Donald Trump, who previously questioned the future of bitcoin, is now all-in on the crypto industry. In exchange, the industry has rewarded him with outrageous campaign contributions. In his responses to the Times, Trump completely rejected any idea that his family’s investments were unethical. He touted his administration’s efforts to make the U.S. the world capital for crypto, pushing for crypto-friendly regulations and laws. Now, the Trump family is on the offensive, looking to grow its crypto-related business interests.
Donald Trump has announced his intention to introduce a cryptocurrency exchange-traded fund (ETF), using his media company as the vehicle, adding yet another string to his crypto bow. The proposed ETF would be linked to the market prices of five widely traded cryptocurrencies.
The fund would invest 5% in the cryptocurrency developed by Ripple and 2% in the cryptocurrency created by Crypto.com. Crypto.com will serve as the ETF’s digital custodian.
After bitcoin exchange-traded funds (ETFs) started trading on U.S. markets last year, these funds quickly gained mind-boggling popularity. Trump later boasted, “We certainly showed them” and “If we didn’t have it, China would.”
The former president’s deepening involvement in the cryptocurrency market is a big turnaround from Trump’s previous anti-crypto stance. His administration's efforts to establish the U.S. as a crypto hub and his family's pursuit of crypto-related ventures highlight the growing importance of digital assets in the political and economic landscape. Beyond the operational considerations, the proposed ETF is another defining step in Trump’s ongoing establishment within the crypto space.
