Trump’s U-Turn in Crypto Duniya: Journey from Ally to Profit King
There was a time when the crypto industry saw Donald Trump as a leader who could open new doors for them – an ally who would help bring mainstream acceptance to digital currencies. But today, the same industry is worried about Trump’s new profit-first approach. Trump’s $TRUMP meme coin and political activities related to it have created a stir in the crypto world.
Luxury Dinner, Meeting of Crypto and Power
Last Thursday, Trump hosted a special dinner at his luxury golf club in Northern Virginia. This dinner invited 220 people who are the biggest investors of the $TRUMP meme coin. The event took place after the Senate passed a pro-crypto bill, when Bitcoin also reached a record high. This seemed like a major win for the crypto industry.
But the dinner also raised a number of questions. Are anonymous online buyers using crypto to reach Trump? Is crypto, which is considered a decentralized and public financial tool, now a means of buying political influence?
Profit or Policy? Industry tension
Democrats say Trump is using his presidential power to benefit his family business. And even those who previously supported Trump’s pro-crypto stance are now worried about this new meme coin model. Nic Carter, partner at Castle Island Ventures and Trump supporter, said, “Wow, we are embracing it so closely that we are knee-deep in it. We only want common-sense crypto laws, not private business.”
Meme Coin or Political Token?
Trump announced the $TRUMP coin in January 2025 at the Crypto Ball event near the White House – just 3 days before his presidency began. Trump called it a “fun” coin for his supporters. But the real “utility” of this coin is access to Trump. Top 25 investors got a chance to meet Trump, and top 4 got $100,000 crypto-themed Trump watches.
Coin value is also in a good shape – initially spiking, then falling, and then rising again when dinner contest was announced. Coin creators, including Trump Organization, have earned several million dollars in trading fees.
Trump Family Crypto Business
Melania Trump has her own meme coin. Eric and Don Jr. are managing the Trump Organization and have also announced a partnership with a new crypto mining firm.
And the biggest bombshell: The Trump family owns a 60% stake in World Liberty Financial – a crypto project that has launched the stablecoin USD1. An investment fund in the UAE plans to take a stake in Binance (the world’s largest crypto exchange) by using $2 billion of USD1. Stablecoins are generally backed by assets whose values are fixed – like the US dollar. Their profit comes from earning interest on assets like Treasury bonds.
Now crypto has become a major source of wealth for the Trump family.
Salesman-in-Chief: Trump’s new identity?
James Thurber, a senior professor at American University, says: “Trump has become a salesman-in-chief. This increases the chances of foreign influence and lobbying. It also gives rise to conflicts of interest.”
Trump’s reformist stance on crypto
Trump said on Air Force One last week: “I am a big fan of crypto. I have been since the beginning.” But the truth is that his past record says something else.
In 2019, Trump tweeted: “Cryptocurrencies are not money. Their value is suspended in the air, and they promote illegal activities such as the drug trade.” In 2021 too, he called Bitcoin a “scam”. Today, the same Trump seems to be building a brand through crypto.
The confusing relationship of the crypto world
The crypto industry, which was earlier angry with the tough stance of the Biden administration, was now hoping for a better future for itself by supporting Trump. But now it seems that Trump’s personal profit approach is threatening his credibility. Many people in the industry want crypto to be seen as a legitimate and stable financial system, not as a meme or a joke.
But when crypto coins, dinners and watches become associated with political power, the question of credibility is bound to arise.
The ultimate question is: will Trump become the messiah of the crypto industry, or is he just using this digital world for his own profit? This is an important crossroads for both crypto investors and policymakers – where it remains to be decided whether the future will be decentralized or in the hands of centralized power?