Trump's Bitcoin About-Face: From Skeptic to Crypto Advocate
During his first term as president in July 2019, Donald Trump expressed skepticism towards Bitcoin (BTC), stating he was no 'fan' of the asset and its value was based on 'thin air.'
In a press statement, Trump said, '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. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity….'
At the time, one BTC was worth $11,815.99.
Fast forward to August 2026, the price of Bitcoin has surged to $77,525, representing a 556% increase. A $1,000 investment made in July 2019 would now be worth $6,561.
In a sharp turnaround, Trump has since endorsed cryptocurrency and supports clear regulations for the asset class. He signed an Executive Order last year to establish a Strategic Bitcoin Reserve and directed officials to develop budget-neutral strategies for acquiring additional BTC.
Interestingly, Trump now views Bitcoin as taking 'a lot of pressure off the dollar', the very currency he previously insisted is America's only real money. Additionally, he has profited from the asset class, disclosing over $1 billion in cryptocurrency income during his first year of presidency.