said he was "not a fan" of crypto and called Bitcoin "a scam." Since then, Trump and his family have developed business interests in the sector. Trump said the pivot was driven partly by industry growth and geopolitical competition. "As a businessman, I see a lot of money starting to come in with Bitcoin and, you know, the different forms, and I said: 'This thing's got a lot of life,'" Trump said, adding, "I hear China was going to make a heavy move on it." He continued, "If we didn't do it, China would do it."

Trump's reversal coincided with heavy spending by the crypto lobby, which deployed roughly $170 million in the 2024 election to support mostly Republican candidates and is preparing to spend more ahead of the November midterms. Trump said he does not discuss crypto with his children, even as financial disclosures released June 30 listed Trump and his sons as co-founders of World Liberty Financial, a crypto platform that contributed significantly to crypto-related income. Trump reported more than $1.4 billion in crypto-linked earnings last year and described his interest as "not a question of a personal thing." "I let my kids do whatever the hell they do. I don't talk to them, ever, talk to them about it," he said.

Trump also claimed the Biden administration "dropped all investigations" related to crypto once he "went very pro-crypto." Since then, the Securities and Exchange Commission has halted multiple investigations and withdrawn or settled enforcement actions against crypto firms, some of which had donated to Trump. "Every time I see a crypto guy where they dropped an investigation, I said: 'You're lucky I'm president,'" Trump said.