U.S. President Donald Trump has once again repeated his pledge to be the “crypto president” in light of murmurings of discontent from cryptocurrency investors who have lost significant portions of their net worth in recent days, thanks to the plummeting value of Bitcoin (BTC) and Ethereum (ETH).
On March 6, 2025, Trump signed an Executive Order to give effect to his earlier pledge to make the U.S. the “crypto capital of the world” by pursuing a policy of deregulation. “I’m a big crypto fan,” Trump told reporters aboard Air Force One during a trip to the Middle East in 2025. “I’ve been that from the beginning, right from the campaign.”
However, it is well-documented that Trump was previously a crypto skeptic.
During his first term, the president posted in July 2019 that cryptocurrencies were “not money” and had value that was “highly volatile and based on thin air.”
“Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade,” he added then. Even after leaving office in 2021, Trump told Fox Business Network that bitcoin, the world’s most popular cryptocurrency, “seems like a scam.”
However, he began to shift his position during a crypto event at his Mar-a-Lago club in Florida in May 2024, receiving assurances that industry backers would spend lavishly to get him reelected. Another major milestone came last June, when Trump attended a high-dollar fundraiser at the San Francisco home of David Sacks.
In recent days, Bitcoin has crashed to $64,000, a drop of more than 50% from its peak. Industry observers and commentators have stated that the bearish market sentiment is due to concerns about the global geopolitical situation amid tensions between the Trump administration and numerous foreign countries.