Cash News
During his time in office, then-President Donald Trump made it clear that he was “not a fan” of bitcoin and other cryptocurrencies. After leaving the White House, he even labeled them a “scam.”
But the former president’s latest financial disclosure documents, released Thursday, show that he now owns at least $1 million in cryptocurrency, specifically between $1 million and $5 million in Ethereum.
While the sum itself isn’t notable given Trump’s net worth, the development still marks a significant shift in Trump’s stance toward crypto since his time in office.
In 2019, while still president, Trump warned in a series of social media posts that unregulated crypto assets could facilitate “unlawful” behavior like drug trafficking.
“I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air,” he wrote at the time.
Trump then added: “We have only one real currency in the USA,” referring to the US dollar.
In 2021, Trump reiterated his skepticism, telling Fox Business that bitcoin “just seems like a scam.”
And in another interview that year, Trump told Fox Business that investing in cryptocurrencies was like a “disaster waiting to happen.”
He said he did not invest in bitcoin and other cryptocurrencies, and argued that they should be heavily regulated because they undermine “the importance of the dollar.”
However, Trump’s position appears to have evolved dramatically in recent months.
According to CNBC, Trump met with about a dozen bitcoin mining executives and experts at Mar-a-Lago in June. Those attending described his input as curious and collaborative, per CNBC.
Hours later, Trump posted on Truth Social: “Bitcoin mining may be our last line of defense against a CBDC. Biden’s hatred of Bitcoin only helps China, Russia, and the Radical Communist Left.”
CBDC refers to a central bank digital currency, which would be a digital coin issued by the Federal Reserve.
Last month, Trump also headlined a bitcoin conference in Nashville, where he pledged to make the US the “crypto capital of the planet and the Bitcoin superpower of the world” if reelected.
And this year, Trump’s campaign has started accepting cryptocurrency donations.
Trump’s campaign did not immediately respond to a request for comment from Business Insider.
Vice President Kamala Harris’ campaign does not accept crypto donations, but it has engaged with representatives from the industry, per Forbes.
Trump’s recent financial disclosure also shows that he made money from endorsing a Bible. It shows that he earned $300,000 in royalty payments for “The Greenwood Bible,” which has “signature edition” copies, including Trump’s signature, that sell for $1,000 a copy.