Donald Trump, Who Once Called Bitcoin a “Scam,” Now Says Crypto Is the “Solution”
Main Idea
President Donald Trump has reversed his stance on Bitcoin, now supporting cryptocurrency, and has taken actions such as signing an executive order allowing 401(k) investments in crypto, amid reports of significant personal and family crypto holdings.
Key Points
1. President Donald Trump, who previously called Bitcoin a 'scam,' now supports cryptocurrency, signaling a potential shift in U.S. crypto policy.
2. Trump signed an executive order on August 7, 2025, enabling 401(k) retirement accounts to invest in cryptocurrency markets.
3. A report from Accountable.US reveals that $11.6 billion of Trump's $15.9 billion net worth is now in cryptocurrency holdings.
4. World Liberty Financial, linked to the Trump family, is establishing a $1.5 billion crypto treasury through a deal with ALT5 Sigma Corporation.
5. The bipartisan Responsible Financial Innovation Act of 2025 aims to formalize crypto oversight, but faces opposition from some Democrats and Senator Elizabeth Warren over concerns about weakening the SEC's authority.
Description
President Trump called the traditional financial system “broken” and promoted cryptocurrency as the solution. An executive order now allows 401(k) accounts to invest in cryptocurrencies and private equity. Accountable.US estimates 73% of Trump’s net worth comes from crypto holdings, alongside a $1.5 billion family crypto treasury. In a stunning reversal, President Donald Trump who once called Bitcoin a “scam” has delivered one of his most direct endorsements of cryptocurrency yet. He is now call...
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