In early March 2025, President Donald Trump announced the establishment of a U.S. strategic reserve of cryptocurrencies, marking a notable shift from his earlier skepticism. During his 2024 presidential campaign and successful reelection, Trump increasingly embraced the cryptocurrency industry, pledging to create a more crypto-friendly regulatory environment and potentially positioning the U.S. as a leader in the digital asset space.
Following Trump's reelection, Bitcoin surged, exceeding $100,000 and reaching all-time highs, with a more than 40% increase in the subsequent month, although it currently hovers around $83,000. Donald Trump Jr. and Eric Trump have launched multiple crypto ventures, including World Liberty Financial and American Bitcoin, a mining company developed in partnership with Hut 8, with Eric Trump acting as chief strategy officer. This has raised ethical concerns regarding the overlap of political power and private gain.
Critics, including lawmakers like Elizabeth Warren and former ethics attorneys such as Richard Painter, have expressed concerns about potential conflicts of interest stemming from the Trump family's growing involvement in the crypto sector, particularly regarding the use of tax dollars and the potential impact on the economy. Conversely, others commend the family's engagement in this emerging industry.